Inca Minerals : Maiden Australian Drill Program Successfully Completed

Targeting a new generation of Tier-1 mineral discoveries in Peru and Australia

ASX Announcement │ 28 July 2022 │ ASX: ICG

MAIDEN AUSTRALIAN DRILL PROGRAM SUCCESSFULLY COMPLETED

Strong Iron Ore Copper-Gold (IOCG) prospectivity confirmed at the Greater Frewena Group Project in the Northern

Territory, with copper +/- zinc-lead sulphides intersected in all eight drill holes that were part of the initial reconnaisance

only	program covering four prospects at Frewena East and Frewena Far East.
use		Highlights
	• Thick intervals of variably altered, veined and silicified intrusives intersected with low levels of sulphides (pyrite, pyrrhotite,
	chalcopyrite, galena) recorded in the most recent drill-hole, FW220010, completed at the Mount Lamb NE prospect
	• FW220010 intersects intrusive rocks from 189m down-hole varying from granite, to granodiorite, to diorite, to fine-grained
	mafics with this compositional transition correlating with a modelled gravity anomaly
	• Hydrothermal alteration and veining observed includes widespread silica, chlorite-epidote-sericite and garnet alteration of
	the intrusive units with lesser haematite, carbonate, potassium feldspar and biotite
	• Low levels of sulphides (generally <1% to 1%) occur over wide intervals of FW220010 as disseminations and as vein and
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	veinlet-hosted, including trace to locally minor pyrite, rare to locally trace chalcopyrite, and rare pyrrhotite and galena
	• FW220010 marks the completion of the field work component of Inca's 2022 reconnaissance drill program at the Greater
	Frewena Group Project, with detailed core processing continuing at Inca's facility in Mount Isa
	• The program has exceeded the Company's expectations, validating the iron ore copper-gold (IOCG) exploration model and
	the robustness of Inca's geophysical modelling with copper +/- zinc-lead sulphides observed in all eight holes drilled over
	four prospects - a significant result achieved from testing blind, conceptual geophysical features in a greenfield, frontier
	region
	• A thorough project review is planned following receipt of assays to determine the next steps at the Project
Further to its ASX announcements of 6 April, 9 May, 1 June, 6 June, 4 July and 14 July 2022, Inca Minerals Limited (ASX: ICG) is

pleased to advise that a review of drill-hole FW220010, completed at the Mount Lamb NE prospect as part of its maiden econnaissance drilling program at the Frewena Group Project in the Northern Territory, is now complete.

FW220010 was drilled to a total depth of 1,060.4m, comprising a Reverse Circulation (RC) pre-collar of 120.7m and a diamond tail of 939.7m.

FW220010 was drilled as an addition to the 2022 program to investigate a gravity anomaly beneath the peak of Mount Lamb that occurs 2.2km WNW of Inca's encouraging drill-holes, FW220007 and FW220009, which intersected zoned haematite and magnetite IOCG-style alteration with

Forvisual observations of copper, lead and zinc sulphides.

A thick sequence of variably altered, veined and silicified intrusives was intersected in FW220010 from 189m to the end-of-hole (EOH), with these being the first intrusive rocks encountered at the Mount Lamb prospect.

Low levels (<1% to 1%) of pyrite, pyrrhotite, chalcopyrite and galena are noted to occur as both disseminations in host rocks and vein-hosted.

Figure 1: Porphyritic granite with biotite, rare pyrite and haematite alteration of feldspars crosscut by chalcedonic quartz-carbonate-haematite-chlorite-(pyrite) veining at 194m (left), mafic xenolith clast with strong garnet-pyrite and trace pyrrhotite-chalcopyrite at 493.5m (centre), and quartz-chlorite-epidote vein with trace pyrite and rare chalcopyrite rimmed by galena at 673m (right) in FW220010.

