ROKEBY RESOURCES LIMITED - Capital/Financing Update 2021

Targeting a new generation of Tier-1 mineral discoveries in Peru and Australia

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ASX Announcement │ 15 March 2021 │ ASX: ICG

NEW LARGE-SCALE PORPHYRY AND SKARN TARGETS IDENTIFIED AT MACAULEY CREEK PROJECT, QLD

Independent expert review of integrated geophysical and geochemical data confirms outstanding new targets

Highlights

Independent review of geophysical data identifies a 5km x 10km porphyry target in the centre of the MaCauley Creek Project area, defined by multiple coincident anomalies and prospective characteristics, including gravity and magnetic anomalies and hydrothermal alteration
The new porphyry target coincides with numerous known occurrences of porphyry-style mineralisation recorded in historical small-scale mining, surface sampling and non-Inca drilling
Independent geophysical review also identifies a new, unexplored skarn target in the south-eastern part of the Project area, further strengthening MaCauley Creek’s skarn potential
Additional exploration including geophysics (airborne magnetics, ground gravity and induced polarisation survey) now being assessed to further refine high-quality drill targets across the Project
Inca continues to build a case to drill test for Tier-1 scale porphyry and skarn mineralisation at MaCauley Creek

Inca Minerals Limited (ASX: ICG ) is pleased to advise that an independent review of geophysical and geochemical data from its 100%-owned MaCauley Creek Project, located 100km west of Townsville in Queensland, has identified major new porphyry and skarn targets, significantly upgrading the project’s exploration potential.

The independent review, conducted by an expert consultancy, comprised a detailed assessment of historical (non-Inca) geophysical data, together with geochemistry data (soil and rock chip sampling) collected both by Inca and by previous owners.

Among its key findings, the review has identified a centrally located porphyry target measuring approximately 5km x 10km , which broadly correlates to a previously identified magnetic ring feature and two previously interpreted intrusions (Figure 1). This target has been named the “Brolga Prospect”.

Importantly, the new Brolga Prospect porphyry target also corresponds to multiple past mine workings and prospects (Figure 1) that have recorded bonanza-grade silver (Ag) mineralisation and strong copper (Cu) mineralisation in past rock chip sampling. Historical (non-Inca) drilling in the same area identified Cu-Ag-lead-zinc ( Pb-Zn ) mineralisation in shallow, supergene enriched lodes and primary sulphide mineralisation at deeper levels within telescoped microgranite intrusions.

In addition to the major porphyry target, the review also identified a new skarn target in the south-east corner of the MaCauley Creek Project area (Figures 1 and 2), which has been named the “Mount Podge Prospect”. This area hosts a known granite intrusion, a regionally mapped limestone sequence and a satellite iron ( Fe ) oxide anomaly. No historical exploration data is reported in the vicinity of this target, with the Mount Podge Prospect area considered a priority target for follow-up reconnaissance exploration.

These new targets are in addition to the those previously identified in the northern half of the project (see ASX announcement 28 September 2020), which include the Mount Brown, Wallaroo and Carraway North prospects (Figure 2).

ASX: ICG │ Shares on issue 402.97m

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

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The results of the independent expert review strongly reinforce the MaCauley Creek Project’s stand-out porphyry-skarn potential, with Inca Minerals now planning to undertake a further assessment of key prospects to identify primary targets for a future high-impact drilling program.

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Figure 1 : Independently-generated magnetic TMIRTP-1VDAGC greyscale image of the MaCauley Creek Project area with digitised interpretation linework added as per legend. The large new porphyry target is shown as a large dark blue rectangle. Within this area, note the coincidence of strong radiometric potassium anomalies (light blue lines), deep magnetic lows (yellow lines), alteration halos (purple and orange lines). The old mine workings and mineralised prospect areas (yellow stars) occur within this multi-layered target area.

