ROKEBY RESOURCES LIMITED — Capital/Financing Update 2016

Jul 13, 2016

14 July 2016

22% Combined Zn & Pb and 207g/t Ag in New Riqueza Veins

HIGHLIGHTS

• Discovery of eight new highly mineralised veins averaging: 10.05% Zn, 207.31g/t Ag and 12.11% Pb
• Discovery of additional mantos and extensions averaging: 8.89% Zn, 264.07g/t Ag and 12.51% Pb
• Program peak values: 22.70% Zn, 583g/t Ag and 24.15% Pb
• Manto mineralisation now open-ended to the west and south
• Numerous vein-like structures to be examined with on-going programs scheduled

Inca Minerals Limited (Inca or Company) [ASX: ICG] has received very strong assay results from a recent mapping and sampling program at the Company's exciting new Zinc (Zn) - Silver (Ag) - Lead (Pb) Riqueza Project. The purpose of the program was to investigate several key areas at the Humaspunco Prospect (Humaspunco) including the under-explored crest of Humaspunco Hill and the southern perimeter of Humaspunco Hill where high grade manto mineralisation had been identified. Mapping and subsequent assay results confirm the discovery of 8 new mineralised veins and 2 new mineralised breccias. In addition to this, two new extensions of known manto mineralisation have been discovered (Figures 1 & 2) along the northern crest of Humaspunco Hill.

Humaspunco now currently hosts 20 mineralised veins, a 15m thick manto sequence comprising 4 manto horizons and 2 discrete breccias.

"The results are beyond my expectations" says Inca's Managing Director, Mr Ross Brown, who led the program. "The rate of discovery of new veins and mantos during the program was exceptionally pleasing and, with less than 50% of Humaspunco covered by mapping, I anticipate further discoveries to be made." Samples are currently being re-assayed in line with the Company policy to re-test assays greater than exploration level detection limits (i.e. circa 90% of the samples).

Mineralisation is characterised by the presence of small crystals (< 1mm) of sphalerite (Zn sulphide) with small to coarse crystals (< 1mm to ± 10mm) of galena (Pb-sulphide), with calcite and barite as gangue material. Secondary copper minerals are commonly also present. In outcrop the vein and manto deposits are typically weathered to Fe-rich gossan.

Peak metal values from sampling reported in this announcement include:

• Zinc: 22.70% (in known vein HV11), 21.70% (in new vein HV19), 20.20% (in new vein HV18);
• Silver: 583g/t (20.53oz/t) (in new manto NW), 560g/t (19.72oz/t) (in new manto NE), 400g/t (14.08oz/t) (in known vein HV11);
• Lead: 24.15% (in new vein HV16), 21.65% (known manto S), 20.70% (in known vein HV11).

New mineralised discoveries include:

• Vein 13: NW-SE strike; peak assay value: 11.65% Zn, 215.0g/t Ag (7.57oz/t Ag), 17.13% Pb
• Vein 14: NW-SE strike; peak assay value: 14.79% Zn, 230.0g/t Ag (8.10oz/t Ag), 8.37% Pb
• Vein 15: NW-SE strike; peak assay value: 3.86% Zn, 196.6g/t Ag (6.92oz/t Ag), 14.98% Pb
• Vein 16: NW-SE strike; peak assay value: 3.69% Zn, 291.0g/t Ag (10.25oz/t Ag), 24.15% Pb
• Vein 17: NW-SE strike; peak assay value: 16.68% Zn, 204.0g/t Ag (7.18oz/t Ag), 20.12% Pb
• Vein 18: NW-SE strike; peak assay value: 20.20% Zn, 74.6g/t Ag (2.63oz/t Ag), 0.61% Pb
• Vein 19: NW-SE strike; peak assay value: 21.70% Zn, 205.0g/t Ag (7.22oz/t Ag), 10.02% Pb
• Vein 20: NW-SE strike; peak assay value: 5.92% Zn, 239.0g/t Ag (8.42oz/t Ag), 6.05% Pb
• Upper Manto NW: peak assay value: 15.73% Zn, 583.0g/t Ag (20.53oz/t Ag), 18.65% Pb
• Upper Manto NE: peak assay value: 15.63% Zn, 560.0g/t Ag (19.72oz/t Ag), 19.87% Pb
• Breccia 1: peak assay value: 18.07% Zn, 418.0g/t Ag (14.72oz/t Ag), 44.41% Pb1
• Breccia 2: peak assay value: 9.00% Zn, 331.0g/t Ag (11.65oz/t Ag), 14.62% Pb

Figure 1: ABOVE Sample location plan at Humaspunco.

