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Inca Minerals Ltd

Inca Minerals Ltd

Inca Minerals Ltd (ASX:ICG) is exploring for porphyries in Peru.

Inca Minerals Ltd

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Inca Minerals Ltd Snapshot

Hidden in the Andean mountains, yet in close proximity to Lima (Peru) and only 30km's from the 2.15Bt Cu-Mo-Ag Toromocho porphyry mine, Inca's Chanape Project is emerging as an exceptional porphyry prospect. With the most recent drill hole (CH-DDH012) producing 55m* of 2.3% Cu, 0.6g/t Au, 42.9g/t Ag; the second-but-last hole (CH-DDH011) producing 284m at 0.32% Cu, 83ppm Mo and 6.73g/t Ag; with known mineralisation extending over a vertical distance of 1.3km; and with major mining houses showing intense interest, perhaps use of the oft bromide idiom "world-class" is not without foundation when describing Inca's Chanape porphyry discovery.

(Note:  Copper -Cu, Molybdenum -Mo, Silver - Ag, Gold - Au).

The latest drill hole (CH-DDH012) completed at Chanape produced our best intersection to date:

- 55m @ 2.3% Cu, 0.60g/t Au, 42.9og/t Ag, from 155m, including:

- 10m @ 5.35% Cu, 0.015% Mo, 0.96g/t Au and 83.68g/t Ag from 186m, including:

- 4m @ 8.9% Cu, 0.025% Mo, 1.14g/t Au and 130.50g/t Ag from 188m.

The same hole also intersected:

- 67m @ 0.97g/t Au, 25.30g/t Ag from surface, with an overlapping interval of:

- 24m @ 0.52% Cu from 50m.

Add these results to the results of Ch-DDH011 (300m to the south):

- 284m @ 0.32% Cu, 83ppm Mo and 6.73g/t Ag, including:

- 97m @ 0.46% Cu, 106ppm Mo, 9.4g/t Ag from 770m

- 30m @ 0.93% Cu, 18.72g/t Ag from 886m

- 24m @ 0.37% Cu, 6.5g/t Ag from 970m

- 26m @ 0.50% Cu, 10.88g/t Ag from 1,021m (open at depth)

....and a clear indication is given: The porphyry at Chanape is in deed metal-bearing and it is producing ore-grade intersections even at this early stage of development. Chanape has huge upside potential with only a fraction drill tested. In this context, a suitable comparison to Toromocho is made. The 2.15Bt, Chinalco-owned Toromocho porphyry is mineralised in Cu-Mo-Ag - like Chanape. Toromocho is set to produce 300,000 tonnes of Cu-metal per year for 30 years.

In recent mapping we have discovered the largest breccia pipe to date on the property. Roughly 200m x 200m, this breccia pipe, and other newly discovered breccia's around it, sits at the top of Mount Chanape. With intrusive rocks also identified in the vicinity, extensive phyllic and argillic alteration, with known strong gold mineralisation in the area and a strong chargeability anomaly, this hitherto untested area could well prove to host something quite special.

The future looks fine for Inca. We are attracting the attention of major mining houses, we are expanding our drill permit capacity to 22,500m and 61 platforms and we are maturing our less-talked about, Peruvian projects as candidates for the next "Chanape".

It is our sincere intention to maximise shareholder value through the development of Chanape; through the generation of possible strategic partnerships and through the identification of next-gen projects with similar potential.

*All intervals are down-hole measurements.

The summit of Mount Chanape where large breccias have recently been identified. The higher colouration reflects widespread alteration.