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Mt Moss skarn deposit
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Figure 2 : A 1VD (vertical derivative) magnetics image showing the previously identified Mt Brown, Carraway North and Wallaroo epithermal-porphyry-skarn targets. The NEW porphyry target is also shown (solid yellow line)

As well as hosting known Cu-Ag-Pb-Zn-gold ( Au ) mineralisation, previously interpreted intrusions, telescoped microgranites and a porphyry dyke, the new porphyry target in the centre of the Project area also hosts multiple coincident anomalies and prospective characteristics including:

Gravity: two sub-parallel, linear gravity gradient anomalies in proximity to known mineralisation (Figure 3) that traverse the Project. While resolution of regional gravity data is coarse and better suited to assessing deeper, larger scale basement features, the gradient anomalies may represent faults that allowed intrusion of granitic and porphyry stocks and possibly reflect rheological contrast between different types of granite. In particular, the eastern gravity gradient might in part explain the localised cluster of high-grade mineralisation occurrences within the MaCauley Creek porphyry target area.
Magnetics: a series of large-scale magnetic lows and associated smaller (kilometre scale) magnetic high anomalies modelled in 3D through Magnetic Vector Inversion ( MVI ; Figure 4). The MVI model resolves several broad, low amplitude, elliptical features below and adjacent to existing prospects and may represent large intrusive microgranite bodies or porphyry stocks. MVI modelling also resolves several isolated, circular and relatively high amplitude magnetic features that have significant depth extent. These magnetic highs could represent magnetite alteration associated with a porphyry stock, or a negative remanent magnetised porphyry stock or another type of intrusive body.
Radiometrics/ASTER/Sentinel 2: indications of hydrothermal alteration in various locations across the Project including potassic (biotite and K-feldspar; Figure 5) as determined in radiometric data, phyllic (sericite; Figure 6) as determined in ASTER data and Fe-oxide alteration as determined in Sentinel 2 data (Figure 7).

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Figure 3 : Gridded regional gravity image over MaCauley Creek. While regional data is of coarse resolution, two sub-parallel gravity gradients (pink dashed lines) traverse the Project and may have allowed intrusion of granitic and porphyry stocks. The eastern gravity gradient lies proximal to the cluster of mineral occurrences (yellow stars) in the central porphyry target area.

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Figure 4 : 3D view from above of iso-surface threshold shells of the MVI 3D block model between 0.0003 SI (blue) to 0.0010 SI (red). The MVI model resolves broad, low amplitude, elliptical features (dashed black outlines) below and adjacent to existing prospects (yellow spheres) and have potential to represent large intrusive microgranite bodies or porphyry stocks. Several adjacent and relatively high amplitude magnetic features with significant depth extent could represent magnetite alteration associated with a porphyry stock, or indicate other intrusive lithologies.

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Figure 5 : Radiometric ternary RGB image overlain by known mineral occurrences (yellow stars) and bedrock geology outlines (thin black), faults (red) and radiometric K anomalies (solid blue = strong; dashed blue = weak).

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Figure 6 : ASTER alteration pseudocolour image (ASTER bands 7/6) overlain by known mineral occurrences (yellow stars) and interpreted outlines of muscovite (sericite) alteration (pink polygon) and general alteration (orange polygon); additional areas of potential alteration occur in the south and south east, the latter proximal to the new skarn target.

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Figure 7 : Sentinel 2 ferric oxide pseudocolour image (bands 11/8) overlain by known mineral occurrences (yellow stars); additional areas of potential alteration occur in the south and south east, the latter proximal to the new skarn target.

Next Steps

The results of this independent expert review strongly reinforce the Company’s opinion of MaCauley Creek’s standout porphyry-skarn potential and indicate that further exploration is warranted.

Recommendations for future work programs at MaCauley Creek outlined by the independent review include:

Geological mapping, rock chip sampling and grid soil sampling over prospective targets, including reconnaissance of the new, unexplored SE skarn target.
Airborne magnetic-radiometric (AMAGRAD) surveying to extend detailed coverage over the northern portion of the Project (including the Mt Brown, Carraway North and Wallaroo prospects) and the SE skarn target.
Further analysis and extension of the MVI model to assess whether modelled features represent porphyry stocks and/or associated magnetite alteration halos.
Induced polarisation ( IP ) surveying over the central porphyry target to identify chargeability and resistivity responses associated with sulphide mineralisation and alteration.
Detailed ground gravity surveying to map buried porphyry stocks and alteration associated with base metal mineralisation.
Drill testing of the highest ranked targets.

