Inca Minerals Limited has acquired the rich zinc (Zn), silver (Ag) and lead (Pb) Riqueza Project and has dropped the Chanape Project (porphyry)
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Inca Minerals Limited recently entered into an option to purchase 100% of the exciting Riqueza Project, located some 200km southeast of Lima in Central Peru.
The property is considered very prospective for intrusive related vein and replacement style polymetallic mineralisation and work to date strongly supports this view, with a number of high grade Zn-Ag-Pb veins and manto (carbonate replacement) zones being identified at the key Humaspunco prospect, and an extensive gossan being identified at the nearby Uchpanga prospect which also contains Au and Cu in addition to Zn-Ag-Pb.
The property is under-explored - both prospects have seen limited artisanal mining, and no drilling, with an initial drilling programme now in the approvals process and expected to commence by October-November, 2016.
Given the above, and the quality management, we rate Inca Minerals Limited as a SPECULATIVE BUY, with strong leverage to exploration results which will be the key price mover.
Inca Minerals Limited is an ASX-listed, Peruvian focussed mineral explorer, with its head office in Perth. The Company has a number of projects in Peru
with its principal focus being the recently secured rights to the Riqueza Polymetallic Project in Central Peru.
In the Riqueza Project (“Riqueza”, or “the Project”) Inca Minerals Limited (“Inca” or “the Company”) has a quality, highly prospective exploration project on which drilling is now planned. Results to date have proved very positive, highlighting its prospectivity.
Riqueza is located over the Cordillera Occidental, which contains the prolific and prospective base and precious metals belts of Peru, which host numerous styles of mineralisation including epithermal Au-Ag, porphyry Cu-Au-Mo and replacement/skarn Zn-Cu. Peru is a major global miner, with a number of world class deposits, and a top 5 producer of Cu, Pb, Zn, Au, Ag and Mo.
Limited work, including some artisanal mining, mapping and rock chip sampling has identified vein and manto-style Zn-Ag-Pb mineralisation at the Humaspunco prospect, with additional possibly epithermal Cu and Au being identified at the nearby Uchpanga prospect. The mineralisation is characterised by high grades – sampling of veins at Humaspunco has averaged 7.91% Zn, 239g/t Ag and 11.1% Pb, with mantos averaging 7.11% Zn, 166g/t Ag and 9.30% Pb.
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Official website: http://www.incaminerals.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/ICG