Inca Minerals : Wide Interval of IOCG Alteration Confirms Pot. at Mt Lamb NE

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

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ASX Announcement │ 6 June 2022 │ ASX: ICG
		WIDE INTERVAL OF IOCG ALTERATION IN FIRST DRILL-HOLE CONFIRMS
			LARGE-SCALE DISCOVERY POTENTIAL AT MOUNT LAMB NE
			Drill-hole FW220007 intersects a +500m down-hole interval of zoned haematite and magnetite IOCG-style alteration
use			Highlights
	•	Drill-hole FW220007, the first hole drilled at Mount
		Lamb North-East (NE), intersects a down-hole interval of
		+500m of Iron Oxide Copper-Gold(IOCG)-style
		alteration and vein/breccia-hosted sulphide
		mineralisation
•	Vertical down-hole variation from strong haematite,
personal			strong to intense magnetite transitioning to minor albite
		strongly supports the IOCG model
		•	Sulphides include pyrite, pyrrhotite, rare-trace
			chalcopyrite, (copper), galena (lead), and sphalerite
			(zinc)
		•	Sulphides occur in disseminations, veins, veinlets,
			fractures, stockworks and breccias
		•	Current hole FW220008 commenced 1.8km north-east
			along strike of FW220007 and currently at 437m down-
			hole
		•	Other holes planned to follow-up FW220007
		•	Maiden drill hole at the Jumping Spider prospect
			(FW220004) intersects IOCG-style veining and breccia
			with this hole being extended to at least 800m

Further to its ASX announcements of 6 April, 9 May and 1 June 2022, Inca Minerals Limited (ASX: ICG) is pleased to advise that a review of the first diamond drill-hole (FW220007) at the Mount Lamb NE prospect, completed as part of its reconnaissance

Forprogram at the Frewena Group Project in the Northern Territory, is now complete.

Strong IOCG-style alteration minerals, haematite and magnetite, have been observed along with variable levels of copper, zinc and lead sulphides over a >500m down-hole interval. The down-hole vertical variation of haematite, magnetite and albite, which is strongly reminiscent of IOCG alteration zoning, is a particularly pleasing result.

The second hole at Mount Lamb NE (FW220008) has commenced and is currently at a depth of 437m. Follow-up holes for FW220007 are curretly being planned.

Pleasingly, IOCG-style veining and brecciation have also been intersected in the first hole at Jumping Spider (FW220004), with this hole being extended to a depth of 800m.

ABOVE Figure 1: Haematite-rich breccia at 225m (left) and magnetite-rich, brecciated siltstone at 567m (right) in FW220007.

Suite 1/16 Nicholson Road, Subiaco, WA 6008

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

Description of FW220007 - Mount Lamb NE (central zone)

Key features of the hole FW220007 include:

only	•	FW220007 intersects Alroy Formation sediments with strong haematite-quartz and quartz-carbonate-haematite
	veining and brecciation from 212-280m interspersed with dolomitised shale and siltstone.
• Variable levels of rare-trace pyrite and chalcopyrite observed throughout this interval along with galena veinlets and
	rare arsenopyrite and sphalerite.
• Intermittent galena veinlets with pyrite-pyrrhotite and trace chalcopyrite observed in silicified and brecciated quartzite
	and siltstone from c. 300m-550m.
use	• From 550m-700m, the laminated, silicified, crackle brecciated siltstone host shows strong magnetite alteration with
	disseminate pyrite-pyrrhotite and rare-trace chalcopyrite and sphalerite.
• From 700m-800m, magnetite content slowly drops in pyritic and silicified shale, siltstone and marble lithologies with
	variable rare-tracechalcopyrite-sphalerite continuing before dropping out below 800m.
• Pyrite-pyrrhotite content increases again from 950m to end-of-hole (990.3m) with intermittent chalcopyrite
	overprinting cross-cutting veins.

