- Inca Minerals (ICG) makes a “positive start” to its initial reconnaissance drilling program at the Frewena Group project in the Northern Territory
- The company has drill rigs advancing the Mount Lamb and Roadhouse-Jumping Spider prospects in the project area.
- Inca says early results from its drilling work show strong indications of sedimentary exhalative potential (SEDEX) and iron-copper-gold oxide (IOCG)
- Meanwhile, in the Jean Elson area, Inca has defined six new drill targets based on data from airborne magnetic and radiometric surveys and open databases.
- Inca Minerals shares fell 3% to 9.7 cents at 11:03 a.m. AEST
Inca Minerals (ICG) has made a “positive start” to its initial reconnaissance drilling program on the Frewena Group project in the Northern Territory.
The company said this morning it had completed 3,210 meters of drilling so far in the area, with work showing strong indications of sedimentary exhalative potential (SEDEX) and iron-copper-gold oxide potential ( IOCG).
Deck 1 in the large prospecting area of Mount Lamb has completed its first hole and is almost to the finish line of the second hole. The first hole recorded SEDEX-type alterations and sulphide occurrences in the initial core log.
Platform 2 at the Roadhouse-Jumping Spider prospect has completed four reverse circulation collars and is nearly complete with its first diamond tail.
Inca said that although the drill program at Frewena is in its early stages, results so far – based on preliminary on-site logging – have been positive, and the company is eager to move the program forward.
Meanwhile, in the Jean Elson area, interpretation of recent airborne magnetic and radiometric information as well as data from open databases has resulted in the identification of six new large-scale targets.
Inca said it has moved quickly to further improve the definition of these targets through a comprehensive geophysical survey program including ground gravity surveys, which is nearing completion.
Data from these surveys will better define drill targets, with drilling scheduled for the December quarter.
After visiting the drill site, Inca Managing Director Ross Brown said he was pleased with the rapid development of the company’s Australian exploration portfolio.
“The two Frewena platforms and the activation of the three Jean Elson recommended geophysical surveys are a demonstration of our commitment to Australia-based exploration,” Mr Brown said.
“At the same time, we keep the best of the exciting new untested targets in Riqueza.”
Shares of Inca Minerals fell 3% to 9.7 cents at 11:03 a.m. AEST.