Inca Minerals Limited provided a further update on an October-November 2022 geological reconnaissance field trip to its Jean Elson Project, located in the East Arunta region in the Northern Territory. Assay results are now available and have indicated several occurrences of strong copper and associated silver (Ag) mineralisation. The most promising Cu results are from the Bonya West Prospect where mineralised lodes (veins) were identified.

Bonya West is located on Inca's newly granted exploration licence EL33214. Bonya West Prospect: The Bonya West prospect is located in Inca's new EL33214. The numerous historical mineral occurrences that are recorded within the vicinity of EL33214 was the compelling reason for the October -Novemer 2022 fieldtrip.

The fieldtrip was highly successful with the discovery of an array of mineralised lodes (veins) some 170m wide with five individual veins up to 20m true width. 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 subparallel to one another, vary between 1-5m wide, and can be traced over 50m and 70m respectively.

These samples are mineralised in Cu with associated elevated levels of Ag. Sample JE0176 has recorded the peak Cu value of the program at 19.35% Cu. Reconnaissance by Inca extended one of the known mineralised lodes a further 60m to the northeast and identified five additional lodes nearby varying between 20cm and 5m in width.

Notably, one of the new lodes consistently subcrops over 3-5m wide over its c. 140m strike length. Camel Creek and Whistling Kite: At the Camel Creek prospect, a zone of anomalous geochemistry defined by elevated copper was identified. Several samples returned over 100ppm, with the best values coming from sample JE0145, which returned ore grade mineralisation up to 1.96% Cu.

Other samples of significance, which require follow-up work, include JE0147 with 0.65% Cu and JE0150 with 0.12% Cu. These anomalous copper values broadly correlate with high iron levels, reflective of haematite alteration, which is widely mapped in the Camel Creek Prospect area. Whistling Kite results are broadly low for copper and other pathfinder elements and correlate well with the mapped local geology; mainly defined by highly silicified and crystalline cherty units.

Chert generally forms an impermeable cap, which prevents the free movement of geochemical fluxes from the subsurface. This area could be better tested by other exploration methods including IP surveys, which could read signals hundreds of metres below the surface. Importance of Results and Next Steps The Jean Elson October-November field trip has resulted in a number of important results: The identification of strong copper mineralisation coinciding with known geophysical and mineralised prospects, Camel Creek and Whistling Kite.

The identification of strong copper mineralisation in new areas on the new Jean Elson exploration licence EL33214. The geochemical association of Cu, Ag, Co, Pb, Zn, P, As, Bi, Cd, Mo, Fe, Mg, Ti, and U with low levels of REEs. The geochemical association is indicative of skarn and/or skarnoid mineralisation.

The absence of gold in the three prospects sampled (and subject of this announcement) precluded an IOCG system. IoGAS plots based on Ti+V vs. Ca+Al+Mn (Depuis and Beaudoin, 2011), suggest a skarn system.

Skarns are formed by the metasomatic transformation of carbonate-rich rocks such as calc-silicates, which are widespread in the Bonya West Prospect area. All samples plot within the Basalt, Andesite and Trachy-andesite fields on the Nb/Y vs. Zr/Ti plot of Pearce, 1996, indicating that magmatic fluids provided the fluid and brine sources that metasomatized the existing country-rock calc-silicates, leading to the formation of a skarn system.

REEs association point to a common source for the mineralisation observed in the area. Mineralisation within the Jean Elson Bonya West and Camel Creek Prospects is hosted within variably metamorphosed units, like the Jervois Copper Mines. Inca's Bonya West Prospect is geologically set on the same structural corridor and geology as the Jervois group of mines, which are located barely 24km to the northeast.

Geology is mainly defined by low-middle grade metamorphics, including calc-silicates, quartzite, andalusite-cordierite, and sericite-magnetite schists. The field trip mapping and assay results are very positive. Target generation will continue in the lead up to a drill program during the 2023 field season.

Inca also completed a Gradient Array IP survey in 2022 over selected areas within the broader Camel Creek Prospect area. Interpretation of these results in conjunction with the rock chips geochemistry data will define clear targets for drill testing in the course of 2023.