FW220007 was drilled to a total depth of 990.3m, comprising a Reverse Circulation (RC) pre-collar of 150m and a diamond tail

of 840.3m (Table 1).

personalUpper RC (pre-collar)Portion of FW220007

The RC portion of FW220007 penetrated through the Georgina Basin sedimentary units and into the Helen Springs Volcanics that occur above the Proterozoic basement below. Two metre composite RC samples will be submitted for multi-element analysis.

Lower Diamond Core (target testing) Portion of FW220007

FW220007 was designed to test strong, semi-coincident magnetic and gravity features lying in the north-eastern portion of the extensive Mount Lamb trend (Figures 2, 3 and 4). The hole was collared approximately 3km north-east of government drill- hole, NDIBK04.

The top of the gravity feature is estimated to lie at approximately 200m down-hole depth while intersection of the slightly offset magnetic feature is estimated at about 350m depth, with a stronger tenor, south-easterly dipping magnetic zone modelled to commence at approximately 575m down-hole and continue over 150m (Figure 4).

Table 1: Drill hole parameters of FW220004 and FW220007 drilled at the Jumping Spider and Mount Lamb NE prospects. FW220004 drilling

For

remains underway at the time of writing, while FW220007 was commenced on 15 May and completed on 31 May 2022.

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personal 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 greater Mount Lamb prospect.

The unconformity between the overlying Helen Springs Volcanics and underlying Alroy Formation was intersected at 212m, with the Alroy Fm. Showing strong haematite-quartz veining and brecciation in its upper levels that transitions to quartz- carbonate-haematite veining and brecciation to approximately 280m. Rare-trace pyrite and chalcopyrite are observed within this zone along with galena veinlets and rare arsenopyrite and sphalerite.

ForBelow the haematite-rich zone, intermittent galena veinlets with pyrite-pyrrhotite and trace chalcopyrite are observed in silicified and brecciated quartzite and siltstone that continues from c. 300m-550m, with a slow increase in magnetite and locally massive pyrrhotite occurring.

rom c. 550m-700m, strong magnetite alteration occurs within the laminated, silicified, crackle brecciated siltstone, with this zone hosting disseminated pyrite-pyrrhotite and rare-trace chalcopyrite and sphalerite. Notably, this magnetite alteration correlated strongly with the higher tenor zone of the modelled magnetic feature.

Magnetite content gradually decreases from c. 700m-800m in pyritic and silicified shale, siltstone, and marble lithologies hosting variable, rare-tracechalcopyrite-sphalerite that continues before dropping out below 800m. This zone also hosts sodic alteration.

Pyrite-pyrrhotite content increases again from c. 950m to end-of-hole at 990.3m with intermittent chalcopyrite overprinting cross cutting veins. At 974m, a major fault zone occurs over >10m down-hole width with the broken, foliated graphitic shale showing strong argillaceous alteration and patchy silicification. The fault zone is variably mineralised in pyrrhotite, pyrite and rare-trace chalcopyrite.

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Figure 3: FW220007 location plan in relation to the gravity (black contours) and magnetic features (coloured background; also refer to

Figure 2 and 4).

Figure 4: FW220007 cross section showing the modelled gravity anomaly (yellow-red isosurfaces), magnetic anomaly (blue isosurfaces) and

drill trace (blue line).

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Figure 5: Core photo collage showing the progression of geology, alteration and veins down FW220007, including: A) silicified and strongly haematite altered siltstone with quartz-carbonate veining at 218m, B) haematite-rich breccia with silicified and veined siltstone clasts at 225m, C) haematite fractured, silicified siltstone-shale at 226, D) heavily veining and silicification at 227m, E) heavily veining and silicification at 228m , F) heavily veining and silicification at 229m , G) heavily veining and silicification at 231m , H) galena vein within silicified and quartz-carbonate veined siltstone at 238m, I) veined/brecciated, silicified siltstone at 242m, J) quartz-pyrite-haematite and haematite-carbonate-quartz veining at 260m, K) quartz-pyrite-haematite-carbonate veining/breccia at 267m with pyrite-haematite clasts, and L) breccia zone with quartz-carbonate-haematite-pyrite at 277m.

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