Explorer at Chanape gold/copper project located approximately 100km from Peru’s capital, Lima
MCap~$9.5m Cash on hand ~$3.0m (after capital raising)
Inca Minerals has just finished a capital raising and an expanded drilling program. Drill core assays are due to be reported and the results could cause price appreciation.
A new drilling program covering the next two years has been approved and the price chart which recently has shown a downward trend and has now bottomed at 0.9 cents with increased volumes appearing yesterday as the price spiked on no news. Normally I would look for a longer basing pattern, but this stock has a habit of bouncing off bottoms.
Inca Minerals are drilling a well-preserved mineralised porphyry in Peru and report:
•Mineralisation occurs over a ±1.3Km vertical distance (x5 the height of the BHP building in Perth)
•Mineralisation includes gold, copper, silver, molybdenum, lead and tungsten
•Porphyry target is over 2.5km x 1.5km in size
With results so far of:
•55m @ 2.3% Cu, 0.6g/t Au, 42.9g/t Ag from 155m, including 10m @ 5.35% Cu, 150ppm Mo, 0.96g/t Au, 83.7g/t Ag
•108m @ 2.0g/t Au, 41.0g/t Ag from surface, including 42m @ 3.3g/t Au, 34.9g/t Ag
•97m @ 0.46% Cu, 100ppm Mo, 9.5g/t Ag from 770m
•Numerous gold, silver, copper anomalies at surface
On the corporate front Inca report that "Chanape continues to attract the interest of major mining houses. This (March 2015) quarter, a large multinational has expressed keen interest in the project. The companies have met in Lima and are working towards the next step, detailed due diligence and site visit."
There is plenty of volume in this stock and with a flow of good news should see some steady gains. The chance of some corporate activity is a future possibility, but so far no further news has been shared.