1 Sampled in May program but not recognised as discrete breccia body

Figure 2: ABOVE Satellite image showing the new vein and manto locations at Humaspunco. Previously known mineralised veins (numbers HV1 to HV12) are indicated as solid white lines. The new veins, 8 in total, HV13 to HV20 are indicated as solid red lines. The new manto horizons are shown as solid blue lines. NOTE: The scale and location of the area captured in Figure 2 is provided in Figure 1.

Zn-Ag-Pb Mineralisation at Humaspunco

As of the current program, Humaspunco hosts 20 confirmed mineralised veins, a manto sequence at least 15 metres thick and two mineralised breccias. There are a large number of linear structures that traverse Humaspunco that will be examined for the first time in the coming quarter.

Vein Mineralisation at Humaspunco

Vein mineralisation at Humaspunco was hitherto predominantly known east of the Callancocha Structure (Figure 2). The average grade of these veins from previous exploration is 7.81% Zn, 239.04g/t Ag and 11.12% Pb. Following completion of the most recent program, there are now at least 20 known mineralised veins at Humaspunco, several of which occur west of the Callancocha Structure. The average grade of veins sampled in the current program is 10.05% Zn, 207.31g/t Ag and 12.11% Pb meaning average grade across all 20 known mineralised veins is consistently high. Vein thicknesses range from circa 3m (Vein 11) to less than 1m. The combined total strike length (adding all vein lengths together) is circa 3,000m.

Figure 3: FAR LEFT Photo facing southwest showing a new NE-SW vein (Vein 19). The vein is up to 2m wide and contains coarse galena and fine grained sphalerite. LEFT TOP Photo facing east showing Vein 11. This vein occurs west of the Callancocha Structure and is up to 3m wide. LEFT BOTTOM Rock specimen photo of material Vein 11. Fresh galena can be seen within a matrix of gossanous Fe-oxides.

The mineralised veins at Humaspunco occur in two main orientations; northwest-southeast (NW-SE) and northeast-southwest (NE-SW). Roughly perpendicular to each other, the NW-SE veins run parallel to the long axis of Humaspunco Hill, whilst the NE-SW veins run across the long axis of Humaspunco Hill. The NW-SE veins include HV1-HV10, HV12-HV15 and HV17 (Figure 2). They form a close-spaced parallel vein-set occurring mostly on the eastern half of Humaspunco Hill. Importantly NW-SE veins are now also known on the western half of Humaspunco Hill. The NE-SW veins include HV11-HV12, HV16, HV18-HV20 (Figure 2). They are parallel to the Callancocha Structure and the newly recognised Picuy Structure (Figure 2).

Vein mineralisation is characterised by sphalerite and galena. Sphalerite crystals are generally < 1mm in size, whilst galena crystals range in size from < 1mm to ±10mm. Both sulphides are readily weathered to gossan. This is particularly true of sphalerite due to its greater susceptibility and finer crystal size. Figure 3 shows galena remnants within ex-sphalerite gossan.

Manto Mineralisation at Humaspunco

Manto mineralisation at Humaspunco was previously known only in exposures east of Callancocha Structure, either along the structure itself, or along the southern perimeter of Humaspunco Hill (Figure 1). The average grade of mineralised manto sequence (comprising three separate manto horizons) occurring at Humaspunco from previous exploration is 7.11% Zn, 165.56g/t Ag and 9.30% Pb.

The current program shows that manto mineralisation now occurs along the crest of Humaspunco Hill, east and west of the Callancocha Structure (Figure 2). As well as being open-ended to the south, as previously known, the new results demonstrate that the manto sequence extends west. The average grade of manto material sampled in the current program is 8.89% Zn, 264.07g/t Ag and 12.51% Pb. This is consistent with and an improvement upon past grades (stated above).