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Inca will continue to assess recommendations arising from the review with the aim of identifying an efficient and cost-effective series of follow-up work programs to implement at MaCauley Creek. The Company intends to identify quality targets at the Project leading to high-impact drill testing.

Importance of Results and MD’s comment

Inca Minerals Managing Director Ross Brown said: “While the bulk of our recent news-flow has been focused on our Riqueza Project in Peru (where we expect to commence drilling in the coming weeks) and Frewena Far East Project in the Northern Territory (where we have had exciting recent news of significant copper mineralisation in a nearby Government drill hole), the MaCauley Creek Project is an exceptional project in its own right.

“With known mineralisation (including historical mine workings and mineralised prospect areas), MaCauley Creek now hosts high-quality epithermal, porphyry and skarn targets that undoubtedly warrant follow-up exploration programs, including a ground geophysics (IP) survey. An IP survey was the final program conducted at Riqueza before drill targeting, and we are confident that this technology will also be effective in delineating and prioritising initial drilling targets at MaCauley Creek.”

In September 2020, the Company outlined MaCauley Creek’s exploration credentials, which have now been materially extended:

Mount Brown Prospect: Prospective for epithermal, porphyry and skarn mineralisation.
Wallaroo Prospect: Prospective for epithermal and porphyry mineralisation.
Carraway North Prospect: Prospective for epithermal and porphyry mineralisation.
Western Intrusion Prospect: Prospective for epithermal and porphyry mineralisation.
Central Intrusion Prospect: Prospective for epithermal and porphyry mineralisation.
Eastern Intrusion Prospect: Prospective for epithermal and porphyry mineralisation.
Eckleberg West Prospect: Prospective for epithermal and porphyry mineralisation
A 5km x 10km prospect area, hereafter referred to as the Brolga Prospect, encapsulating the Central and Eastern Intrusion Prospects.
A large skarn prospect, hereafter referred to as Mount Podge Prospect, in the SE corner of the project.

A project size comparison (Figure 8) highlights the size of Mac Creek compared with the NE Area of Riqueza.

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Figure 8 : A reduced version of Figure 5 of this announcement. ABOVE RIGHT : A satellite image of the NE Area of Riqueza, a copy of Figure 3 from previous ASX announcement of 4 September 2020, then reduced to scale on to the left image. It is noted that the comparison between the drill targets between MaCauley Creek and Riqueza is size (area) only. This diagram first appears in ASX announcement dated 28 September 2020.

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Equally important to the prospects outlined above, MaCauley Creek also hosts known porphyry-style mineralisation within “telescoped microgranites” (recorded in non-Inca drilling). “Telescoped” means granite intrusions within granite intrusions. The recently completed geophysics review and interpretation confirms the multi-phase intrusive history of this area. At the Silver Prospecting Area, past non-Inca drilling identifies a down hole 77m interval of 0.14% copper, 30g/t silver, 0.74% lead and 1.03% zinc. The final 17m of this interval includes 0.43% copper, 84g/t silver, 1.67% lead and 2.93% zinc (Figure 9).

The Silver Prospecting Area is located on the margin of the Central Intrusion Prospect and within the recently named Brolga Prospect. It coincides with the recent magnetic anomalies and alteration anomalies (the subject of this announcement).

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Figure 9 : Geological cross-section of past drilling by North Queensland Mining (hole number 11 & 80) at the Silver-Prospecting Area. THIS DRILLING AND SAMPLING WAS NOT COMPLETED BY THE COMPANY

Investor inquiries - Ross Brown, Managing Director - Inca Minerals - 0407 242 810 Media Inquiries/Investor Relations - Nicholas Read, Read Corporate - 0419 929 046

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Ross Brown Managing Director Inca Minerals Limited

Competent Person’s Statements

The information in this report that relates to exploration activities for the MaCauley Creek Project, located in Queensland, 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 exploration activities, 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 fulltime employee of Inca Minerals Limited and consents to the report being issued in the form and context in which it appears.

