Inca Minerals Limited :'s - RIQUEZA PROJECT FEBRUARY UPDATE

Inca Minerals Limited's (Inca or the Company) wishes to update the market regarding its Riqueza Project, located in Peru.

An Induced Polarisation/Resistivity Ground Geophysical Survey (IP Survey) has commenced at Riqueza and is approximately 20% complete. The survey is targeting areas considered most prospective for hosting skarn and/or porphyry mineralisation. The IP Survey targets were selected on the basis of favourable geochemistry, broad geology and the occurrence of mineralisation/alteration, as determined in past exploration programs.

The following, previously reported, programs have been completed at Riqueza as part of the Year-1 Earn-in Agreement with South32: Airborne magnetics and radiometrics geophysical survey (pre-Earn-in Agreement). This program identified +40 geophysical targets, including 22 priority targets.

Expert reconnaissance geological mapping. This program identified an intermediate sulphidation epithermal system at Riqueza.

Project-wide geochemical soil program. This program identified several important geochemical signatures illustrative of intermediate sulphidation epithermal, porphyry and skarn mineralisation.

WorldView3 satellite program. This program identified several visible and near-infrared spectrum anomalies.

The following ongoing programs are current at Riqueza (that which is completed, has been reported): Reconnaissance mapping and rockchip sampling program. To date, multiple occurrences of mineralisation have been identified in outcrop at Riqueza.

Air-magnetic 3D data modelling. To date, this program has identified several large unexplained magnetic bodies.

Important IP Survey Commences

Each program described above has contributed significantly to the exploration evaluation of Riqueza, the net result of which is the identification of high-quality targets across the project area. Several of these targets were identified for IP Survey coverage. In January 2020, a 53 line-kilometre IP Survey commenced at Riqueza. At the time of writing, approximately 20% of this survey is complete. No detailed analysis or interpreted results are currently available.

'The IP Survey is currently focussing on the Yanacolipa area where the majority of the priority 1 lines are located' says Inca's Managing Director, Mr Ross Brown. 'The Yanacolipa area is prospective for skarn and porphyry mineralisation.'

The IP survey is expected to be completed by mid-April. Please be aware that progress of the survey is a function of the weather conditions and an accurate completion date is not possible. Data processing is ongoing. Please also be aware that final interpretations will only be available towards the back end the survey completion date.

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