The manto mineralisation discovered along the crest of Humaspunco Hill in the current program is highly weathered and limited in exposure to semi-gossanous to gossanous remnants (Figure 4). Two manto horizons have been recognised along the NE section of the crest, both of which believed part of the upper manto sequence.

Figure 4: TOP LEFT Photo showing the sampling process of manto mineralisation occurring east of the Callancocha Structure. The manto along the crest of Humaspunco Hill is highly weathered and at times difficult to identify. Galena and sphalerite are nevertheless readily visible in hand specimen. TOP RIGHT Hand specimen of semi-gossanous manto material, with visible galena and sphalerite.

A significant new development is the recognition of an upper and lower manto sequence at Humaspunco. The upper manto sequence is believed to comprise three individual manto horizons. It is exposed within limestone that forms ridges along southern perimeter of Humaspunco Hill (previously described). A lower manto sequence has now formally been recognised, occurring at the base of the same ridges, some 15 metres lower in the stratigraphy (Figure 3). This indicates that manto mineralisation is repeated and repeatable at depth.

Breccia Mineralisation at Humaspunco

Two discrete (mappable) breccia bodies have been recognised in this recent program: Breccia 1, located on the southern perimeter of Humaspunco Hill, and Breccia 2, located on the ridge of Humaspunco Hill (Figure 2). Breccia 1 is exposed in outcrop at a juncture between a splay fault associated with the NE-SW trending Callancocha Structure and the lower manto sequence. Breccia 2 is exposed in outcrop on a NE-SW trending fault in close proximity (therefore possibly related to) the upper manto. Both breccias are irregular in shape and comprise metal sulphides and coarse crystals of calcite and barite (up to 100mm in size). Breccia 2 in particular appears to "intrude" and disrupt the almost flat un-brecciated limestone sequence.

Significance of Results

A total of 20 mineralised veins, a laterally extensive mineralised manto sequence, covering an area of 480,000m2 (the equivalent area of 384 Olympic sized swimming pools), and two mineralised breccias have been discovered at Humaspunco. They occur in close juxtaposition and possess a consistently high grade. Their spatial relationship is provided in Figure 5 (below) and shows the intensity of mineralisation occurring at Humaspunco.

Humaspunco is considered highly prospective for the following reasons: 1) manto and vein mineralisation is laterally extensive and contiguous; 2) manto and vein mineralisation appears "repeatable" (additional manto horizons at depth and additional veins laterally; 3) the Zn, Ag and Pb grades are consistently high; and 4) mineralisation is at or close to the surface with topography that favours possible development.

Figure 5: LEFT A schematic cross-section showing the steeply Ndipping NW-SE trending veins in relation to the shallowly S-dipping mantos. The cross section has a times-two vertical exaggeration but is otherwise approximately to scale. The very close proximity of each vein and their projected intersection of the manto sequence, comprising four individual manto horizons, becomes apparent. Not drawn on this cross-section are the NE-SW veins which add further continuity to the overall mineralisation.

VEINS: Humaspunco hosts 20 mineralised veins occurring in two main orientations, NW-SE and NE-SW. Both veinsets contain high levels of coarse galena and sphalerite with calcite and barite as gangue material. At surface, the veins are semi-gossanous due to the weathering of the metal sulphides. The total combined strike length of the veins (HV1 through to HV20) is approximately 3,000m, with vein lengths ranging from 30m to 300m. The veins range in width from ±3m to < 1m. They represent a significant quantum of mineralised material. Evidence suggests the veins have significant depth potential and: 1) they are exposed in numerous underground workings and 2) that they day-light at elevations ranging from 4,450m to 4,650m above sea level (a vertical range of 200m).