Suite 1/16 Nicholson Road, Subiaco, WA 6008

Telephone: [phone]

Website: www.incaminerals.com.au │ ABN: 36 128 512 907

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Table 1: Drill hole parameters of FW220010 at the Mount Lamb NE prospect. FW220010 was commenced on 3 July and completed on 17
	July 2022.
personalDiamond Core (target testing) Portion of FW220010
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 undertaken during the 2022 reconnaissance drill program.

RC (pre-collar) Portion of FW220010

The RC portion of FW220010 penetrated into Georgina Basin sedimentary units with the switch to diamond coring occurring above the top of the Helen Springs Volcanics. Two metre composite RC samples will be submitted for multi-element analysis.

FW220010, an addition to the 2022 reconnaissance drill program, was designed to test a strong gravity anomaly that occurs Forbeneath the peak of Mount Lamb, which is partly offset from the >15km long Mount Lamb magnetic-gravity-conductive trend (Figures 2 and 3). The hole was collared approximately 2.2km WNW of Inca's FW220007 and FW220009, and 2.2km north of

the government drill-hole, NDIBK04 (Figure 2).

The gravity anomaly targeted by FW220010 lies adjacent to the large gravity anomaly that was tested by FW220007 and W220009, where thick intervals of IOCG-style haematite and magnetic alteration were intersected along with visual observations of low levels of copper, lead and zinc sulphides, as announced previously on 6 June and 14 July 2022.

Unlike the area targeted by FW220007 and FW220009, the FW220010 target presents much weaker magnetism, with this geophysical signature difference warranting testing during the reconnaissance phase program. The hole was collared close to silica- and iron-rich rock chips with lowly elevated geochemistry, as reported in the ASX announcement dated 24 February 2020, that are thought to have been formed by karst collapse of the limestone-rich Georgina Basin Sediments.

The top of the gravity feature intersected by FW220010 is estimated to lie at approximately 550m down-hole depth with a higher tenor core estimated between c. 800-900mdown-hole depth (Figure 4).

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The unconformity between the Georgina Basin sediments and the Helen Springs Volcanics was intersected at 153m and the lower unconformity between the volcanics and basement rocks was intersected at 189m. Notably, at 36m down-hole width, this was the thinnest interval of Helen Springs Volcanics drilled during the 2022 program.

onlyAs announced 14 July 2022, a thick sequence of altered and silicified, porphyritic intrusive rocks were intersected in FW220010

beneath the Helen Springs Volcanics, with these being the first recorded intrusive rocks at the Mount Lamb prospect.

The intrusive composition transitioned downhole from granite to granodiorite, to diorite, to a fine-grained mafic unit, and finally back to diorite by EOH. Broad correlation between this compositional sequence and the gravity anomaly suggests that the gravity feature tested by FW220010 relates to the host rock mineralogy, whereby increasingly mafic lithologies have higher density than more felsic units.

Hydrothermal alteration and veining were observed throughout much of FW220010 with widespread silica, chlorite-epidote- sericite and garnet alteration of the intrusive units, as well as lesser degrees of haematite, carbonate, potassium feldspar

use(kspar) and biotite.

Low levels of sulphides - including pyrite from trace to locally elevated levels, rare to locally trace chalcopyrite, and rare pyrrhotite and galena - were observed throughout the hole as disseminations within the intrusive units and as vein-hosted occurrences. Both disseminations and vein-hosted sulphides occur variably at low levels over large intervals of FW220010. Estimation of sulphide abundance is shown in Table 2 and a selection of core photos presented in Appendix 1.

		Hole	From	To	Interval	Mineralisation Description Sulphide % (Visual Estimate)
personalFor		189m	270m	81m	Vein/veinlet-hosted sulphides <1% to 1% (pyrite)
	270m	420m	150m	Vein/veinlet-hosted and disseminated sulphides <1% to 1% (pyrite-chalcopyrite-pyrrhotite)
			470m	596m	126	Vein/veinlet-hosted and disseminated sulphides <1% to 1%	(pyrite-chalcopyrite-pyrrhotite-galena)
		FW220010	673m	690m	17m	Vein/veinlet-hosted sulphides <1% to 1% (pyrite-chalcopyrite-galena)
			727m	731m	4m	Vein/veinlet and breccia-hosted sulphides 1% to 3% (pyrite-chalcopyrite)
			773m	870m	97m	Vein/veinlet-hosted and disseminated sulphides <1% to 1%	(pyrite-chalcopyrite-pyrrhotite-galena)
			910m	980m	70m	Vein/veinlet-hosted sulphides <1% to 1%	(pyrite-chalcopyrite)
					Table 2: Visual estimate of sulphides and their occurrence style.