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Appendix 1: Selected Key Words Used in this Announcement

Reconnaissance
Sampling
Rock chip Sampling
Geochemistry (-ical)
Mineralisation
Ore-forming Minerals
Gangue Minerals
Porphyry (Deposit)
Deposit
Vein
Stockwork
Country Rock
Disseminated
Alteration
Granite/granitic
Lode(s)
Hydrothermal
Structure
Fault
Intrusion (-ive)
Magma
Micro-granite
Drill target
Magnetic Surveying
Radiometric Surveying

Refers to very early-stage, in some cases, first-pass, [often rock chip] sampling recording location, rock type,
structure,alteration_and_mineralisation.
An exploration method to obtain_geochemical_ data from rock outcrop. This program type is often deployed as
part of_reconnaissance_exploration [mapping and sampling] but may also be deployed over targets that are
relatively well defined.
The study of the distribution and amounts of the chemical elements in minerals, ores, rocks, soils, water and the
atmosphere.Geochemical sampling programs may include_stream sampling_,soil sampling,rock chip sampling.
A general term describing the process or processes by which a mineral or minerals are introduced into a rock, or
geological feature such as a_vein_,fault, etc. In the strictest sense,mineralisation_does not necessarily involve a
process or processes involving_ore-forming minerals.Nevertheless,mineralisation_is very commonly used to
describe a process or processes in which_ore-forming minerals are introduced into a rock at concentrations that
are economically valuable or potentially valuable.
Minerals which are economically desirable, as contrasted to_Gangue Minerals.
Valueless minerals in ore.
A type of_deposit_containing ore-forming minerals occurring as disseminations and veinlets in a large volume of
rock. The rock is typically porphyritic (a texture of large crystals in a fine groundmass). Porphyry_deposits_are
economically very significant.
A [mineral]_deposit is a naturally occurring accumulation or concentration of metals or minerals of sufficient size
and concentration that might, under favourable circumstances, have economic value (Geoscience Australia). It is
not a defined term in the JORC Code 2012 for Australasian Reporting of Exploration Results, Mineral Resources
and Ore Reserves (JORC 2012).
A tabular or sheet-like form of_mineralisation_,often resulting from in-filling a vertical or near-vertical fracture.
They often cut across_country rock_.
A mineral_deposit_in the form of a network of_veinlets_ diffused in the_country rock_.
Rock that encloses or is cut by_mineralisation_.And more broadly, rock that makes up the geology of an area.
Descriptor of_mineralisation_ said to be fine grained and generally evenly distributed.
A process that involves the_alteration_ of (change to) a rock, mineral or_mineralisation_by processes involving, but
not limited to, the presence of_hydrothermal_ fluids.
An_intrusive_rock in which_quartz_constitutes 1- to 50% of the felsic component and in which the alkali
feldspar/total_feldspar_ ratio is generally restricted to 65% to 90%.
A deposit of metalliferous ore that fills, or is embedded in a fracture, or_vein_, in rock.
Of, or pertaining to “hot water” usually used in the context of ore-forming processes.
A very broad and widely used geological term used to describe linear features such as geological faults,
lineaments or_veins_.
A surface or zone of rock fracture along which there has been displacement.
The process of emplacement of_magma_ in pre-existing_country rock_.
Molten rock that can be extrusive (occurs at the Earth’s surface) and_intrusive_(occurs below the Earth’s surface).
A (very) fine grained_granite_.The implications of the fine grain size are that the_granite_magma cooled very
quickly.
An anomaly or feature defined from a combination of geological, geophysical, and/or geochemical data that is of
sufficient priority as to warrant investigation through drill testing.
Measures variations in the intensity of the earth’s magnetic field caused by the contrasting content of rock-
forming magnetic minerals in the Earth’s crust. This allows sub-surface mapped of geology, including Structures.
An airborne survey is flown either by plane or helicopter with the magnetometer kept at a constant height above
the surface.
Or gamma-ray spectrometric survey measures concentrations of radio-elements potassium (K), uranium (U) and
thorium (Th), specifically the gamma rays emitted by isotopes of these elements. All rocks and soils contain
radioactive isotopes and almost all gamma-rays detected at surface are the result of radioactive decay of K, U and
Th. Radiometrics is therefore capable of directly detecting potassic alteration which is associated with
hydrothermal processing and formation of deposits.

