Inca Minerals : ELA Covering Gov Holes NDIBK04 & NDIBK01 Awarded to Inca

ELA32808 Now awarded to Inca

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

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ASX Announcement │ 6 December 2021 │ ASX: ICG
		EXPLORATION LICENCE APPLICATION COVERING GOVERNMENT
		HOLES NDIBK04 & NDIBK01 AWARDED TO INCA
	Highly prospective ground that hosts the Government-fundeddiamond-hole NDIBK04, which contains 327m of
		visible sulphides, to become part of Inca's Tier-1 scale Mount Lamb SEDEX/IOCG target at Frewena
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• Exploration Licence Application (EL32808) covering Government drill-holes NDIBK01 and NDIBK04 is awarded to Inca
	• NDIBK04 hosts widespread hydrothermal alteration and sulphide mineralisation over a down-hole interval of 326.8m
		from 89.5m to 416.3m (end-of-hole or EOH)
	• Visible copper (chalcopyrite and bornite) and arsenopyrite occur from 250m depth to the end of hole
	• NDIBK04 now becomes part of Inca's broader NW Mount Lamb Prospect, which is a high-priority sedimentary
		exhalative (SEDEX) and Iron Oxide Copper Gold (IOCG) target
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Inca Minerals Limited (ASX: ICG) is pleased to advise that the Department of Industry, Tourism and Trade has deemed Inca the successful applicant for an Exploration Licence encompassing the previously reported Government-fundeddrill-holes NDIBK01 nd NDIBK04. Inca's application, ELA32808, will now move through the granting process.

ELA32808 covers the former Government-held blocks encompassing the NDIBK01 and NDIBK04 diamond drill-holes (Figure 1). Government drill-hole NDIBK04 intersected widespread hydrothermal alteration and open-ended visible sulphide mineralisation over a down-hole interval of 326.8m from 89.5m to 416.3m (EOH).

The approval of both blocks, especially NDIBK04, is a pivotal outcome for the Company. The ground that hosts NDIBK04 will be absorbed into Inca's broader Mount Lamb SEDEX/IOCG Target (Figures 1 and 3) and be integrated into the approaching drill program.

Figure 1: Regional and detailed magnetic anomaly image (left) of Frewena Far East showing the location of GA drill holes NDIBK01 and NDIBK04. GA's drilling was undertaken in two areas that are wholly enclosed by Inca's EL 32293 tenement (red outline). The Mount Lamb, Desert Creek, Plains and SW targets are also highlighted. DRILLING WAS NOT CONDUCTED BY INCA.

ASX: ICG │ Shares on issue 480.94m

Suite 1/16 Nicholson Road, Subiaco, WA 6008 │PO BOX 38, West Perth, WA 6872

Telephone: [phone] │

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

The Significance of Drill Hole NDIBK04

The approval of ELA32808 for progression to grant is very significant. Simply put, once ELA32808 is granted to Inca, it would be as if NDIBK04 was drilled by the Company. While the drill core and information/data derived from NDIBK01/04 remains

the property of the Northern Territory Government, the hole has enormous strategic important in terms of unlocking the SEDEX and IOCG potential of the broader East Tennant region.

only"NDIBK04 intersected 326.8m of visible mineralisation from a depth of 89.5m to 416.3m down-hole. Headline minerals, chalcopyrite and bornite (copper sulphide minerals) were identified in the core. As part the 2021 AGES conference earlier this year, a limited number of registered delegates were permitted to inspect the core. During that visit, I was able to directly observe chalcopyrite and bornite, as well as sphalerite (a zinc sulphide) in the core with ubiquitous pyrite." The visit resulted in an ASX announcement dated 27 April 2021 which included several core photos (Figure 2).

In addition, as a result of the future grant of the tenement, Inca will be entitled to drill at the same location and even re-open the holes to drill to greater depth (subject to the condition of the holes).