Figure 3: FW220010 location plan showing the targeted gravity anomaly (refer to Figure 2 and 4).

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Figure 4: Gravity model in the vicinity of FW220009 (labelled MLNEDDP0002b) and FW220010 (labelled Camp1) showing gravity high

anomalies (orange-red isosurfaces); for sense of scale, the planned drill traces (yellow lines) are 1,000m long.

Completion of the 2022 Reconnaissance Drill Program

personalThe completion of FW220010 marks the conclusion of Inca's 2022 Frewena reconnaissance drill program with the program a marked success, having confirmed the IOCG (and lesser SEDEX) potential of Inca's land-holding at the four prospects tested so

far, being Mount Lamb NE, Mount Lamb SW, Jumping Spider and Roadhouse.

The intersection of a distinctly different style of rocks in FW220010 compared with all other holes drilled at Mount Lamb NE and SW not only demonstrates the high geological variety along the prospect trend, but also confirms occurrence of an igneous body in the centre of Mount Lamb, which is confirming its credentials as one of the priority prospects within the entire East Tennant region.

The occurrence of magmatic rocks - especially those showing widespread alteration, silicification and veining with low levels of metallic sulphides, proximal to thick intervals of zoned haematite and magnetite IOCG-style alteration - mimics the schematic magma-derived and surface/basin-derived IOCG models shown in Figure 5 (Barton et al, 2004). It is possible, though not conclusively proved, that the igneous sequence intercepted by FW220010 may relate, directly or indirectly, to the large- scale IOCG-style alteration system at Mount Lamb, potentially being a source of heat, fluids and metals.

While the Company notes that visual sulphide estimates undertaken during preliminary core inspection should not be considered a substitute for laboratory analysis, observation of low level (<1%-1%) copper, lead and zinc sulphides occurring in association with strong IOCG-style alteration is a standout success.

ForThe occurrence of copper +/- zinc-lead sulphides in all eight holes is a significant result for Inca given the frontier nature of the East Tennant region and that drilling has tested blind, conceptual geophysical targets - these targets are no longer conceptual with further exploration strongly warranted.

The Company will now focus its attention on completing a detailed study of drill core and expediting core cutting for dispatch of samples for assaying, with current laboratory turnaround times of 8-12 weeks from sample dispatch.

As part of Inca's staged, systematic, and results-driven exploration program, the Company intends to carry out a thorough review and interpretation of data acquired at Frewena to determine the best next steps to advance exploration and discovery at the Project.

This review will incorporate geological, geochemical and geophysical (e.g., drill core magnetic susceptibility) knowledge gained from drilling with the existing magnetic and gravity models to continue the re-iterative exploration process aimed at stepping- in towards large scale mineral systems.

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Figure 5: IOCG schematic models showing internal architecture of three variations based on tectonic setting including magmatic fluid input
personal	in the magma derived (left), surface or basin-derived (centre) and metamorphic-derived models (from Barton et al, 2004).
*****

This announcement has been authorised for release by the Board of Inca Minerals Limited.

Investor inquiries - Rob Heaslop, Consulting Exploration Manager - Inca Minerals - [phone]

Media Inquiries/Investor Relations - Nicholas Read, Read Corporate - 0419 929 046

*****

Competent Person's Statements

The information in this report that relates to exploration activities for the Frewena Group Project in the Northern Territory, is based on information compiled by Mr Robert Heaslop BSc (Hons), MAusIMM, SEG, Consulting Exploration Manager, Inca Minerals Limited. 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". Mr Heaslop is a consultant for Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.

For

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