(click here for more information)


The company has two exploration projects in Peru. These are:

- Chanape Au-Ag-Cu, Porphyry Project

- Moquegua

Jose Alonso, Agua Blanco, Oscar Alberto and Virgen De Chapi are collectively referred to and make up the Moquegua Regional Project


Peru plays an important part of the global minerals exploration and mining industry and is ranked seventh in the world of mining production, slightly behind the US, and slightly ahead of South Africa @ $27,063 million. Many of the major global mining houses are present and active in Peru, including inter alia; Aluminium Corporation of China Limited (Chinalco), Anglo American Inc., Barrick Gold Corporation, BHP-Billiton Limited, Freeport-McMoran Copper & Gold Inc., Gold Fields Limited, Newmont Mining Corporation, Rio Tinto Group and Southern Copper Group. These companies either currently operate mines, or are proceeding through feasibility stages of project development, or both.

In Peru the mining sector represents 14.7% of the country's GDP (2013), 72% of total exports (US$21B in 2010) and 50% of income tax revenue. Anticipated mining expenditure in Peru over the next decade is approximately worth US$50B. In terms of world production, Peru ranks first in global silver production, third in global zinc production, fourth in global copper production and sixth in terms of global gold production. In 2010 Peru produced 5.25 million ounces of gold. The country also produces significant quantities of molybdenum, lead, tin and tungsten.

Bloomberg Markets places Peru 4th in the ranks of Emerging Markets. Between 2001 and 2011 Peru’s economy grew @ 5.8%, nearly 2% above the regional average. Its inflation @ 2.5% for the same period, nearly 3% below the regional average.

Yet despite being a premier mining destination, despite copper production increasing 100% since 1998, gold production up 88% and silver production up 89%, despite Peru attracting massive resources investment, Peru is considered under-explored. This status is among the principal reasons the Company sought and successfully acquired exploration projects in Peru.


The term "porphyry deposit", describes large, disseminated, low-grade mineral occurrences typically hosted in rocks of intermediate to acid mineral composition with porphyritic texture. Typically porphyry mines host several different but related forms of mineralisation, breccia-hosted, vein-hosted, skarn-hosted, porphyry-hosted mineralisation that “collectively” comprise the ore-body.

A porphyritic rock, or “porphyry”, described igneous rocks with conspicuous phenocrysts (crystals) in a fine-grained groundmass.

Examples of porphyry rock, generally fine-grained with larger visible crystals


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- Hosts Cu-Mo-Ag-Au porphyry system

- Mineralisation occurs over 1.3km vertical range

- Latest drilling (CH-DDH012):

- 55m @ 2.3% Cu, 0.6g/t Au, 42.9g/t Ag

- 67m @ 0.97g/t Au, 25.30g/t Ag

- Latest drilling (CH-DDH011):

- 284m @ 0.32% Cu, 83ppm Mo, 6.73g/t Ag

- Several intrusive stocks, over 70 breccias, multiple mineralised veins

- Numerous rock chip anomalies (Au & Ag)

- Strong geophysics anomalies: chargeability, resistivity, spontaneous potential

- Zoned alteration, widespread propylitic, central phyllic/argillic alteration

- Intense silicification/tourmalinisation

- Dozens of targets project-wide

- Attracting intense interest from majors

- New permit to increase drilling capability to 22,500m

- Located 5 hours’ drive from Lima

- Located in mining precinct, 30km southwest of 2.15Bt Toromocho Mine


The results of the latest drill holes (CH-DDH011 & CH-DDH012) and the latest round of mapping (Phase III) have propelled Chanape to a new phase of development and heightened expectation. Porphyry and porphyry-related mineralisation is now known to extend over a vertical range of 1.3kms, from the highest point of the project area, the summit of Mount Chanape, to the deepest drilling to date – at 1,047m depth. This vertical column of mineralisation is more than one and half times the height of Burj Khalifa (the tallest building in the world), more than four times the height of the Westfield Tower in Sydney and ten times the height of the London Eye. It contains zones of ore-grade mineralisation of copper (Cu), molybdenum (Mo), gold (Au) and silver (Ag).

Figure 1: schematic column showing principal lithologies, mineralisation styles and sample results (surface rock chip and drilling).


