Further to its ASX announcement of 27 May 2024, Inca Minerals Limited (ASX: ICG; Inca or the Company) wishes to advise that assay results have now been received for its 7-drillhole 462m program recently completed at the Ningaloo and Sunset Boulevarde Prospects, Jean Elson Project in the Northern Territory.

Based on field observations, geological logging and identification of visible mineralisation (malachite), all samples from drillholes JE240001, JE240002, JE240004, JE240005 and JE240006 were submitted to ALS for laboratory analysis. JE240003 and JE240007 were visibly barren for copper and only selected samples were submitted from these drillholes to provide data that will be essential in assessing the general geochemical background of the area, which will assist with future drill planning and targeting. The results are most encouraging with multiple and broad zones of anomalous copper recorded in 5 of the 7 drillholes completed. The remaining 2 are largely copper barren.

Commenting on the results, Inca's Exploration Manager, Dr Emmanuel Wembenyui said: 'The intersection of wide zone of anomalous copper suggests that we are in the vicinity of a mineral system and further work is being planned to locate the source of the mineral system'.

Anomalous copper was recorded not only in the ironstones at the J and K veins, but also in the siliceous veins at Sunset Boulevarde, which previously reported copper in rock chip assays. The surrounding granite rocks are also highly altered and highly anomalous with copper readings in hundreds of ppm at the J and K veins. A blind geophysical target tested by drillhole, JE240003 also recoded a small (6m) intercept of anomalous copper from 36m (over 200ppm), which was observed in altered granite. The drill results are considered positive particularly because they provide new geological information for an area which the company considers to be highly prospective and geologically set in a structural corridor, which is suggestive of an IOCG environment. As previously reported to market (ASX announcement of 6 May 2024), the Camel Creek area displays several coincident geological, geochemical and geophysical anomalies, all bounded by regional northwest-southeast trending structures. The geo-structural setting of this area supported by subsurface modelled gravity and magnetics features (ASX announcement of 6 May 2024) suggests that this area could host a Tier 1 mineral system/deposit at depth. Some of these vein swarms are malachitemineralised with widespread haematite and silica alteration coincident with gravity, magnetics, and IP (chargeability and conductivity) geophysical anomalies. These prospects are considered to be genetically related due to their shared structural trend, hydrothermal style textures, alteration, and anomalous geochemistry in IOCG pathfinder elements. Their locations within gravity and AEM anomalies are considered especially prospective. The entire Camel Creek area, which hosts the Ningaloo and Sunset Boulevarde prospects falls within a highly faulted structural zone adjacent to the regionally significant Tarlton Fault Zone.

The fact that all identified prospects broadly align with the northwest-southeast structural trend of major regional and local faults, makes this area highly prospective for IOCG and skarn-related mineral systems. These structural features are mantle tapping conduits, which facilitate the ascend of reduced mineralising fluids. Changing redox conditions as these fluids approach the surface, account for the alteration halo defined by hematite, silicification and carbonate, which has been mapped in the area. Modelled magnetitic anomalies are suggestive of a potential magnetite body at depth, which could be indicative of a buried IOCG system. The occurrence of malachite (copper carbonate) within the Ningaloo and Sunset Boulevarde prospects is suggestive of the probable presence of primary copper at depth.

The reported assays have demonstrated that the wide intercepts of anomalous copper in the granite rock immediately adjacent to outcropping mineralised ironstones and siliceous veins (e.g. the J and K veins and Sunset Boulevarde) is controlled by the mapped NW-SE structural corridor. Whilst further analysis of the assay data is required along with determining how it relates to the other compelling features and exploration data that have already been reported, the wide intersections of anomalous copper in significantly altered granites is considered significant and is believed to have been caused by the hydrothermal fluids that are responsible for the emplacement of the mineralised vein systems at Camel Creek. The fact that the area impacted is large is considered important because a large alteration halo associated with anomalous copper in the country rock is suggestive of a prospective environment with potential for discovery. Evaluation of the drill assays on the Nb vs Y discrimination diagram of Pearce et al, 1984 demonstrates that the Camel Creek area falls within the Volcanic Arc Granite (VAG) and collision Granite (COLG) intrusive geological setting. This geological setting is an important host for IOCG and Skarn mineralisation. Plotting of the drill assays on the Iron Oxide CaAlMn vs TiV of Dupuis and Beaudoin, 2011 confirms this model with all data falling predominantly within the IOCG and Skarn domains.

Contact:

Tel: (08) 6263 4738

Competent Person's Statement

The information in this ASX announcement that relates to exploration activities for the Jean Elson Project in the NT, is based on information compiled by Dr Emmanuel Wembenyui BSc (Hons), MSc Applied Geology and PhD Geochemistry who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and The Australian Institute of Geoscientists (MAIG). Dr Wembenyui 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'. Dr Wembenyui is a fulltime employee of Inca Minerals Limited and consents to the announcement being issued in the form and context in which it appears

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