MANTOS The manto sequence at Humaspunco comprises an upper manto sequence of three individual manto horizons and a lower manto sequence (Figure 5). The individual mantos are on average < 1m thick (up to 3m thick) and together represent a true stratigraphic thickness of approximately 15m to 20m (including the intermanto interval). The upper manto sequence is now known along the northern ridge of Humaspunco Hill and along the southern perimeter of the hill. It is exposed at various locations down the side of the hill where it outcrops along cross-cutting fault scarps. It is not unreasonable to therefore believe that the manto extends sub-surface between these cardinal points (on the hill). This being the case, the manto has a lateral coverage of 480,000m2 (or the area of 384 Olympic sized swimming pools). Importantly, manto style mineralisation is now known west of the cross-cutting Callancocha Structure. In previous exploration Inca was able to show that the manto sequence dips into the ground south of Humaspunco Hill. It is therefore open-ended in two directions, to the west and to the south.

"Another hallmark of manto style mineralisation is a tendency to repeat within the stratigraphy. We now know that we have at least four individual manto horizons with an upper and lower manto sequence. It is entirely possible that further mantos occur at depth given this style of mineralisation at Humaspunco is believed to be intrusive related replacement style – with mineralising processes originating below" said Mr Brown.

BRECCIAS The current field trip identified two discrete breccia bodies. Breccia 1 occurs at an intersection between the NE-SW major Callancocha Structure and a NW-SE fault and is believe related to mineralising processes concentrated in structurally-controlled dilatation zones, where a certain degree of "rock fragmentation" takes place. Zegarra (1983) observed breccia bodies associated with manto and vein intersections extending vertically over 20m with thickness from 1.5m to 4m. Past sample values of these structures average 20.04% Zn, 76.9g/t Ag and 4.94% Pb (R. Walker 2011). Breccia 2 occurs at the ridge top at a complex juncture of veins, joints and locally undulating bedding. It is more pipe-like in nature than Breccia 1 and is believed related to rising metal-bearing fluids along faults/joints.

In both cases, Breccia 1 and Breccia 2 occur at the intersections of structures. Humaspunco hosts 20 veins and four individual mantos. "Should the formation of breccias be in response to broad structural forces, which is not unexpected, there is a likelihood that breccias may have developed at other manto-vein intersections" says Mr Brown. "Doing the maths, there is the potential for several dozens of mineralised breccias at Humaspunco."

Planned Exploration at Humaspunco

In light of the significant discoveries recently made, satellite lineaments (veins) and prospective stratigraphic horizons (mantos) will be closely mapped and sampled. Mapping and sampling will continue at Humaspunco with a view to creating an inventory of all mineralised bodies occurring at surface. Geophysics will be designed to cover all such targets, adding important sub-surface three-dimensionality. Using all mapping, sample assay and geophysical data, drill targets will be generated and prioritised ahead of testing. All environmental base-line studies required for the DIA drill permit have already been completed.

*****

Competent Person Statements

The information in this report that relates to mineralisation for the Riqueza Project, located in Peru, is based on information compiled by Mr Ross Brown BSc (Hons), MAusIMM, SEG, MAICD Managing Director, Inca Minerals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Brown is a full time employee of Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.

Some of the information in this report may relate to previously released information concerning mineralisation for the Riqueza Project, located in Peru, and subsequently prepared and first disclosed under the JORC Code 2004. It has not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported, and is based on the information compiled by Mr Ross Brown BSc (Hons), MAusIMM, SEG, MAICD Managing Director, Inca Minerals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. He has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Brown is a full time employee of Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.

Table 1: Rock Chip Assay Results (Zn, Ag, Pb, Cu)