(click here for more information on this project)





The Moquegua Project comprises three separate prospects called Jose Alonso, Agua Blanco and Oscar Alberto. Moquegua is centred approximately 60km south east of Arequipa, within the Palaeocene Southern Peru Copper Porphyry Belt. The three prospects, defining a triangular area of approximately 40km x 15km, are in close proximity to several substantial operating mines, including Freeport McMoran’s +3Bt Cerro Verde Mine and Southern Copper Corporation’s Cuajone porphyry mine and Metminco’s Los Calatos Deposit.


The concessions that comprise the three Moquegua prospects are 100% owned by the Company’s Peruvian subsidiary – Inca Minerales.

- Jose Alonso comprises two concessions and has a total area of 2,000ha. It is located in the district of Torata in the Moquegua Department. The closest town, Caimán, is three kilometres from the project. There are no cultivated lands within the project area.

- Agua Blanco comprises four concessions and has a total area of 2,000ha. It is located in the district of Quinistaquallas in the Moquegua Department. The closest town, Agua Blanco, is one kilometre from the project. There are no cultivated lands within the project area.

- Oscar Alberto comprises two concessions and has a total area of 1,000ha. It is located in the district of La Capilla in the Moquegua Department. The closest town, Caimán, is two kilometres from the project. Cultivated lands cover approximately 10% of the project area.


As the Company’s flagship Chanape Project matures, so is the intention to mature the Company’s southern projects. To this end Inca has commenced preliminary exploration at Moquegua with results pending.

All the Company’s Moquegua prospects are considered prospective for Cu-Mo-Au porphyry They are early stage exploration with known mineralisation and porphyry-style alteration. The Company intends exploring the known occurrences of mineralisation and to undertake a broad-based geophysics and geochemical sampling program simultaneously at all prospects.







Following Inca’s listing, via merger with Condor Minerals (“Condor”) in early 2012, the Company reviewed all its Western Australian projects. Only one project, the Dingo Range Nickel Project, was retained for its stand-out Ni potential.

As mentioned in the Company history section of the website, Condor Minerals was formerly called Condor Nickel – a company that had been spun out of the-then-named Karrick Gold. Condor Nickel had assembled a solid portfolio of nickel projects, including the Dingo Range Project. Condor Nickel management had recognised the areas’ Ni potential and pegged the southern third of the Mt Fisher-Dingo Range Greenstone Belt , prior to Rox Resources’ Ni discoveries that were to come later 2012.


In December 2013, the Company commissioned Grant “Rocky” Osborne to undertake detailed literature research with the purpose of critically assessing past exploration conducted in the broader Dingo Range Project area. Rocky was instrumental in the discovery the Rocky’s Reward Ni deposit, located north of the Perseverance nickel mine (seen in Figure 2).

Figure 1: Regional Geology plan showing the location of the Company’s Dingo Range Nickel Project, Rox Resources’ Mt Fisher Nickel Project and Cullen’s Eureka Project.


(click here for more information on this project)




Last updated 13th March 2015.

Ross Brown
Managing Director
Bsc (Hons) M Ausimm Maicd

A geologist by profession, Ross has had over 26 years’ experience in mineral exploration in Australia, Asia, Africa and South America and he has worked in a broad range of commodities, including gold, base metals, uranium, phosphate and diamonds. Ross has a rare ability in recognising the commercial potential of exploration projects and geological process, and has a proven track record of bringing technical-based exploration concepts and projects to market.

In 2009 Ross co-founded the gold/copper exploration company, Mystic Sands Pty Ltd, which was established for the purposes of conducting exploration in Chile, South America. With the assistance of other technical management Ross was responsible for the composition of the initial project portfolio. Mystic Sands was purchased by Australian-listed explorer White Star Minerals. As part of the transaction, Sandfire Resources NL became a shareholder of Whinnen as consideration for providing technical services to the company.

In 2006 Ross developed an innovative exploration model for “Langer Heinrich-style” uranium mineralisation that was used as a basis for global project acquisitions in 2006 and 2007. These projects were packaged into Oklo Uranium Limited, which completed a successful $8M IPO on the Australian Stock Exchange in May 2007.

