Inca Minerals (ASX:ICG) is expecting the clearance certificate for the Camel Creek prospect to be issued in March 2024, which will allow for the long-anticipated drilling program within the area to kick off.
The company plans to conduct a reverse circulation (RC) drilling program, of up to 10-hole for 100-150m to test the Camel Creek outcropping copper mineralised vein system.
The outcropping copper mineralisation is also backed by gravity, magnetic, gradient array induced polarisation, and ASTER data compiled by the company.
A drill contractor is currently being scheduled for early mobilisation.
The company received advice from the Northern Territory Aboriginal Areas Protection Authority (AAPA) the cultural clearance fieldwork has been completed on the Jean Elson tenements, resulting in the final stages of a clearance certificate.
All of the prospects within the Jean Elson Project area are considered related due to their shared structural trend, hydrothermal style textures, alteration, and anomalous geochemistry in iron oxide copper gold pathfinder elements.
The prospect’s locations relative to regional-scale gravity and airborne electromagnetic anomalies are considered ‘especially prospective’.
Further, Inca is also conducting a renounceable rights issue to raise up to $2.75 million and the company directors have all elected to fully participate in the rights issue and take up their full entitlement, raising $311,000.
The company has extended the closing date for the rights issue from 5 March 2024 to 12 March 2024, and does not plan to extend it any further.
Write to Aaliyah Rogan at Mining.com.au
Images: Inca Minerals
