My five cents worth: so far the exploration at Riqueza has...

My five cents worth: so far the exploration at Riqueza has clearly shown it to be a large mineralised system, and I think Inca has done a great job there. Unfortunately, the initial excitement has waned on the back of lacklustre first drill results and the market will remain skeptical until drilling demonstrates that part of that large mineralised system can likely be mined economically, which is of course all the market cares about.
And so the company continues to be pleased and encouraged by the bigger picture (large mineralised system) emerging at Riqueza, and the market for now remains underwhelmed by the modest grades and intercept widths identified in the early stage drilling so far. Both are valid points of view.
To me as a shareholder, the bigger picture includes that while a large mineralised system like Riqueza clearly has very substantial economic potential, exploring it effectively can pose a challenge for a junior with limited resources. $4.3M in the kitty as at March Quarterly, with estimated cash outflow of $1.2M expected for the June quarter, plus some $0.25M raised, let's call it roughly around $3.5M cash at the end of the June quarter. That's not a lot of money to drill a large system. Without a JV partner, the company will sooner or later have to raise more capital to sustain meaningful exploration. The problem is of course that a company can realistically only raise a certain percentage of its market cap without excessive dilution, and that is not looking brilliant at the moment. Mind you, with some juicy intercepts, this could change in a flash.
Another avenue would of course be a JV. This has Pros and Cons, with a Pro obviously being that a JV partner with deep pockets could reduce dilution, yet ensure that the company can carry out sustained meaningful exploration – in return for relinquishing a part interest in the project. A Con could be that larger JV partners tend to want to obtain 100% ownership of a project once it starts looking seriously promising – would be interested to hear people's thoughts.
To me Riqueza still looks very promising, and if it indeed shapes up to be outstanding – well, outstanding projects will always attract funding.
All IMHO and no advice intended.