Inca Minerals Ltd. announced that final assay results have now been received and QAQC-checked for drill-holes FW2200002/A, FW2200004, FW2200006, FW2200009 and FW2200010, completed as part of the Company's maiden Reconnaissance Drill Program at the Frewena Project in the Northern Territory. Drill-holes FW220002/A and FW220006 were completed at the Mt Lamb SW Prospect Area. As previously reported, FW220002/A and FW220006 went through Georgina Basin sediments into Helen Springs Volcanics, which occur above the Proterozoic basement.

FW22002/A was designed to test modelled coincident magnetic and gravity isosurfaces in the SW portion of the Mount Lamb trend. The drill-hole trace relative to the targeted gravity and magnetic features. Intersected lithologies included variably brecciated siltstones and laminated pyritic graphitic shales.

The graphitic shale unit coincided with the central parts of the modelled gravity and magnetic features and correlated with intense pyrrhotite, strong quartz-carbonate and weak magnetite alteration. The zone of pyrrhotite/magnetite alteration also broadly coincided with subtle anomalous polymetallic (Cu, Au, Ag, Fe, Bi, Mo, Pb, Zn) geochemical signatures, suggestive of an IOCG/SEDEX alteration halo. Drill-holes FW220009 and FW220010 were completed at the Mt Lamb NE Target.

As previously reported, FW220009, which was designed to test a high magnetic anomaly in the vicinity of the earlier completed drill- hole FW220007, intersected a broad interval of zoned IOCG-style quartz-carbonate, hematite, magnetite and patchy pyrrhotite alteration. Although magnetic anomalism at Mount Lamb NE is primarily associated with the occurrence of massive magnetite, there is also a lesser influence from pyrrhotite. Intersected lithology comprised a mix of variably brecciated and veined laminated shale, siltstone, and highly silicified metasediments with chlorite-altered basaltic/dolerite intercalations.

The zone of strong magnetite/pyrrhotite alteration broadly correlated with disseminated sulphides, mainly pyrite with traces of chalcopyrite - complemented by subtle geochemical anomalism defined by Cu, Fe, Bi, As, Mo, Pb and Zn. The broad geochemical anomalism and brecciated lithologies with variable degrees of magnetite, hematite, biotite, chlorite and quartz- carbonate alteration are the hallmarks of IOCG and SEDEX exploration models. FW220010 was designed to investigate a gravity anomaly beneath the peak of Mount Lamb.

Unlike other Mount Lamb drill-holes, which targeted coincident magnetitc and gravity features, the FW220010 drill-hole had significantly high gravity but significantly weaker magnetics, with this geophysical difference warranting testing during the reconnaissance phase of the program. The hole intersected a thick sequence of altered and silicified, porphyritic massive intrusive rocks beneath the Helen Springs Volcanics, with these being the first recorded intrusive rocks at the Mount Lamb prospect. The geology was predominantly defined by highly coarse-grained pegmatitic granites with variable degrees of silicification, biotite, chlorite, epidote, magnetite, potassic and weak hematite alteration.

Geochemistry in this hole was generally low tenor with subtle Cu, Au, Pb, Zn anomalism occurring intermittently. Drill-hole FW2200004 was completed at the Jumping Spider prospect, targeting modelled gravity isosurfaces associated with weak magnetism. The drill-hole design relative to the targeted gravity high, including a 3D cross section showing the penetration of the drill-hole into the modelled gravity features.

As previously reported, FW2200004 intersected hematite, chlorite and carbonate-altered porphyritic volcanics with specks of pyrite, chalcopyrite and galena disseminations, which are reflected in returned assays by subtle multi-element (Cu, Au, Fe, Pb, Zn) geochemical anomalism. Typical examples of core and alteration intersected in drillhole FW220004. The maiden reconnaissance drill program at the Frewena Group Project area has provided significant insights to the geological and exploration potential of the Mount Lamb gravity and magnetic trend.

The intersection of pyritic shale and siltstone-hosted wide zones of hematite, magnetite, potassic, biotite, sodic and graphitic alteration, including pyrrhotite and quartz-carbonate veins and veinlets in multiple drill-holes, confirms the potential for IOCG and SEDEX mineralisation within the broader Frewena Group area. Assays received from most of the holes reveal several zones of subtle geochemical anomalism in Cu, Fe, As, Au, Ag, Co, Bi, Mo, Pb, Zn correlating with zoned magnetite, pyritic graphitic shales, siltstone, and carbonate-k feldspar alteration, all of which are indicative of the potential for IOCG/SEDEX mineralisation. Intersected geology, alteration and returned assays neatly tie with the schematic IOCG model.

Results to date indicate that follow up work is warranted, especially at Mount Lamb NE, where FW220008 was completed. This hole intersected shale and siltstone-hosted Pb-Zn-Cu-Ag-Au mineralisation and remains the strongest indication of a potential SEDEX system in the Mount Lamb Project area with multiple intervals of elevated zinc, such as 16m @ 0.23% Zn from 315m, 8m @ 0.15% from 431m, and 24m @ 0.16% Zn from 501m. All of these intervals broadly correlate with subtle elevation in Cu, Au, Ag, Pb, As, Bi, Fe, Co, and Mo geochemistry.

With all assays now received, geological, geochemical, and geophysical datasets are being modelled and assessed with the possibility of follow-up RC drilling to test more intense magnetic and gravity features extending from FW220008 towards the north-east. These geophysical features have not been drill-tested and therefore present a good opportunity for follow-up drill programs in 2023. Also in the pipeline is the potential to drill-test a shallow intense gravity feature at Mount Lamb SW.

This gravity feature, which was identified following re-evaluation and modelling of existing geophysical datasets, is broadly coincident with subtle magnetism and was not tested during the 2022 reconnaissance drill program. These shallow geophysical features have not been drill-tested previously by any explorers.