Jean Elson Project

The exciting Jean Elson Project (Jean Elson) is located 325km east of Alice Springs in the Northern Territory and lies a mere 30km north of Inca’s Lorna May Project. Jean Elson falls over pastoral leasehold land and is considered highly prospective to host Olympic Dam style IOCG  and/or orogenic Au mineralisation. The Project is a joint venture between Inca Minerals (90%) and MRG (10%), and consists of two Exploration Licence applications (EL 32485 ad EL 32486) that combined cover 1,469km² . Tenure grant is anticipated in H1 2021.

Jean Elson was identified by MRG during in depth review of the underexplored Aileron Terrane, which forms part of the East Arunta Block in the Northern Territory. Thin but persistent sand cover occurs over much of the Project area; however, Proterozoic igneous and metamorphic rocks occur at shallow depth and outcrop in selected areas. Two high priority prospects – Camel Creek and Mt Cornish South – are currently known.

• At Camel Creek, a 7km by 5km gravity anomaly is interpreted to be an intrusive complex prospective for IOCG mineralisation. This large feature hosts an intense gravity low 4km by 3km in size, that is partially surrounded by higher tenor gravity anomalies. Strong correlation is seen between gravity and AEM data with the intrusive style structure extending over >450m vertical depth. Towards the centre of Camel Creek, two mineral occurrences are recorded of hydrothermally altered granite hosting quartz-ironstone veins with peak historical assay results of 2.88% Cu, 40ppb Au, 1g/t Ag, and 9.9% Fe.
• At Mt Cornish South, a 4km by 400m topographical ridge hosts a ferruginous unit that extends over >1km strike and varies up to 10m thick. Peak historical rock chips results include 0.31% Cu, 320ppm U, and 22.9% Fe in granite and 0.12g/t Au
  in vein quartz. A subtle gravity ridge occurs beneath cover immediately south of the topographical ridge and hosts a series of magnetic anomalies.

The Company has undertaken initial reconnaissance of Jean Elson in late 2020 that confirmed historical geochemistry at Mt Cornish South and Camel Creek. At Camel Creek, Inca’s reconnaissance also discovered additional Cu-Fe (Au-Ag) mineralisation that significantly extends the extent of enrichment at the Ningaloo occurrence over a zone 500m wide. Mineralisation remains open in all directions and is hosted by altered granites.

The occurrence of large prospective geophysical signatures hosting elevated geochemistry in granitic rocks all within a structurally complex region marks Jean Elson as a standout exploration opportunity. In addition to being a stand alone opportunity, Jean Elson’s proximity to Lorna May will present exploration synergies as Inca moves these exciting Projects forward.