Inca Minerals : Drilling Confirms Further IOCG Pot. at J/Spider & Mt Lamb NE

Drill hole details are presented in Table 1 and hole locations are shown in Figure 2.

ForFW220009 - a follow up hole to FW220007 - has also recently commenced from the same drill pad as FW220007 and, at the time of writing, is at a depth of 976.60m, with this hole planned to 1,000m.

As previously announced 6 June, FW220007 intersected an encouraging +500m down- hole interval of zoned haematite and magnetite IOCG-stylealteration with visual observations of copper, lead and zinc sulphides.

Figure 1: Examples of core from FW220004 with haematite-flooded,porphyritic volcanics with mixed quartz, chlorite, epidote, fluorite, haematite, and pyrite veinlets at 850m (left), and strong chlorite-epidotealteration with quartz-potassiumfeldspar veinlets at 895m (right).

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FW220009 - following up FW220007 - is nearing completion, with widespread haematite, magnetite and dolomite alteration observed along with strong pyrite-pyrrhotiteand elevated chalcopyrite and sphalerite

Alteration and observed sulphides in FW220008 extend the IOCG footprint at Mount Lamb North-East1.8km along strike from FW220007, making this a high priority target for follow-upexploration and confirming Inca's robust geophysical modelling

associated low levels of copper, zinc and lead sulphides

FW220008, drilled at Mount Lamb North-East,intersected haematite, magnetite and dolomite alteration, with

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Further to its ASX announcements of 6 April, 9 May and 6 June 2022, Inca Minerals Limited (ASX: ICG) is pleased to advise that a review of drill holes FW220004 and FW220008, drilled at the Jumping Spider and Mount Lamb NE prospects, is now complete. The drill holes form part of the Company's reconnaissance drill program at the Frewena Group Project in the Northern Territory.

Both holes successfully tested the targeted anomalies, confirming the presence of IOCG alteration and providing important structural data for ongoing geological modelling.

targets, confirming the robustness of these models

FW220004 also provides further support for the Company's geophysical modelling used to define initial drill

in hole FW220004, drilled at the Jumping Spider Prospect

Iron Oxide Copper-Gold (IOCG)-stylealteration and sulphide occurrences (pyrite, chalcopyrite, galena) recorded

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• FW220004 intersected an iron-flooded,porphyritic volcanic unit in an area hosting IOCG-stylealteration and veining at Jumping Spider, representing a strong outcome from the reconnaissance drilling program

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Highlights

	Targeting a new generation of Tier-1 mineral discoveries
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ASX Announcement │ 4 July 2022 │ ASX: ICG

DRILLING CONFIRMS FURTHER IOCG POTENTIAL AT JUMPING SPIDER AND

MOUNT LAMB NORTH-EAST PROSPECTS

Reconnaissance drilling intersects IOCG alteration and copper, lead and zinc sulphides at the Greater Frewena

useonly	Table 1: Drill hole parameters of FW220004 and FW220008 drilled at the Jumping Spider and Mount Lamb NE prospects. FW220004
commenced on 14 May and was completed on 13 June and FW220008 was commenced 31 May and completed on 14 June 2022.
	Figure 2: Filtered magnetic anomaly image (tmi-rtp transparent colour intensity image on tmi-rtp-2vd-agc greyscale background)
showing planned and completed drillhole locations within the Frewena East and Frewena Far East Projects. Current drill hole, FW220009 is
personal	located on the same pad as FW220007 in the Mount Lamb North East prospect.

FW220004

FW220004 was drilled at the Jumping Spider Prospect to a total depth of 1,000.0m, comprising a Reverse Circulation (RC) pre- collar of 158.6m and a diamond tail of 841.4m.

ForRC Portion of FW220004

The RC portion of FW220004 penetrated through the Georgina Basin sedimentary units and into the Helen Springs Volcanics that occur above the Proterozoic basement. Two-metre composite RC samples will be submitted for multi-element analysis.

Diamond Core Portion of FW220004

FW220004 was designed to test a gravity feature lying within the large Jumping Spider prospect.

The top of the gravity feature  is estimated to lie at approximately 400m downhole depth and remains open at depth (Figures 3 and 4), with this target not presenting associated magnetic anomalies.

• Gravity and magnetics are rock properties relating to rock density and magnetism. For the purpose of graphic presentations of geophysics anomalies, "shapes" (or shells) are used. In reality such rock properties are gradual. Therefore, in the strictest sense, a gravity or magnetic target does not commence at a certain depth. That a gravity or magnetic high exists is real, where it "begins" is not as certain.

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The unconformity between the overlying Helen Springs Volcanics and Proterozoic basement rocks was intersected at 197m, with basement lithologies consisting of a thick sequence of red beds, occasionally and variably cut by veinlets hosting a mixed alteration assemblage that included quartz, chlorite, epidote, haematite, fluorite and pyrite.

onlyAs announced 6 June, a rapid increase in alteration intensity and frequency was observed from 580m - shortly before the planned end of hole (EOH) depth of 600m - with increased veining and brecciation of the red beds and a marked rise in sulphide abundance (principally pyrite with variable, rare-trace chalcopyrite) and pervasive haematite and fluorite.