Samplecode	Prospect	Vein (number)manto or breccia	Coordinates (WGS84) Zone 18				Ag	Ag	Pb		Cu
			Easting	Northing	Elevation	Zn (ppm)	Zn (%)	(g/t)	(oz/t)	(ppm)	Pb (%)	(ppm)
	005429 Humaspunco	manto (S)	455943	8594479	4,030	153930	15.39	190.8	6.72	63020	6.30	1818
	005430 Humaspunco	manto (S)	456285	8594523	4,329		60780 6.08	108.3	3.81	82400	8.24	690
005431	Humaspunco	manto (S)	456396	8594600	4,330	59160	5.92	295.0	10.39	216510	21.65	267
005437	Humaspunco	HV11	455855	8595400	4,651		37240 3.72	327.0	11.51	194110	19.41	550
	005438 Humaspunco	HV11	455857	8595400	4,649		1811 0.18	4.0	0.14	2649	0.26	78
	005439 Humaspunco	HV11	455863	8595396	4,654		124580 12.46	174.1	6.13	115860	11.59	951
	005440 Humaspunco	HV11	455870	8595389	4,653	149360	14.94	199.0	7.01	122810	12.28	838
005441	Humaspunco	HV11	455875	8595386	4,655		9069 0.91	397.0	13.98	196860	19.69	655
	005442 Humaspunco	HV11	455886	8595386	4,653	152470	15.25	400.0	14.08	168960	16.90	3100
	005443 Humaspunco	HV11	455880	8595371	4,651	227020	22.70	301.0	10.60	207030	20.70	1305
	005444 Humaspunco	HV13	455843	8595365	4,651	103030 10.30		215.0	7.57	171250	17.13	1099
	005445 Humaspunco	HV13	455826	8595392	4,665		116540 11.65	174.5	6.14	165460	16.55	1937
	005446 Humaspunco	N/A	455731	8595398	4,653		18590 1.86	7.1	0.25	2211	0.22	87
	005447 Humaspunco	HV14	455911	8595383	4,655		147850 14.79	230.0	8.10	83700	8.37	2278
	005448 Humaspunco	manto (NW)	455929	8595360	4,646	156840 15.68		83.3	2.93	64390	6.44	452
	005449 Humaspunco	manto (NW)	455931	8595344	4,646	65160	6.52	583.0	20.53	186520	18.65	4553
	005450 Humaspunco	manto (NW)	455933	8595343	4,646	76830	7.68	333.0	11.73	118950	11.90	3051
005451	Humaspunco	manto (NW)	455942	8595492	4,638	157270	15.73	187.1	6.59	163030	16.30	517
005452	Humaspunco	HV15	455989	8595289	4,622	38610	3.86	196.6	6.92	149770	14.98	1000
	005456 Humaspunco	HV16	456037	8595274	4,606	36920	3.69	291.0	10.25	241510	24.15	198
005457	Humaspunco	HV17	456074	8595259	4,625	109240 10.92		85.8	3.02	39580	3.96	1139
	005458 Humaspunco	HV17	456122	8595246	4,627		47730 4.77	183.2	6.45	133550	13.36	1612
	005459 Humaspunco	HV17	456115	8595204	4,625	3521	0.35	2.3	0.08	417	0.04	21
	005460 Humaspunco	HV17	456134	8595201	4,625	117490	11.75	148.2	5.22	92880	9.29	2755
005461	Humaspunco	HV17	456142	8595189	4,617	166750	16.68	204.0	7.18	201210	20.12	1025
	005462 Humaspunco	manto (NE)	456145	8595191	4,617	29930	2.99	145.3	5.12	108950	10.90	803
	005463 Humaspunco	manto (NE)	456149	8595187	4,598	12710	1.27	225.0	7.92	146630	14.66	537
	005464 Humaspunco	breccia 2	456162	8595181	4,601		90030 9.00	331.0	11.65	146160	14.62	1570
	005465 Humaspunco	manto (NE)	456204	8595181	4,614		51770 5.18	222.0	7.82	198680	19.87	636
	005466 Humaspunco	manto (NE)	456202	8595172	4,608		89430 8.94	560.0	19.72	15370	1.54	4844
	005467 Humaspunco	manto (NE)	456216	8595158	4,605	153570	15.36	236.0	8.31	137210	13.72	1445
	005468 Humaspunco	HV18	456219	8595171	4,605	202030	20.20	74.6	2.63	6086	0.61	937
	005469 Humaspunco	HV19	456269	8595146	4,579		96140 9.61	358.0	12.61	105590	10.56	3577
	005470 Humaspunco	HV19	456266	3595140	4,578	216990	21.70	205.0	7.22	100180	10.02	1368
005471	Humaspunco	HV20	456336	8595109	4,563	59170	5.92	239.0	8.42	60450	6.05	672
005472	Humaspunco	HV20	456337	8595092	4,556	46890	4.69	151.6	5.34	103400	10.34	807
							9.41	224.11	7.89		11.98

Appendix 1

The following information is provided to comply with the JORC Code (2012) requirements for the reporting of rock chip sampling by the Company on one concession known as Nueva Santa Rita (located in Peru).

