Inca Minerals Limited (ASX:ICG) Quarterly Activities Report
Key Highlights from the December Quarter
Inca Minerals Limited (ASX:ICG) has reported significant progress in its December 2024 Quarter activities. The company undertook essential fieldwork at Frewena tenements to fulfil rehabilitation requirements and further investigate the newly discovered Candy Colette ironstone outcrop.
In a strategic move, Inca received the Northern Territory Government’s approval for delaying the drilling of a co-funded hole at the Kestrel target within the Jean Elson Project. Additionally, a grant application for co-funding a proposed IP survey at Macauley Creek has been submitted, with feedback expected in March 2025.
Exploration Activities
Inca’s focus for exploration activities centred on reviewing datasets and prioritising projects for 2025. At Frewena, the company identified multiple geophysical anomalies and significant targets, including the Jan Margaret Prospect and Courtenay Ellen. Follow-up geophysical surveys are planned to further evaluate these targets.
Fieldwork in December also included identifying rehabilitation needs from previous drilling and engaging in mapping and sampling at the Candy Colette ironstone anomaly. Although initial assays did not reveal significant base metal readings, efforts continue to improve understanding of the site’s potential.
Corporate and Financial Updates
The company raised $831,000 through a placement to sophisticated investors, issuing 211.1 million shares at $0.04 each. One free option was awarded for every two shares subscribed, expiring on April 30, 2026, at an exercise price of $0.008. As of December 31, 2024, Inca held $668,000 in cash.
Inca continues to explore opportunities in lithium across Western Australia and the Northern Territory. Consultation with Traditional Owners for the company’s Collia South tenement application is in progress, which is deemed prospective for multiple minerals.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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