From c. 690m, geology transitioned to a sequence of coarse-grained, porphyritic volcanic rocks with intervals of intercalated sedimentary units beds. The volcanic lithologies are often overprinted by strong haematite-flooding of the groundmass and clasts, with fine-grainedex-mica minerals observed throughout, which are altered to clay.

Locally, strong veining - and, in places, brecciation - occurs throughout the volcanic lithologies with abundant haematite, quartz, chlorite, epidote, fluorite, potassium feldspar and pyrite commonly observed. Rare to trace levels of chalcopyrite use(copper sulphide) and rare galena (lead sulphide) are noted to occur at low levels intermittently from 580m to EOH at 1,000m. The occurrence of an iron-flooded, porphyritic volcanic unit in this area of Jumping Spider hosting IOCG-style alteration and veining is considered by Inca as another positive result from the Company's reconnaissance drill program at the Frewena Group Project. FW220004 also provides further support to the Company's geophysical modelling used to define initial drill targets,

confirming the robustness of these models.

FW220004 has provided a sufficient first test of Jumping Spider, with results of detailed logging and assays to be incorporated

with geophysical models to determine the next steps at this prospect. A selection of core photos is provided in Appendix 1. personalFor

Figure 3: FW220004 location plan in relation to the gravity anomaly (black contours and coloured background;

also refer to Figures 2 and 4).

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Figure 4: FW220004 cross section showing the modelled gravity anomaly and drill trace (black line).

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personalFW220008

FW220008 was drilled at the Mount Lamb North-East Prospect and comprised a 166.9m deep RC pre-collar with an 871.4m diamond tail for a total depth of 1,038.3m.

RC Portion of FW220008

The RC portion of FW220008 penetrated through the Georgina Basin sedimentary units and into the Helen Springs Volcanics that occur above the Proterozoic basement. Two-metre composite RC samples will be submitted for multi-element analysis.

Diamond Core Portion of FW220008

FW220008 was designed to test strong, semi-coincident magnetic and gravity features lying in the NE portion of the Mount Lamb trend (Figures 2, 5 and 6).

ForThe hole was collared approximately 4.5km NE of government drillhole, NDIBK04, and lies 1.8km NNE of Inca's FW220007, which intersected an encouraging +500m down-hole interval of zoned haematite and magnetite IOCG-style alteration with visual observations of copper, lead and zinc sulphides.

The top of the gravity feature targeted by FW220008 is estimated to lie at approximately 200m downhole depth, while the intersection of the magnetic feature is slightly deeper at about 250m depth (Figure 6).

The unconformity between the overlying Helen Springs Volcanics and underlying Alroy Formation was intersected at 218.3m, with the higher levels of the Alroy Formation consisting of well foliated mica schist with quartz-pyrite-haematite veins and veinlets with rare-trace chalcopyrite locally.

From c. 250m, metamorphic grade of the host rock decreases with the mica schist transitioning to a black shale hosting abundant pyrite as laminations and, in places, abundant garnets overprinted by quartz-(pyrite).Quartz-pyrite veins occur with the shale becoming interbedded with siltstone from c. 275m. Geology is strongly sulphidic, dominated by pyrite in laminations and veins as well as including a 50cm-wide massive pyrite zone at 287m occurring within a strongly silicified zone.

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Below 300m, the mixed shale-siltstone lithologies host pyrrhotite-pyrite-(chalcopyrite) veinlets, occasional haematite veinlets, rare sphalerite-pyrite-chalcopyrite veinlets, and rare galena veinlets. Dolomitisation of the host rocks also increases, along with zones of garnet pseudomorphs, pyrrhotite, pyrite and rare-trace chalcopyrite. Magnetite layers within the shale-siltstone were observed from c. 430m to 630m. Below 650m, the quartz veined shale-siltstone lithologies continue being strongly pyrite-

onlypyrrhotite rich; rare chalcopyrite was observed towards EOH at 1,038.3m. use

FW220008 has provided a second significant drill result at the Mount Lamb North-East prospect, with haematite, magnetite and dolomite alteration - with associated low levels of copper, zinc and lead sulphides - being intersected. This result, located c. 1.8km NNE of FW220007, confirms IOCG style alteration and elevated geochemistry (as indicated by visible mineralisation) ver a significant strike distance marking Mount Lamb North East as a prospect of significance. A selection of core photos is

provided in Appendix 2.

personalFor	Figure 5: FW220008 location plan in relation to the gravity (black contours) and magnetic (coloured
	background) features (also refer to Figures 2 and 6).

Figure 6: FW220008 cross section showing the modelled gravity anomalies (yellow-pink isosurfaces),

magnetic anomalies (blue isosurfaces) and drill trace (black line).

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