Inca Minerals Limited globally diversified metals and mining company South32 have entered into an exclusive option agreement (EOA) with respect to Inca’s Greater Riqueza project in Peru. Riqueza hosts a large, intrusive-related zinc (Zn), silver (Ag), lead (Pb), gold (Au), copper (Cu) mineralised system covering approximately twenty-five square kilometres, occurring within a northwest-southeast trending economic Zn-Ag-Pb-Au-Cu mineral belt.
The EOA creates an exclusive arrangement between Inca and South32 concerning funding and execution of the AMAG-RAD survey at Riqueza but importantly, and indicative of the intentions of both companies, establishes agreed up-front principles and conditions for an earn-in joint venture agreement.
Under the EOA South32 will provide US$275,000 to fund the AMAG-RAD geophysical survey over the entire Riqueza project area. In the lead up to the EOA Inca and South32 have worked well together and agreed the scope and nature of the 1,884 line-kilometre AMAG-RAD survey now scheduled to commence within 10 days. The entire survey including mobilisation, data capture, demobilisation and verification is estimated to take between 30 and 40 days to complete. Detailed interpretations, which include prioritised targeting, are estimated to take an additional 10 to 15 days.
The AMAG-RAD geophysical survey is well suited for intrusive related mineralisation. Its flight path and coverage takes into account the presence and orientation of Riqueza’s mineralised features including the northeast-southwest trending Callancocha Structure, the east-west Uchpanga gossan, the east-west orientated intrusive stocks (and possible Cu-skarn), the northwest-southeast replacement veins of Humaspunco-Pinta and, inter alia, the north-south trending Alteration Ridge.
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