Inca Minerals Releases Update On Riqueza Earn-In Agreement

  • Mar 18, 2019 AEDT
  • Team Kalkine
Inca Minerals Releases Update On Riqueza Earn-In Agreement

Inca Minerals Ltd (ASX: ICG) is a mineral exploration and production company. The Company explores for iron ore, nickel and base metal projects in Western Australia. Inca Minerals main projects are the Dingo Range iron ore project and the Kallona Creek Iron/Manganese project.

The company, today on 18 March 2019, updated the market on recent developments concerning the Earn-in Agreement with South32 regarding its Greater Riqueza Project (Riqueza). Inca and South32 have reached agreement on all material terms and conditions of the draft Agreement and, subject to a final legal review of the Environmental Impact Analysis (EIA) in Peru. Both the parties have confirmed their intentions to execute the final Agreement on or before 29 March 2019.

Importantly, the execution of the Agreement enables South32-funded exploration to begin at Riqueza possibly, as early as April 2019.

Inca’s Managing Director, Mr Ross Brown said that, as the material terms and conditions of the earn-in Agreement are now settled, the pathway is clear for South32-funded exploration to commence at Riqueza. He also feels that it is a very welcomed outcome and a tremendous step forward in the pursuit of potential tier-1 deposits at Riqueza. Investigation of the many top priority geophysics targets will be highly anticipated.

As a condition precedent to the earn-in, the company shall transfer all Riqueza concessions to a newly incorporated and wholly owned Peruvian subsidiary (Project Company). The Project Company has been included in Peru already, and the company has commenced the process of transferring the Riqueza concessions to the Project Company. After that, and over four years (Phase 1), South32 will provide a minimum of US$9 million to fund exploration at Riqueza (Phase 1 Funding) to earn a 60% interest.

Under the terms of the EIA, the company will be the operator-manager unless, at any time after completion of the Phase 1 Funding, South32 elected to assume operatorship.

Exploration at Riqueza will commence with remote sensing and an extensive geochemical survey initially covering the priority targets in the north-east of the project area. Upon completion, the geochemical survey will have extended across the entire project area so that all geophysics targets are covered. At the same time, geological mapping with a porphyry-skarn and structural emphasis will also begin.

Among other objectives, Mr Brown will visit Riqueza in April to observe the progress of the geochemical survey and mapping program. It is anticipated that a South32 technical team will conduct a site visit in the second quarter of the year.

On the price-performance front, the stock has posted the YTD return of 33.33%. The company also has posted returns of -20% & -11.11% over the past six & one-month period respectively. At the time of writing (18 March 2019, AEST 04:00 PM), the stock of the company was trading at a price of $0.005, up 25% during the day’s trade with a market capitalisation of ~$ 12.07 Mn. The stock opened the day at $ 0.004, reached the day’s high of $ 0.005 and touched the day’s low of $ 0.004, with an average daily volume of ~ 399,000. It had a 52-week high price of $ 0.007 and a 52 Weeks low price of $ 0.003, with an average volume of, 2,212,928 approximately.


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