Inca Minerals Limited advised that it has further enhanced the exploration potential of its Jean Elson Project, located in the East Arunta region in the Northern Territory, after receiving encouraging results from a seven-day reconnaissance trip undertaken in late October and early November to assess new areas not previously visited at the project. Amongst other targets visited, these included the Camel Creek South and Canyon Bore prospects in the granted EL 32486, and the Bonya West prospect in the Company's new EL 33214 Application. Pleasingly, reconnaissance exploration identified significant copper lodes at Bonya West, and additional copper enrichment and quartz- haematite-(pyrite) veining and carbonate veining at the Camel Creek South and Canyon Bore prospects, with a total of 44 rock chip samples collected.

Concurrently with reconnaissance, the Company's GAIP survey is continuing and on track for completion by mid-November. The GAIP survey is part of a comprehensive, project-wide geophysical targeting program undertaken by Inca during 2021-2022 which also includes AMAGRAD, VTEM and ground gravity surveying. Integration of these key geophysical datasets is expected to assist in prioritising initial drill targets at Jean Elson for testing in 2023, with land access agreements already in place and drill approvals being advanced.

The Company is also assessing historical RAB drilling across the project, which is expected to identify other areas of interest to be progressed during 2023. The East Arunta region, where the Jean Elson Project is located, is an under-explored area that is gaining increased exploration attention. In addition to the KGL Resources-owned Jervois Copper-Silver Deposit, currently nearing Feasibility Status, companies such as Sandfire Resources Ltd. and IGO Newsearch Pty Ltd. (a wholly owned subsidiary of IGO Limited) have recently acquired large parcels of ground in the vicinity.

Inca is well positioned as one of the largest tenure holders in the region. Bonya West Prospect: The Bonya West prospect is located in Inca's new EL 33214 Application and lies within an area of exposed Proterozoic bedrock that includes the Cappocks Granodiorite, Bonya Metamorphics and Mascotte Orthogneiss units. Numerous mineral occurrences are recorded within this region including the Jervois copper-silver and Molyhil tungsten-molybdenum-copper deposits, owned by KGL Resources Ltd. and Thor Mining Plc respectively.

At Bonya West, two small historical scrapings have exposed siliceous, skarn-like lodes hosting abundant, supergene enriched malachite and lesser chrysocolla mineralisation. The two lodes lie sub-parallel to one another, vary between 1-5m wide, and can be traced over 50m and 70m respectively (samples JE0171-JE0173 and JE0175-JE0176). Reconnaissance exploration by Inca has extended one of the known mineralised lodes a further 60m to the north-east (JE0177-JE0180) and identified five additional lodes nearby varying between 20cm and 5m in width.

Notably, one of the new lodes (JE0170 and JE0183-JE0186) consistently sub-crops over 3-5m wide over its strike length of 140m. All of the observed lodes lie concordant with the metamorphic gneissic and schistose stratigraphy of the Bonya Metamorphics and are associated with zones of epidote alteration and gossanous quartz veining. Eastward (towards the boundary of EL 33214) lodes and host rocks become increasingly concealed by colluvium; immediately to the west, the lodes appear to be stoped out by pegmatite intrusions.

Canyon Bore Prospect: The Canyon Bore prospect is located within Inca's granted EL 32486 and lies approximately 10km north of the Camel Creek copper-gold-silver-bismuth (Au-Ag-Bi) ironstone-quartz veins. The prospect lies adjacent to the north-west trending Tarlton Fault, which is thought to be a major influencing structure on the Camel Creek vein set to the south. Unlike Camel Creek, where thin but extensive aeolian sand cover masks much of the Proterozoic aged rocks, basement geology at Canyon Bore is well exposed and is dominated by felsic intrusives and a variety of metamorphic schist, gneiss and migmatitic rocks that are cut by aplitic and mafic dykes.

The only recorded exploration in this area is a single rock chip reported in 2016 by the Northern Territory Geological Survey (NTGS), described as a southwest-northeast trending, 1.5m thick iron oxide-quartz breccia intruding granite that returned anomalous assay values of 0.23% Cu + 21ppb Au + 9g/t Ag + 15.5ppm Bi + 0.20% lead (Pb).