In 2001 Ross created the diamond company, Central Kimberley Diamonds (“CKD”), which was listed on the German stock exchange, raising $3.9M. The company enjoyed several technical and milestone successes including the discovery of a large diamond-bearing gravel deposit and the production of diamonds from its own mine. In 2011 CKD was bought by an Australian exploration company who intends listing on AIM in London.

Ross turned his attention to Peru in 2009 and through his network of Peruvian-based businessmen and geologists assessed the potential of more than a hundred projects. Ross immediately recognised the great potential of mineral discovery in that country and recognised the potential of Inca’s lead project, Chanape, from being a known polymetallic deposit to being that of a potentially large gold-silver-copper porphyry deposit.

Ross was the co-founder and Managing Director of Urcaguary Ltd, the Company’s fully owned subsidiary (formerly called Inca Minerals Ltd) and he became the Company’s Managing Director after its merger with Condor Metals.

Ross has been a member of AusIMM since 1988, and is also a member of GSA, SEG and AICD.



Dr Justin Walawski
Bbus., P.Grad. Dip.. Phd, Fcpa, Maicd

Dr Walawski has in excess of 20 years' experience in governance and senior management. He is a former member of the ASX Supervisory Liaison Committee, the Federal Australian Government's Mineral Exploration Action Agenda Group and the WA State Government's Tax Review Reference Committee.

He has previously held positions as the Chairman, Deputy Chairman & Chief Executive of the North West Iron Ore Alliance Pty Ltd, Chairman of Special Olympics Australia (WA), Chief Executive of the Association of Mining & Exploration Companies and Director of CPA Australia (WA).

In addition to his position as Director and Company Secretary of Inca Minerals Limited, Dr Walawski’s current commitments include:

- Chairman: FAB Industries Pty Ltd (a private equity investment firm).

- Facilitator: AICD Company Directors Course (Financial Literacy and Financial Strategy modules)



Gareth Lloyd
Bsc (Hons)

Gareth has over 30 years of relevant experience in both technical and financial expertise relevant to mining and exploration companies, together with a firm grounding in equity analysis and funds management. A mining engineer by training, he has operating experience in gold, base metals and coal operations in Australia, South Africa and the United Kingdom.

Gareth is part owner of the Element group, a Perth-based boutique advisory and funds management group focused on the resources sector. Through the Element group, Gareth provides strategic advice and fund raising services to both listed and unlisted companies (predominantly mining and exploration companies) using both equity and mezzanine instruments.

Prior to establishing Element (in 2008), Gareth was an Associate Director at the Rothschild Group where he helped establish the Golden Arrow Funds I and II, the latter fund becoming the ASX-listed LinQ Resources Fund. At the time of his departure from LinQ, the fund was one of Australia's largest listed resource funds with funds under management of over $475m. He has held a number of senior positions at Australian resource-focused stockbroking firms including Research Director at Hartleys and Resources Analyst at Eyres Reed.




Last updated 13th March 2015.

Business name: Inca Minerals Limited

Trading name: Inca Minerals

Date registered: 11 January 2008

Location registered: Western Australia

Business structure: Australian public company, limited by shares

ABN: 36 128 512 907

ACN: 128 512 907


Company directors:
Dr Justin Walawski (Non-executive Director)
Mr Ross Brown (Managing Director)
Mr Gareth Lloyd (Non-executive Director)

Company secretary
Dr Justin Walawski

Registered address:
1030 Wellington Street
West Perth WA 6005

Physical address:
1030 Wellington Street
West Perth WA 6005

Postal address:
West Perth WA 6872

Share registry:
Advanced Share Registry Services
150 Stirling Highway
Nedlands WA 6009

Stantons International
Level 2, 1 Walker Avenue
West Perth WA 6005

Hardy Bowen Lawyers
Level 1, 28 Ord Street
West Perth WA 6005

Domain names:



Last updated 13th March 2015.

Inca Minerals Ltd Timeline

September 19 2016
August 03 2016

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