Inca sees strong porphyry potential at MaCauley Creek
Inca Minerals Ltd (ASX:ICG) has been granted tenement EPM27124, one of two tenements comprising the company’s MaCauley Creek Copper-Gold-Molybdenum Porphyry Project in Queensland is now granted.
Very small production occurred at four locations with historic grades ranging from 2.45% to 12.50% copper, 6.50% to 12.00% lead, 2.89% to 6.68% zinc and 44g/t to 4,522g/t silver.
Small scale mining in 1900’s focussed on supergene enriched copper, lead, zinc and silver mineralisation.
Ahead of a brief site visit prior to kick-off exploration in July, management has provided some background on the project.
Walk up targets at EPM 27124
MaCauley Creek comprises two tenements, EPM27124 (now granted) and EPM27163 (application) with a total area of 359 square kilometres.
The tenement area hosts multiple indications of a mineralised porphyry system.
Broad-scale indicators include porphyritic stocks and dykes, widespread and characteristic porphyry-style alteration, regional structure and large-scale geophysical anomalies.
Prospect-scale indicators include localised copper, silver, zinc and lead mineralisation, including bornite and chalcopyrite, and the occurrence of veins, veinlets and stockwork zones.
The presence of walk-up targets at EPM27124 will assist the company in getting the drill bit turning earlier.
Past exploration provides substantial data
Three phases of mining/exploration were completed within the area which EPM27124 now covers.
Historic small scale mining took place at ten locations as shown above, principal among these being Western Mine, Mt Long Mine, Silver-Prospecting Area and Copper Knob.
NQM completed several early stage exploration programs including various sample campaigns, trial geophysical surveys and drilling between 1990 and 1996.
Most recently, RMA completed remote sensing, geophysical and geochemical programs and drilling between 2006 and 2015.
NQM did not assay for gold in its drill sampling, and drill sampling conducted by RMA was incomplete.
RMA completed a multi-stage intermittent 11-year program at MaCauley Creek as part of the regional multi-commodity campaign.
As well as sampling and geophysics surveys, the latter of which generated multiple targets that were not followed up, RMA completed two phases of drilling.
The following graphic shows some drill results from exploration conducted by both NQM and RMA.
These included a 460 metre rotary air blasting (RAB) focusing on the historic mine sites and a 1130 metre reverse circulation (RC) program.
The RAB programme’s average hole depth was 8.0 metres below surface.
Like the deeper holes by NQM, the deeper RC holes of RMA were drilled at the various small mine workings.
RMA drill sampling was incomplete, leaving some intervals untested.
Management is of the view that past exploration validates and strengthens the porphyry potential of MaCauley Creek.
Significant copper, lead, zinc and silver mineralisation has been identified in past drilling at shallow depths of less than 100 metres, and these remain untested.
Gold was largely not tested for in the past (NQM), but where present (RMA) it was associated with copper, molybdenum and silver.
The geophysics survey conducted by RMA, which produced targets at depths of more than 100 metres remain untested.
From an overall perspective, the geochemical pattern of various porphyry pathfinder elements such as copper, silver and molybdenum is also reminiscent of porphyry mineralisation.
Consequently, management is eager to commence its exploration program.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.