Section 1 Sampling Techniques and Data

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Sampling techniques	Nature and quality of sampling (e.g. cut channels,random chips, or specific specialised industry standardmeasurement tools appropriate to the minerals underinvestigation, such as down hole gamma sondes, orhand-held XRF instruments, etc.). These examplesshould not be taken as limiting the broad meaning ofsampling.	This announcement refers to assay resultsfrom 36 rock chip samples collected by theCompany. Results for the elements Zn, Ag,Pb, Zn, Au and Cu are presented in Table 1.Reference is made to results of previousexploration in Section 2 of this Appendix.
	Include reference to measures taken to ensure samplerepresentivity and the appropriate calibration of anymeasurement tools or systems used.	The sample locations were determined byhand-held GPS. Sampling protocols andQAQC are as per industry best practice.
	Aspects of the determination of mineralisation that areMaterial to the Public Report. In cases where 'industrystandard' work has been done this would be relativelysimple (e.g. 'reverse circulation drilling was used toobtain 1m samples from which 3 kg was pulverised toproduce a 30g charge for fire assay'). In other casesmore explanation may be required, such as where thereis a coarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (e.g.submarine nodules) may warrant disclosure of detailedinformation.	Rock chip sampling is a very widely usedsampling technique in early exploration,typicallycombinedwithgeologicalmapping to determine the presence ofmineralisation in a specific geologicalbody. By virtue of its purpose, rock chipsampling is selective. Each sample wasbagged separately and labelled. Sampleswere sent to a laboratory for multielement analysis.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc.)and details (e.g. core diameter, triple or standard tube,depth of diamond tails, face-sampling bit or other type,whether core is oriented and if so, by what method,etc.).	N/A – no drilling or drill results werereferred to in this announcement.
Drill samplerecovery	Method of recording and assessing core and chipsample recoveries and results assessed.	N/A – no drilling or drill results werereferred to in this announcement.
	Measures taken to maximise sample recovery andensure representative nature of the samples.	N/A – no drilling or drill results werereferred to in this announcement.
	Whether a relationship exists between sample recoveryand grade and whether sample bias may have occurreddue to preferential loss/gain of fine/coarse material.	N/A – no drilling or drill results werereferred to in this announcement.
Logging	Whether core and chip samples have been geologicallyand geo-technically logged to a level of detail tosupport appropriate Mineral Resource estimation,mining studies and metallurgical studies.	N/A – no drilling or drill results werereferred to in this announcement.
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc.) photography.	N/A – no drilling or drill results werereferred to in this announcement.
	The total length and percentage of the relevantintersections logged.	N/A – no drilling or drill results werereferred to in this announcement.
	If core, whether cut or sawn and whether quarter, halfor all core taken.	N/A – no drilling or drill results werereferred to in this announcement.

