Inca Minerals Limited provided an update on proposed upcoming exploration activities scheduled for the 2023 field season. The proposed exploration program builds on the work completed in 2022, which represented a significant advancement on the understanding and prospectivity of a number of the Company's Australian projects. During the 2022 exploration field season, Inca successfully completed its maiden drill program in Australia within its Frewena Group of Projects in the Barkly Tablelands, NT, generating highly encouraging results that clearly demonstrate that a fertile mineral system is in place in the area.

In addition to the drilling, Inca also commissioned a review of historic non-Inca drill-holes within its tenement holdings at Frewena East, leading to the identification of an Exploration Target of 453-761 million tonnes of phosphate mineralisation within its Frewena East Project area, directly north of the Wonarah (Avenira) Phosphate Deposit. The Wonarah Phosphate Deposit is one of the largest phosphate projects in Australia with an applied minimum cut-off of 15% P2O5 Wonarah has a total resource of 532.9Mt1. Gradient Array Induced Polarisation (GAIP) and Versatile Time-Domain Electromagnetic (VTEM) surveys were also completed at the Jean Elson Project in the NT followed by a reconnaissance field trip in late 2022, which culminated with the sampling and assaying of 46 rock chips as reported previously (ASX announcement of 7 February 2023).

At its Queensland Project at MaCauley Creek, Inca completed two types of geophysical surveys: Gradient Array Induced Polarisation (GAIP) and gravity surveys, over selected high priority areas. Following processing and interpretation of the acquired geophysical datasets, chargeability/conductivity trends and areas of anomalous gravity and magnetics coincident with surface Cu-Ag-Pb-Zn mineralisation were identified. These surveys and data interpretation were followed in November 2022 by reconnaissance geological mapping and rock chip sampling, with 70 samples collected and assayed.

Following a review of its 2022 activities, a robust and cost-effective exploration program is being designed which will keep Inca busy during the 2023 field season. Upcoming exploration activities include but are not limited to those listed below. Following evaluation of geological and recently acquired rock chips geochemical data in conjunction with Gravity and Gradient Array Induced Polarisation (GAIP) geophysical datasets, two high-priority targets requiring immediate exploration follow-up work have been identified.

One, located in the central part of the tenements, is named "Central Area Prospect" and another, located to the north-east of the tenements, is named the Wallaroo Prospect. In addition to these two prospect areas, the western part of the tenements stands out as highly prospective. This area is defined by anomalous magnetic/gravity signatures, which extend north-east into the Mt Moss magnetite and base metals mines.

The texture of the magnetic anomalies shows distinctive discontinuities and truncations, suggesting that there has been significant fracturing/faulting within the western portion of the MaCauley Creek Project Area. Fracturing is vital in mineral exploration because it serves as conduits and provides pathways for the migration of connate waters from deeply buried sedimentary units and reduced fluids from mantle sources whose interaction with oxidised shallow waters near-surface create good redox differentials, favourable for the deposition of mineral deposits. This area is recommended for systematic soil surveys in 2023.

Interpretation of recently acquired Gradient Array IP (GAIP) survey data over the Central Area prospect has led to the identification of a major chargeability feature trending NW-SE (concordant with the regional geological and structural orientation of the broader area) over 1,000m length with variable thickness between 50 and 150m. An abandoned and shallow Cu-Ag pit named "Western" (10m depth by 5 m wide) lies centrally on this trend. This is a significant target for follow-up RC drilling, to be preceded by soil surveys aimed at defining geochemical vectors for more effective targeting.

This chargeability trend has not been previously drilled and represents a strong target with sufficient size and geometry to host economic mineralisation. Because gradient array IP surveys are highly applicable in the assessment of shallow and horizontal chargeability and resistivity variations in the subsurface, the identification of outcropping mineralisation within this area thus suggests potential for near-surface discoveries. The yellow stars represent the locations of historic diggings and abandoned artisanal mines.

High-power Pole - Dipole IP surveys (with a high depth resolution depth of up to 500m) are recommended in the central area of MaCauley Creek, where several abandoned small mine workings including Copper Knob, Breccia Knob, JD Area, Mt Long, Silver Prospect and Windcan have been mapped.