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Hidden in the Andrean mountains, yet in close proximity to Lima (Peru) and only 30km's from one of the largest porphyry mine developments in South America, Inca Minerals' Chanape Project is emerging as an exciting porphyry project. Our very first hole on the property (CH-DDH001) was drilled into open-ended mineralised porphyry. That was in February last year. Since then, we have drilled two additional deep holes at Chanape - on both occasions - drilling into open-ended mineralised porphyry. In fact - three out of three holes designed to intersect porphyry have intersected porphyry (with a combined porphyry interval of 900m). The mineralised porphyry remains open in all directions.
As well as the porphyry, the Company is also developing near-surface epithermal gold-silver mineralisation at Chanape. This style of mineralisation is hosted in hydrothermal breccia pipes, which emanate from the underlying porphyry (like chimneys from a furnace). At last count there was over 75 breccias at Chanape. And in a recent development, the Company has reviewed historic data from previous mining conducted at Chanape. Extensive vein systems were mined in the past and exploited for gold, silver, copper and base metals. Our review revealed peak wall-rock sampling results of 11.2g/t gold, 789g/t silver and 8.76% copper.
It is our strongly held view that Chanape hosts a fully preserved Cu, Mo, Ag, Au porphyry system, which includes Cu, Mo, Ag, ± Au porphyry mineralisation and higher-grade Au, Ag, ± Cu vein and breccia pipe mineralisation. It is hoped that, not unlike the enormous Toromocho deposit, 30kms away, Chanape may one day turn into a multi-dimensional super-sized mine development. The early signs are certainly pointing that way.
Inca Minerals Limited (“Inca”) is a Perth-based ASX-listed junior resource company exploring for porphyries in Peru. Inca is built upon and discerns itself from other juniors by its projects, people and performance. Its purpose is to provide shareholder value by conducting sustainable exploration activities leading to mineral production and long-lasting social and community upliftment.
The Chanape project area looking east
It is the intention of the Company to develop its Chanape Gold-Silver-Copper Porphyry Project into a maiden resource within a two-year time frame and achieve bankable feasibility status within a five-seven year time frame. In the pursuit of this objective, the Company seeks to maximise shareholder value by adhering to its foundation principles of best-practise exploration and mining performance, optimal environmental management and community upliftment.
Inca’s exploration focus is on the discovery and delineation of gold, silver, copper and molybdenum porphyry deposits in Peru. The Company’s flagship, Chanape Porphyry Project, east of Lima, represents an outstanding exploration project, which could deliver the Company a maiden resource and shareholder wealth. The regional Moquegua Project, in southern Peru, adjacent to Metminco’s Los Calatos, provides the Company further exceptional exploration development potential. And the Company has retained the best of the pre-merger “Condor Projects” in Western Australia, prospective for gold, nickel and copper.
Chanape is now known to host a copper (Cu), molybdenum (Mo), silver (Ag) monzonite porphyry. The porphyry was discovered during the Company’s maiden drilling program, in the Company’s maiden hole CH-DDH001 (importantly, the first deep hole historically undertaken in the project area). CH-DDH001 was collared into a known gold (Au), Ag & Cu bearing breccia pipe (known as Breccia Pipe 8). The top 100m of the hole drilled through this breccia body, entered into andesitic volcanics and intersected the porphyry at 380m. The porphyry extends to the end of the hole (600m depth) and therefore is open-ended.
The discovery of the Cu-Mo-Ag porphyry and the confirmation of widespread Au-Ag epithermal mineralisation associated with the near/at-surface breccia bodies (identified by a previous explorer) defines Chanape as a dual resource potential project.
The above figure is a schematic NS geological cross-section of Chanape showing the juxtaposition of the Au-Ag-bearing breccias and the Cu-Mo-Ag-bearing porphyry. The enclosing “sulphide envelope” within which it is hoped an economic section of the porphyry exists, is believed to be responsible for the distinctive SP anomaly that occurs at Chanape. The SP anomaly (with at least 4 anomaly centres) is believed to represent high-sulphide (pyrite-rich) shoulders of the porphyry.
Drilling CH-DDH001 at Chanape
Chanape ticks all the boxes with regard to developing a porphyry deposit. There is a remarkable coincidence of geological, geophysical and geochemical features that are highly characteristic of a mineralised porphyry deposit. Such coincident features include:
· A mineralised porphyry intersected in drill core from 380m to 600m and open ended at depth;
· A breccia cluster covering an area 2.5kms x 1km, comprising at least 50 breccia bodies;
· Multiple porphyry intrusions;
· A large Spontaneous Potential (“SP”) anomaly;
· Multiple Chargeability anomalies;
· A ring magnetic high anomaly;
· Widespread propylitic and argillic alteration, mapped at surface and logged through drill core;
· Widespread gold, silver, copper mineralisation, including pervasive disseminated and high grade styles of mineralisation, assayed in drill core rock-chip sampling.
It is extremely rare that so many different exploration methods have produced results in a single area that so clearly points to a particular style of mineralisation being present. To date, there’s not a single piece of the exploration jigsaw that doesn’t indicate the presence of a large porphyry system.
The Company has four projects in the south of Peru. They are all prospective for Cu-Mo porphyry mineralisation. They are all located within 50kms and surrounded by five world-class Cu-Mo porphyry mines/developments, including Cerro Verde and Los Calatos.
The majority of the Company's projects, including its flagship Chanape Gold-Silver-Copper Porphyry Project, are located in Peru, a country described as one of the premier mining and exploration destinations in the world. Peru hosts many world-class mines and developing mineral deposits, and attracts one fifth of the world's exploration expenditure.
Peru's porphyry belt
Porphyry deposits are the world's most important source of copper, molybdenum and rare earth elements, accounting for 50% to 60% of the world's supply of copper, and they are playing an increasingly important role in global gold production.
Some of the largest mines in the world are porphyry deposits, including headline deposits:
- The Escondida Cu porphyry mine in Chile, which is currently the largest copper mine in the world in terms of annual copper production;
- The Grasberg Au porphyry mine in Indonesia, which is currently the largest gold mine in the world in terms of annual gold production; and
- The Oyuu Tolgoi Cu-Au porphyry deposit in Mongolia, which is currently the largest undeveloped Cu-Au deposit in the world, containing approximately 81 billion pounds of copper and 46 million ounces of gold in measured, indicated and inferred resources.
Inca has built a passionate team of Perth and Peru based professionals. Our Peru-based team comprises leaders in geological interpretation, exploration planning and execution, social, community and environmental management. Our Perth-based management adhere to the highest standard of corporate governance and compliancy regulations.
A few of the team: Left: Mr Gino Venturi (right), owner of Chanape · Right: Condor Metals and Element Capital at the Toromocho mine development
In a crowded junior resource sector, Inca discerns itself by its projects, people and performance. The port-folio of projects, described above, is a result of applying rigorous project selection criteria in Peru, at the time when the Company enjoyed first-mover advantage. Inca’s people, including the Board, management and consultants are all highly motivated to deliver positive outcomes.
With respect to performance, it is the Board and Management’s explicit desire to instil and promote an ethos of “highest possible performance” - in all Company activities applicable to its own staff and to its consultants. Our performance should provide the catalyst for share price performance and shareholder value.