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Appendix 2: JORC CODE 2012 Compliance Table

The following information is provided to comply with the JORC Code (2012) exploration reporting requirements.

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria: Sampling techniques

JORC CODE Explanation

Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or hand-held XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.

Company Commentary

This announcement refers to results of a final report of a historical magnetic-radiometric geophysical survey that was undertaken by a past explorer in the MaCauley Creek region. Addition reference to exploration results conducted by the Company referred to in this announcement have been previously released in ASX announcements. This announcement discusses the significance of geophysical data – principally magnetics – in relation to other exploration datasets from the Project and implications on the Company’s exploration model. No new sampling data is presented in this announcement.

JORC CODE Explanation

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Company Commentary

Criteria: Verification of sampling and assaying

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Criteria: Location of data points

Criteria: Data spacing and distribution

Criteria: Orientation of data in relation to geological structure

JORC CODE Explanation

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

Company Commentary

This announcement does not refer to any new sampling results with all sampling mentioned in this announcement having previously been reported in ASX announcements.

JORC CODE Explanation

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Company Commentary

This announcement does not refer to new drilling or drilling results.

Criteria: Sample security

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JORC CODE Explanation

The measures taken to ensure sample security.

Company Commentary

This announcement does not refer to any new sampling results with all sampling mentioned in this announcement having previously been reported in ASX announcements.

Criteria: Audits and reviews

JORC CODE Explanation

The results of any audits or reviews of sampling techniques and data.

Company Commentary

This announcement does not refer to any new sampling results with all sampling mentioned in this announcement having previously been reported in ASX announcements.

SECTION 2 REPORTING OF EXPLORATION RESULTS

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Criteria: Drill hole information

JORC CODE Explanation

A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

Easting and northing of the drill hole collar
Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar.
Dip and azimuth of the hole.
Down hole length and interception depth.
Hole length.

Company Commentary

This announcement does not refer to new drilling or drilling results.

JORC CODE Explanation

If the exclusion of this information is justified on the basis that the information is not material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Company Commentary

This announcement does not refer to any new sampling results with all sampling mentioned in this announcement having previously been reported in ASX announcements.

Criteria: Data aggregation methods

JORC CODE Explanation

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated . Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations shown in detail

Company Commentary

No weighted averages, maximum/minimum truncations and cut-off grades were applied and reported in this announcement.

JORC CODE Explanation

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Company Commentary

No metal equivalents are used in this announcement.

Criteria: Relationship between mineralisation widths and intercept lengths

JORC CODE Explanation

These relationships are particularly important in the reporting of Exploration Results.

By nature of early phase exploration, further work is necessary to better understand the mineralisation appearing in mining workings the subject of this announcement.

JORC CODE Explanation

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Company Commentary

Plans are provided that show locations of exploration prospects and geophysical and geological data included in this announcement.

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ROKEBY RESOURCES LIMITED — Capital/Financing Update 2021

65707_rns_2021-04-14_9481f756-e012-499a-a8b2-f2c802da334d.pdf

ASX Announcement │ 15 March 2021 │ ASX: ICG

NEW LARGE-SCALE PORPHYRY AND SKARN TARGETS IDENTIFIED AT MACAULEY CREEK PROJECT, QLD

Independent expert review of integrated geophysical and geochemical data confirms outstanding new targets

Highlights

Next Steps

Importance of Results and MD’s comment

Competent Person’s Statements

Appendix 1: Selected Key Words Used in this Announcement

Appendix 2: JORC CODE 2012 Compliance Table

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria: Sampling techniques

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

Criteria: Drilling techniques

JORC CODE Explanation

Company Commentary

Criteria: Drill sample recovery

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

Company Commentary

Criteria: Logging

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

Criteria: Quality of assay data and laboratory tests

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

Criteria: Verification of sampling and assaying

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

The use of twinned holes.

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Discuss any adjustment to assay data.

Company Commentary

Criteria: Location of data points

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Quality and adequacy of topographic control.

Company Commentary

Criteria: Data spacing and distribution

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Whether sample compositing has been applied.

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

Criteria: Audits and reviews

JORC CODE Explanation

ROKEBY RESOURCES LIMITED Capital/Financing Update 2021