Inca Minerals Limited (ASX: ICG) is pleased to report highly encouraging results from a November-December 2022 geological reconnaissance field trip to its MaCauley Creek Project area, located 150km north-west of Townsville in NE Queensland.

Assay results are now available and have indicated several occurrences of high-grade copper, lead, zinc, and silver as well as the New Economy Metals lithium, tin, and tungsten in both tenements. These high-grade mineral occurrences are hosted in the Running River Metamorphics and Ewan Formations, the same lithologies that host the Mount Moss magnetite, copper, lead, and silver mines, just 1km to the north.

These high-grade polymetallic occurrences are identified in both tenements (EPM 27163 and EPM 27124), strongly supporting the prospectivity of the MaCauley Creek Project for base metals, precious metals, and New Economy Metals.

The identification ore grade base metals and silver in several locations including the New Economy Metals lithium, tin and tungsten in anomalous concentrations opens up a new and exciting opportunity for Inca Minerals within the MaCauley Creek Project area,' said Inca Chairman, Adam Taylor. 'We are looking forward to progressing follow-up exploration programs to build on these significant results.

Geological variability is suggestive of distinctive magma differentiation pathways or different emplacement events. Geological and geochemical differences provide good settings and geological conditions for fluid fluxes of variable chemistries and redox conditions to mix, leading to precipitation of mineral deposits. The numerous high grades of copper, lead, zinc, silver, tin, lithium, molybdenum, bismuth, iron, and antimony occurrences mapped in weathered lithologies within the MaCauley Creek Project support the evolution of reduced fluids rising towards the surface from primary magmas and mixing with near-surface oxidised fluids, leading to supergene mineral enrichment. The occurrence of secondary copper (azurite and malachite) at surface suggests that primary sulphides in the form of chalcopyrite are buried under weathered exposed rocks, colluvium, and regolith.

Importance of Results and Next Steps The reconnaissance trip to the MaCauley Creek Project area has resulted to several important outcomes:

The identification of economic levels of Cu, Pb, Zn and Ag mineralisation including highly anomalous levels of Li, Sn, Bi, Sb, Mo, and Cd in the north-eastern and central parts of the project area in outcropping rocks far from historic workings demonstrates the general prospectivity of the project area. Apart from these two areas that have been fieldchecked and sampled, all of which returned very positive results; more than 75% of the MaCauley Creek tenements have neither been field-checked nor sampled. Opportunities therefore exist for further discoveries across these tenements.

Evaluation of the results against regional magnetics has led to the identification of a magnetic trend over 1,000m long by 500m wide, which was only partly sampled during the reconnaissance trip. Of the nine samples collected from the north-eastern part of this trend, seven samples returned ore grade copper ranging from 1.3% to 2.2%Cu. The other two samples returned highly anomalous copper: one sample with 7620ppm Cu and another with 7990ppm Cu. All the nine samples collected from the vicinity of the identified magnetic high host enormous Ag, ranging from 16.1g/t to 362g/t. This area does not fall near historic workings and therefore provides a new opportunity for a fresh discovery

Follow-up Exploration The reconnaissance field trip to MaCauley Creek was highly successful in identifying several highly prospective areas, many of which have never been sampled or drilled. These prospective areas are geologically located on the same lithological units hosting nearby Mount Moss magnetite, copper, silver, and lead mines. Target generation is highly recommended and will include soil surveys and generation of IP section lines over selected areas of interest prior to drill testing. Review of geophysical data (magnetics) in conjunction with the reported rock chip assay results, shows that elevated metal concentrations are closely coincident with magnetic highs. Several geophysical anomalies have been identified, many of which have not been tested and will now become the focus of future exploration in 2023 and beyond. Geochemical sampling (soils and rocks) is recommended as a first pass tool to advance exploration in these newly identified areas. The identification of New Economy metals (Li, Sn, W) in anomalous concentrations opens an entirely new opportunity for Inca Minerals within the MaCauley Creek Project area. Lithium and Tin are generally associated with pegmatitic granites, which form the dominant lithology of the MaCauley Creek Project area.

Contact:

Tel: (08) 6263 4738

Competent Person's Statements

The information in this ASX announcement that relates to exploration activities for the MaCauley Creek Project in Queensland, is based on information compiled by Dr Emmanuel Wembenyui BSc (Hons), MSc Applied Geology and PhD Geochemistry who is a Member of The Australasian Institute of Mining and Metallurgy and The Australian Institute of Geoscientists, MAIG. He has sufficient experience, which is relevant to the exploration activities, style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr Wembenyui is a fulltime employee of Inca Minerals Limited and consents to the announcement being issued in the form and context in which it appears

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