Inca Minerals (Inca or the Company) is pleased to provide an update on recent exploration activities for both the Frewena Projects (Frewena Projects) in the Northern Territory and the MaCauley Creek Project (Mac Creek) in Queensland.

The Company has continued to advance both the Frewena Projects (principally Frewena Fable and Frewena Far East), and Mac Creek and looks forward to recommencing field activities once the COVID -19 lock downs have been lifted.

Frewena Projects

Inca has recently been advised that it's Mining Management Plan (MMP) application has been approved by the Northern Territory Department of Primary Industry and Resources (DPIR). In the Northern Territory, an MMP is required prior to undertaking ground disturbing work. At Frewena Fable approval has now been received for the construction of access tracks and to clear a site for an exploration camp. Provision for up to 20 drill platforms is also included in the approved MMP allowing Inca's future exploration program flexibility as the Project progresses. A copy of the MMP has been put on the Company's website under the Projects tab.

'The tracks provide Inca access to the large Tamborine Prospect which is a stand-out IOCG targetin a stand-out IOCG province' says Inca's Managing Director. 'The drill platforms are all about forward planning as Tamborine is indeed a valid drill target. A modest amount of work would be necessary to know which platform to start drilling on.'

Completion of these earthworks will greatly aid access to the Tamborine and Alpaca Army Prospects, which to date are only accessible by helicopter, and will allow the first ever detailed ground exploration. Initial programs are likely to include geological reconnaissance, mapping and soil sampling, to be undertaken within the Project area. Suitable earthwork contractors are being shortlisted to undertake this work.

The company has also recently received approval from the NT DPIR for flying airborne geophysical surveys over both the Frewena Fable (EL32287) and Frewena Far East (EL 32293) project areas. This approval is a necessary pre-requisite for the company to progress its planned geophysics exploration over tenements still awaiting final grant. In addition to approval of both Inca's MMP and for undertaking aerial geophysical surveys, the Company recently submitted a funding request, under the DPIR's Geophysics and Drilling Collaborations scheme, for up to $100,000 (incl GST) to undertake airborne magnetic-radiometric surveying over the Frewena Fable and Frewena Far East Projects. Determination of this application is expected in July-August 2020.

'Inca is optimistic about this co-funding potential. Having the DPIR as a funding partner would be great benefit to the Company, ' says Mr Brown. 'It is strongly believed that the results of the proposed aerial geophysics survey would significantly value add to the ongoing geological research and investigation that is now underway by both the GA and NTGS in the East Tennant province.'

MaCauley Creek

Interpretation of detailed magnetic-radiometric data by Inca's external consultant remains ongoing at the time of writing. Upon receipt of this report, Inca will assess the requirement for additional modelling of magnetic features to better define potential drill targets and guide follow up exploration programs. Initial geophysical interpretations have identified three targets with intrusive-like signatures. These targets are spatially juxtaposed known granite-hosted mineralisation.

'Like at Riqueza Project in Peru, detailed assessment, including the integration of old and new data, serves to reduce exploration risk' says Mr Brown.

Under a Collaborative Exploration Initiative of the Queensland Department of Natural Resources, Mines and Energy (DNRME) Inca has submitted a funding request for up to $200,000 (excl GST) to undertake an induced polarisation (IP) geophysical surveying at Mac Creek. Determination of this application is expected in July 2020. IP was deployed at Inca's Riqueza Project in Peru to great effect, combining it with air magnetic data and geochemical data, in the generation of targets warranting closer examination.

Next Steps

Inca's strategy with its Australian projects is to attract a funding partner whilst conducting value-adding costeffective exploration. Whether, funding is through government agencies (DNRME or DPIR) or industry, the outcome is the same and very positive for the Company. It should be pointed out that there are no guarantees of successful government funding applications. Notwithstanding this, Inca's submissions have presented a strong case for assistance.

Subject to successful grant applications, the Company will progress a number of exploration activities in the latter part of 2020 and into 2021 at the Frewena Projects and at Mac Creek. This will include construction of access tracks to the Frewena Fable Project to facilitate ground exploration activities, and completion of geophysical survey at the mentioned projects.

Contact:

Tel: +61 (0) 8 6145 0300

Email: info@incaminerals.com.au

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