The Company, and the broader exploration and geological community, are eagerly awaiting the Government sample results from NDIBK04, which are still subject to a range of tests being undertaken by the Northern Territory Geological Survey on core from the hole. Sample results of NDIBK04 remain unavailable at present due to the multifarious tests the government agencies

are carrying out on core from the hole. Sample analysis includes, but not limited to, multi-elements assays, petrological studies,
and age-dating. Based on personal communications, we are informed that results will be available before the end of 2021.
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		Government Drill Hole
personal		NDIBK04
	• Longitude: 136.29°
	• Latitude: 19.53°
	• Elevation: 270m
	• Drill type: RC top and
	diamond core tail
	• Dip: Vertical/Azimuth: N/A
For	igure 2 Photo of core from Government drill-hole NDIBK04, core depth is 339.5m. The core has been cut in half and one half has been cut
again. A quarter-core sample every metre has been submitted for multi-element analysis. DRILLING WAS NOT CONDUCTED BY INCA.
NDIBK04 Becomes Part of Mount Lamb

On 11 October 2021 Inca reported to the market the receipt of an independent drill proposal of 28,200m. The Mount Lamb Prospect is prominent in this proposal, with the greatest number of holes of the proposed program scheduled there.

Following gravity survey modelling, the Mount Lamb Prospect is now recognised as comprising five separate [though juxtaposed] drill targets - Mt Lamb-1, Mt Lamb-2, Mt Lamb-3, Mt Lamb-4, and Mt Lamb-5 (these five corresponding to the two previous target names RP-FFE-02 and RP-FFE-03).

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The Mt Lamb-3 target is approximately 2.5km long and hosts coincident gravity/magnetic high anomalies. It occurs mostly within the ELA32808/NDIBK04 ground. This effectively means that Mt Lamb-3 is already drill tested and, subject to assay results, hosts mineralisation of potential significance. Drill hole #7, approximately 1.6km from of NDIBK04, is designed to test the north-western end of Mt Lamb-3 (Figure 3).

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Desert Creek

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Mt Lamb-1

Mt Lamb-2

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Mt Lamb-3

Plains

Mt Lamb-4

Mt Lamb-5

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Figure 3: Proposed drilling for the Mt Lamb, Desert Creek and Plains prospect areas. Image background is merged government and Inca

gravity data with gravity high seen as reds and pinks, and gravity lows seen as light and dark blues. Government drill hole NDIBK04 is also

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shown (black square).

Other News from Australian Projects and Next Steps

The Company is currently flying a large airborne magnetics and radiometric survey over Frewena East and Frewena Frontier, which is approximately 78% completed. The Jumping Spider and Roadhouse prospects are covered in this survey. The Company anticipates further targets being generated that may be further refined by ground gravity surveying ahead of any drill testing.

Progress towards Inca's maiden Australian drill program at the Frewena Group continues to advance with government approvals received for EL32293 (Mount Lamb) and nearing completion for EL32580 and EL32795 (Jumping Spider, Roadhouse).

The Company is seeking to construct access pads and drill pads as swiftly as practical however is cognisant of the early arrival of the summer wet season in the Northern Territory. The company is also seeking to secure landowner approval and assistance with putting in the required drill access tracks. A drill contractor has been selected to undertake the proposed drill program.

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Infrastructure Acquired

The Company has purchased a property at Mt Isa which will become the field office, sample storage, core storage and core logging facility for the Company, servicing all our Australian projects. Mt Isa is a mining town and centrally located with respect to Frewena, Jean Elson and MaCauley Creek projects.

onlyWith drilling soon to commence at Frewena and with drilling planned at Jean Elson and MaCauley Creek in the future, this facility will be vital for the Company. Among other advantages, proper storage, and access to drill core, in comfortable and safe conditions, enables best-outcomes for core logging and core sampling.

usepersonalFigure 4: The exterior and interior of the new Mt Isa field base. The large interiors of the sheds will provide ample space for the stroage and logging of the Company's diamond core samples. The ability to store and log core is vital in the management of diamond core programs.

Management Comment

Commenting on Inca being the successful applicant for the NDIBK04 ground, Inca Managing Director Ross Brown said: "The acquisition [upon future granting] of this ground is very exciting for the company. The importance of NDIBK04 in unlocking the potential of this emerging Tier-1province cannot be overstated. The area that is covered by ELA32808 is now part of the Mount Lamb Prosect which we intend drilling as soon as it is possible."

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Investor inquiries - Ross Brown, Managing Director - Inca Minerals - 0407 242 810

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

Ross Brown
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Managing Director
Inca Minerals Limited
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Competent Person's Statements

The information in this report that relates to exploration activities for the Frewena Regional Project, located in the Northern Territory, is based on information compiled by Mr Ross Brown BSc (Hons), MAusIMM, SEG, Managing Director, Inca Minerals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. 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 Brown is a fulltime employee of Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.

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For personal use only

Core from NDIBK04 on display at the NTGS core storage facility in Alice Springs.

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