Inca Minerals Limited advised that it has reviewed non-Inca historic exploration data at Inca tenement, EL32857, which surrounds the Avenira-owned Wonarah Phosphate. EL32857 is considered highly prospective for phosphate mineralisation. Publicly available technical reports of the phosphate mineralisation comprising the Wonarah Phosphate Deposit describe a laterally extensive, largely flat lying sedimentary unit called the Upper Gum Ridge Formation (of the late Proterozoic to early Palaeozoic-aged Georgina Basin).

The rock units are mudstones, siltstone and cherts. Phosphate mineralisation tends to be laterally extensive and relatively thin, with true thicknesses varying between a few tens of metres (locally) to a few metres. Regarding the general nature of the phosphate mineralisation occurring at Wonarah, and at multiple other sites within the Georgina Basin in the Northern Territory and Queensland, it is characteristic of the shallow near-shore marine style phosphate mineralisation.

Mineralisation occurs as a result of the fossilisation of ancient marine animal remains and shells. Various syn deposition and post depositional geochemical (ground water and weathering) processes occur that "lock in" phosphate enrichments. Inca has also reviewed its gravity data and has recognised gravity anomalies interpreted as basin structures.

Tellingly, these basin structures mimic the characteristics of a same basin structure that hosts the Wonarah Phosphate Deposit. There are five basin structures wholly or partly within Inca ground that have been identified to date that warrant investigation. The most prominent of the five are two that are located northeast and north-northwest of Wonarah.

The basin northeast of Wonarah (on Inca's Frewena Frontier Project) is particularly interesting in that it has not been drilled. It has an area roughly 50%-75% larger that of the basin that hosts Wonarah. The basin north-northwest of Wonarah is approximately 100% larger than the Wonarah basin.

Inca is currently working with an independent consultancy to develop a possibly Clause 17 Exploration Target occurring at EL32857. If successful with compliant calculations, the Company will release the possible Exploration Target to the market. An important part of attempting a Clause 17 Exploration Target is the verification of historical non-Inca drill sample techniques, assay techniques, assay data QAQC and geolocation (of the holes).

Working with the same consultancy, the Company is therefore pursuing a two-pronged exploration program to: 1) development the potential Exploration Target, as mentioned above, and 2) the design a reconnaissance drilling program to investigate the basin structures for potential phosphate mineralisation.