Inca's Peruvian Riqueza Project progressing well

By Jonathan Jackson. Published at Sep 11, 2019, in Mining

Inca Minerals (ASX:ICG) could be one of the busiest stocks on the market at the moment.

Just a couple of weeks after executing a Memorandum of Understanding (MOU) to acquire a second new IOCG (iron oxide copper gold) focused project called Frewena Fable in the Northern Territory, ICG wanted to remind investors that it is still hard at work at its Riqueza Project in Peru.

In July, Inca instigated a project-wide grid soil sample geochemical mapping program at Riqueza.

Geological map of the Riqueza area.

That program is now 80% complete with approximately 1000 samples of 1269 now taken.

Inca has also completed a WorldView3 satellite imagery-mapping program at the South32 year-1 exploration campaign.

South32’s funding has seen the company complete:

  • Airborne magnetics and radiometrics geophysical survey (pre-Earn-in Agreement) identifying +40 geophysical targets, including 29 priority targets;
  • Expert reconnaissance geological mapping identifying an intermediate sulphidation epithermal system;
  • Reconnaissance rockchip sampling (in conjunction with expert reconnaissance mapping) identifying 919g/t silver and >3% copper;
  • 3D magnetic modelling, identifying several large unexplained magnetic bodies;
  • Project-wide grid soil sample geochemical mapping program (80% complete); and
  • WorldView3 satellite mapping program.

Inca has previously identified a large 7km x 5km intermediate sulphidation epithermal system and discovered new mineralisation at the Cuncayoc Copper Prospect (peak results: 919g/t silver; 3.31% copper).

Furthermore, as reported on 19 August by Finfeed, Inca identifiedseveral large unexplained magnetic bodies extending below surface geophysical targets. One of these magnetic bodies, Huasijaja, is estimated to be 1,000m long, 400m wide and 500m thick, some 200 million cubic metres.

For full program details of the work being conducted at Riqueza, please see today’s announcement.

This cumulation of results from this exploration has significantly progressed Inca’s understanding of Riqueza in terms of its potential for hosting aTier-1 deposit.

All program work is designed to help Inca identify and prioritise possible drill targets.

Satellite image of Riqueza.

Inca will now focus on the completion of geochemical mapping and integration of all datasets (layers) at Riqueza, whilst the technical committee (comprising representatives of Inca and South32) will determine the details of remaining year-1 program, which will be based on results to date.

The company will also turn its attention to its Australian assets with a field trip to Frewena Fable scheduled for November and the second EPM comprising the MaCauley Creek Project (EPM27163) to be granted this month.

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