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Sub-samplingtechniques and	If non-core, whether riffled, tube sampled, rotary split,etc. and whether sampled wet or dry.	N/A – no drilling or drill results werereferred to in this announcement.
sample preparation	For all sample types, the nature, quality andappropriateness of the sample preparation technique.	The sample preparation technique wasappropriate. Each sample was baggedseparately and labelled. Samples weresent to a laboratory for multi-elementanalysis.
	Quality control procedures adopted for all subsampling stages to maximise "representivity" ofsamples.	N/A – sub-sampling procedures were notundertaken by the Company.
	Measures taken to ensure thatthe sampling isrepresentative of the in situ material collected,including for instance results for field duplicate/secondhalf sampling.	Rockchipsamplingisatechnique(described above) that directly samples insitu rock. In the case of sampling subjectof this announcement, the in situ rockcomprises mineralised veins and mantoscropping out within and proximal to aditsof previous mining operations.
	Whether sample sizes are appropriate to the grain sizeof the material being sampled.	The sample sizes are considered adequatein terms of the nature and distribution ofin situ rock and geological target at eachsample location.
Quality of assay dataand laboratory tests	The nature, quality and appropriateness of the assayingand laboratory procedures used and whether thetechnique is considered partial or total.	The analytical assay technique used in theelemental testing of the samples for nonAu was four-acid digestion and HCl leach,which is considered a "complete" digestformostmaterialtypes.Elementalanalysis was via inductive coupled plasmaand atomic emission spectrometry. Over10-30%detectionanalysisincludesadditional titration analysis. Au techniquesincluded Fire Assay with AA finish. Theanalytical assay technique used in theelemental testing is considered industrybest practice.
	For geophysical tools, spectrometers, hand-held XRFinstruments, etc., the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.	N/A - No geophysical tool or electronicdevice was used in the generation ofsample results other than those used bythe laboratory in line with industry bestpractice.
	Nature of quality control procedures adopted (e.g.standards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (i.e.lack of bias) and precision have been established.	Blanks, duplicates and standards wereusedasstandardlaboratoryQAQCprocedures.
Verification ofsampling andassaying	The verification of significant intersections by eitherindependent or alternative company personnel.	ThesampleassayresultsareindependentlygeneratedbyBureauVeritas Minerals (BVM)who conductQAQC procedures, which follow industrybest practice.
	The use of twinned holes.	N/A – no drilling or drill results werereferred to in this announcement.

Suite 1/16 Nicholson Road, Subiaco, Western Australia 6008 • PO BOX 38, West Perth, 6872 Telephone: +61 (08) 6145 0300 • ABN: 36 128 512 907 Website: www.incaminerals.com.au

Page 10

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Verification ofsampling andassaying cont…	Documentationofprimarydata,dataentryprocedures, date verification, data storage (physicaland electronic) protocols.	Primary data (regarding assay results) issupplied to the Company from BVM in twoforms: EXCEL and PDF form (the latterserving as a certificate of authenticity).Both formats are captured on Companylaptops which are backed up from time totime.Followingcriticalassessment(including price sensitivity) when timeotherwise permits,the data is entered intoa database by a Company GIS personnel.
	Discuss any adjustment to assay data.	No adjustments were made.
Location of datapoints	Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in Mineral Resourceestimation.	The rock chip sample locations had beendetermined using a hand-held GPS.
	Specification of the grid system used.	WGS846-18L.
	Quality and adequacy of topographic control.	Topographic control is achieved via theuse of government topographic maps, inassociation with GPS and Digital TerrainMaps (DTM's), the latter generated duringantecedent detailed geophysical surveys.
Data spacing anddistribution	Data spacing for reporting of Exploration Results.	The distribution of the rock chip samplesfollows industry best practice and to alarge degree was subject to the location ofvisible direct (sulphides) and indirect(alteration) signs of mineralisation.
	Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) and classificationsapplied.	Please refer immediately above. Note thatno Mineral Resource and Ore Reserveestimation has been provided in thisannouncement.Itisfurtheracknowledged that the sample populationof that released in this announcement isinsufficient to obtain an ExplorationTarget and that additional sampling, toachieve this, is required.
	Whether sample compositing has been applied.	Sample compositing was applied, in so faras, at any one rock chip location, rock wascollected from an array of outcrop withina 0.5m to 2m radius.
Orientation of datain relation togeological structure	Whether the orientation of sampling achieves unbiasedsampling of possible structures and the extent to whichthis is known, considering the deposit type.	The distribution of rock chip samplesfollows industry best practice.
	If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	N/A – no drilling or drill results werereferred to in this announcement.
Sample security	The measures taken to ensure sample security.	Pre-assay sample security is managed bythe Company in line with industry bestpractice.
Audits or reviews	The results of any audits or reviews of samplingtechniques and data.	Therockchipsamplingregimeisappropriateforoutcropconditionsprevalent at this project location.

