A positive correlation is noted in FW220008 between geochemical and alteration tenor and the modelled gravity feature that was targeted by the drill-hole. FW220008 indicates that shale and siltstone are the most common host lithologies in the area, with alteration dominated by silicification, carbonate and magnetite with lesser graphite, chlorite, sericite and biotite. The widespread geochemical anomalism and alteration assemblages intercepted at Mount Lamb NE are suggestive of a large-scale hydrothermal system.

As with the previously reported assay results from FW220007, while the elevated geochemistry encountered in FW220008 is not of economic grade, it provides further confirmation of polymetallic enrichment occurring over broad intervals and heightens the prospectivity of Mount Lamb NE to host economic grade mineralisation. Directly comparing assay results between the two holes, it is pleasing to see more coherent zones of stronger tenor Au-Ag-Zn anomalism occurring over broader intervals in FW220008 compared with FW220007. These anomalous zones correlate with stronger Cu-Bi-Mo-As and indicate a hydrothermal source.

This polymetallic geochemical signature has now been intersected at Mount Lamb NE in all three drill-holes assayed so far (Inca holes FW220007 and FW220008 and Government hole NDIBK04) over an open-ended strike distance of 4.5km, confirming the metallic fertility of the area and further enhancing its potential to host a large-scale IOCG and/or SEDEX mineral system. These results are considered by Inca as a major technical success that strongly validates both the IOCG/SEDEX exploration model being used at the Greater Frewena Project and the Company's decision to be a first mover into the region by acquiring a large land package boasting exceptional discovery potential. Confirmation of IOCG/SEDEX fertile geochemistry in FW220007 and FW220008 - in addition to geological observations from other Mount Lamb drill-holes - also strongly endorses Inca's exploration process at Frewena, supported by the use of robust magnetic and gravity modelling to identify the most prospective areas and `zoom-in' to focus its first-pass drilling activities.

To achieve such a major technical success - the discovery of a blind, large-scale IOCG system - in a greenfield, frontier terrane using geophysics is an outstanding achievement at such an early stage of the Project's evolution. The hydrothermal and broad alteration systems identified at Mount Lamb NE as demonstrated in FW220007 bears strong resemblance to generic IOCG models, which are typically defined by zonation of haematite, magnetite, and sodic alteration, followed by enrichment of Au-Ag-Cu-Fe and associated metals such as Bi-Mo-As, significant veining, brecciation, and faulting of Proterozoic host lithologies. Pleasingly, the scale of the magnetic and gravity anomalies at Mount Lamb compares favourably to those of known Tier-1 IOCG deposits including Prominent Hill, Carrapateena and Ernest Henry.

The combined data from FW220007 (previously reported through Inca's ASX announcement 20 September) and FW220008 confirms the discovery of an IOCG mineralising and alteration system, with the next challenge being to successfully vector within these systems to identify zones of higher-grade mineralisation. To facilitate this, a comprehensive review of the project will be undertaken once all assay results are received. At the time of writing, 100% of diamond core from Inca Minerals' 2022 Frewena drill program has been geologically logged with cutting and sampling of core nearing completion.