Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Inca Minerals (ICG) completes a review of its initial diamond hole at the Mount Lamb NE prospect, which intersected a 500-metre zone of iron oxide copper-gold (IOCG) alteration
  • Hole FW220007 was drilled to 990 metres and returned IOCG-style alteration and vein/breccia-hosted sulphide mineralisation throughout
  • While assaying is required, Inca Minerals believes the initial observations “strongly validate” the IOCG exploration model in this portion of Mount Lamb, located in the Northern Territory
  • At the Jumping Spider prospect, one drill hole has been extended by more than 200 metres after intersecting IOCG-style veining and brecciation near its original target depth
  • Shares are up 36.4 per cent on the back of this news to trade at 10.5 cents at 2:57 pm AEST

Inca Minerals (ICG) has completed a review of an initial hole drilled at the Mount Lamb North East prospect in the Northern Territory.

Last week, the company announced that hole FW220007, the first diamond drill hole at Mount Lamb NE, had been completed to a 990.3-metre depth.

In the same announcement, Inca revealed initial observations from the hole which included strong iron oxide copper-gold (IOCG)-style alteration over a 500-metre interval.

Within the 500-metre interval was a haematite-dominant zone and a magnetite-dominant zone from about a 200-metre to a 700-metre depth. The company also noted low and varying levels of copper, lead and zinc sulphides within this haematite-magnetite IOCG zone.

From 700 to 800 metres, the magnetite content slowly drops in pyritic and silicified shale, siltstone and marble lithologies with variable rare-trace copper-zinc continuing before dropping out below 800 metres.

From 950 metres to the end-of-hole, the pyrite-pyrrhotite content increases again with intermittent levels of copper.

While geochemical assaying is required, these initial observations in FW220007 are considered to be “highly positive” as Inca believes they strongly validate the IOCG exploration model in this portion of Mount Lamb.

“That FW220007 has intersected the fringe of an IOCG system, is a fair and reasonable conclusion based on the alteration zoning and levels of sulphide bearing veins and breccias we have observed,” Managing Director Ross Brown said.

“It will be up to further holes and assay results that will determine if we’ve identified a potentially economic one. Hole seven is a tremendous start.”

Since completing hole seven, Inca Minerals moved 1.8 kilometres northeast and along strike to drill FW220008, which is currently at a 437-metre depth.

The company plans to drill more holes to follow up the encouraging result in FW220007.

At the Jumping Spider prospect, a second rig is drilling FW220004 and is currently at 652 metres. This is beyond the initially planned 600 metre-depth after intersecting IOCG-style veining and brecciation from 580 metres.

As a result, the hole has been extended to a minimum depth of 800 metres.

Shares were up 36.4 per cent on the back of this news to trade at 10.5 cents at 2:57 pm AEST.

ICG by the numbers
More From The Market Herald
Bubs (ASX:BUB) - Chairman, Dennis Lin and CEO, Kristy Carr

" Bubs Australia (ASX:BUB) to land fourth plane in the US, enters new supply agreements

Bubs Australia (ASX:BUB) has struck supply agreements with two new US retailer banner groups, H-E-B Grocery…

" NeuRizer (ASX:NRZ) signs $1.5b binding off take agreement with Daelim

Neurizer (ASX:NRZ) finalises a binding offtake agreement with South Korean contractor Daelim worth $1.5 billion for…
The Market Herald Video

" Lodestar Minerals (ASX:LSR) begins soil sampling at Earaheedy-Imbin project after rain delay

Lodestar Minerals (ASX:LSR) has begun soil sampling across its Earaheedy-Imbin project in the Earaheedy Basin of…
Tietto Minerals (ASX:TIE) - Managing Director, Dr Caigen Wang

" Tietto Minerals (ASX:TIE) hits 131.29g/t gold at AG Core

Tietto Minerals (ASX:TIE) has intersected up to 131.29g/t gold from AG Core within its Abujar gold…