Section 2 Reporting of Exploration Results

CRITERIA	JORC CODE EXPLANATION	COMMENTARY
Mineral tenementand land tenurestatus	Type, reference name/number, location and ownershipincluding agreements or material issues with thirdparties such as joint ventures, partnerships, overridingroyalties,nativetitleinterests,historicalsites,wildernessornationalparkandenvironmentalsettings.	TenementType:Peruvianminingconcession.Concession Name: Nueva Santa Rita.Ownership: The Company has a 5-yearconcession transfer option and assignmentagreement ("Agreement") whereby theCompany may earn 100% outright ownershipof the concession.
	The security of the land tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	The Agreement and concession are in goodstanding at the time of writing.
Exploration done byother parties	Acknowledgement and appraisal of exploration byother parties.	This announcement refers to explorationcarried out at Riqueza by previous parties.References include mention of veins andmantos. The Company has previously sitedthese references and in this announcementattribute no grade to them other than thosegenerated by the Company.
Geology	Deposittype,geologicalsettingandstyleofmineralisation.	The geological setting of the area is that ofa gently SW dipping sequence of Cretaceouslimestones and Tertiary "red-beds", on awestern limb of a NW-SE trending anticline;subsequently effected by a series of nearvertical Zn-Ag-Pb bearing veins/breccia andZn-Ag-Pb [strata-bound] mantos.
Drill holeinformation	A summary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Materialdrill holes:Easting and northing of the drill hole collarElevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collar.Dip and azimuth of the hole.Down hole length and interception depth.Hole length.	N/A – no drilling or drill results were referredto in this announcement.
	If the exclusion of this information is justified on thebasis that the information is not material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearlyexplain why this is the case.	N/A – no drilling or drill results were referredto in this announcement.
Data aggregationmethods	In reporting Exploration Results, weighting averagingtechniques,maximumand/orminimumgradetruncations (e.g. cutting of high grades) and cut-offgrades are usually Material and should be stated.	N/A–noweightingaveragesnormaximum/minimumtruncationswereapplied.
	Where aggregate intercepts incorporate short lengthsof high grade results and longer lengths of low graderesults, the procedure used for such aggregation shouldbe stated and some typical examples of suchaggregations shown in detail.	N/A–noweightingaveragesnormaximum/minimumtruncationswereapplied.

Data aggregationmethods cont…	The assumptions used for any reporting of metalequivalent values should be clearly stated.	N/A – no equivalents were used in thisannouncement.
Relationshipbetweenmineralisationwidths and interceptlengths	These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respect tothe drill hole angle is known, its nature should bereported.If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g. 'down hole length, true width not known').	Vein and manto style mineralisation averagewidths,thicknessesandlengthsareprovided on the basis of mapping andsampling results and not drilling. Veinwidths are not true widths as the veins dipat an angle of ±70˚. Manto thicknesses areestimate and approximate true stratigraphicthicknesses.
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported. These shouldinclude, but not limited to a plan view of drill hole collarlocations and appropriate sectional views.	A plan showing the position of the 36sampleshasbeenprovidedinthisannouncement.
Balanced reporting	Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticed to avoid misleading reporting of ExplorationResults.	TheCompanybelievestheASXannouncement provides a balanced reportof its sampling program and relation of it topreviously reported exploration referred toin this announcement.
Other substantiveexploration data	Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples – size andmethod of treatment; metallurgical test results; bulkdensity,groundwater,geotechnicalandrockcharacteristics; potential deleterious or contaminatingsubstances.	As well as discussing the Company's currentmappingandassayresults,thisannouncement discussesthe Company'sprevious exploration results announced on2 June 2016, 22 June 2016 and 29 June 2016.
Further work	The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scalestep-out drilling).	By nature of early phase exploration, furtherwork is necessary to better understand themineralisation that appear characteristic ofthis area.
	Diagrams clearly highlighting the areas of possibleextensions,includingthemaingeologicalinterpretations and future drilling areas, provided thisinformation is not commercially sensitive.	N/A: Refer above.

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Suite 1/16 Nicholson Road, Subiaco, Western Australia 6008 • PO BOX 38, West Perth, 6872 Telephone: +61 (08) 6145 0300 • ABN: 36 128 512 907 Website: www.incaminerals.com.au

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