Inca Minerals (ASX:ICG) makes headway in exploration during Dec quarter

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Inca Minerals (ASX:ICG) makes headway in exploration during Dec quarter

ASX, ICG, December quarter, sinking shares
Image source: © Ipopba | Megapixl.com

Highlights

  • Inca Minerals Ltd released its December quarterly activities report today.
  • Two major surveys covering the area of 4,860 square kilometers at Jean Elson and Frewena were completed.
  • A rain-interrupted Induced Polarisation survey at MaCauley Creek was partially completed.

ASX-listed minerals exploration company Inca Minerals Ltd (ASX:ICG) reported a significant stride in exploration at its projects in the Northern Territory and Queensland during the December quarter.

ICG shares closed flat at AU$0.10 with the market capitalisation of AU$48.12 million after today’s announcement.

Two major surveys covering the area of 4,860 square kilometers at Jean Elson and Frewena were completed, and a rain-interrupted Induced Polarisation survey at MaCauley Creek was partially completed.

In the Riqueza project, located in Peru, drilling took place in the NE area to test four targets; however, the company did not identify any economic mineralisation. Therefore, the company plans to conduct multiple drill programs in the southwestern and central parts of the projects.

Inca Minerals also shared that it has bought an office shed facility in Mt Isa that will act as a foundation for conducting Australian exploration operations in future.

Corporate activities in Dec quarter

  • As of 31 December 2021, the cash balance of ICG was AU$9.45 million.
  • The salary, fees and superannuation to directors stand at AU$84,000.
  • The company has spent AU$2.1 million on exploration activities, AU$225,000 on admin and staff costs, and invested $533,000 in infrastructure development.

Inca Minerals’ 2022 plans

2022 will be the first year in which the Australian projects will be drill tested. 

Greater Riqueza Project: The company is planning to commence drilling at the southern and central Riqueza projects. Moreover, mapping and sampling will commence in Q1-Q2 FY22 in Riqueza South.

Frewena Group Project: Three phases of the drilling program are expected to commence in the 1st and 2nd quarters of 2022. 

East Arunta group Project: The project comprises the Hay River, Lorna May, and Jean Elson. The company will focus on ground geophysics, AMAGRAD interpretation, phase 1 drilling in the jean Elson project. In the Hay River and Lorna May project, the traditional owner access negotiations are still ongoing.

MaCauley Creek project: This high-value project will receive significant attention between 2022 and 2023.

Bottom Line

The quarterly activities report shared by Inca Minerals projects the Inca’s plan to commence drilling program across different projects.

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