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 │ 8 March 2021 │ ASX: ICG

GEOSCIENCE AUSTRALIA DRILLING INTERSECTS IOCG-STYLE SULPHIDES NEAR INCA’S FREWENA FAR EAST PROJECT

Government drilling validates Inca’s IOCG model for its Frewena Group Project, confirming the potential for large-scale mineral discoveries

Highlights

Initial results from a 10-hole stratigraphic drill program in the East Tennant released by Geoscience Australia
Two government holes fall within areas wholly enclosed by, but excised from, Inca’s Frewena Far East Project
Logging by Geoscience Australia notes the presence of sulphides, alteration and textures of IOCG affinity
Results continue to validate the East Tennant region as being highly prospective for a range of mineralisation styles, including large-scale IOCG, orogenic gold and SEDEX systems
Drilling data to be incorporated into Inca’s detailed review of the East Tennant to aid drill targeting

Inca Minerals Limited (ASX: ICG ) ( Inca or the Company ) is pleased to advise that initial results from a 10-hole stratigraphic drilling program conducted by Geoscience Australia ( GA ) in the East Tennant region of the Northern Territory have provided strong support for its exploration strategy in this emerging mineral province.

The drill program was undertaken as part of the National Drilling Initiative ( NDI ), designed to increase stratigraphic knowledge across this under-explored region and to evaluate the potential for large-scale forms of mineralisation, including but not limited to Iron Ore Copper-Gold ( IOCG ) systems.

Importantly, NDI drill holes NDIBK01 (Hole 1) and NDIBK04 (Hole 4) intersected significant intervals of sulphide mineralisation with IOCG affinities (an example from Hole 4 at 251m depth - Figure 1).

These holes are located on government retained areas entirely enclosed within Inca’s Frewena Far East Project (Figures 2 and 3). The location of these holes allows the Company to report to the market the results of these holes as having a direct and highly positive impact on Inca.

Frewena Far East forms part of Inca’s greater Frewena Project, which also includes Frewena Fable and Frewena East. The Frewena Project is considered prospective for Tier-1 scale IOCG, orogenic gold and SEDEX mineralisation.

Stratigraphic drilling was completed as part of the NDI follows extensive geophysical surveying by GA and the Northern Territory Geological Survey ( NTGS ). In recent years, the East Tennant region has emerged as an IOCG exploration hotspot. As an early mover into the region, Inca is pleased to have secured a large and highly prospective landholding.

Figure 1 : Photo of a core sample from Hole 4 at a depth of 251m. It shows a chalcopyrite-pyrite vein and parallel veinlets. Refer also to Appendix 1. DRILLING WAS NOT CONDUCTED BY INCA

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ASX: ICG │ Shares on issue 374.97m

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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Figure 2: Regional location plan showing Inca’s projects in the Northern Territory and NE Queensland. The yellow arrows highlight the location of the NDI holes discussed in this announcement.

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GA’s stratigraphic drilling has significantly increased geological knowledge of the East Tennant region. The two holes completed in proximity to Frewena Far East, Hole 1 and Hole 4, were drilled to depths of 351.8m and 416.3m respectively (Appendix 2). Notably, Hole 4 is located on Inca’s Mount Lamb Target (Figure 3), close to where Inca has previously reported the presence of iron-rich breccias with low-level base metal geochemistry.

Mount Lamb is located above a major 18km long magnetic anomaly that trends NE-SW through Frewena Far East and coincides with an important regional scale fault (Figure 3).

Hole 1 intersected an approximately 125m thick sequence of carbonate sedimentary rocks from surface, lying above a series of basic-acid intrusive lithologies, low-intermediate grade metamorphic rocks, and a thick zone of faulting or shearing.

Extensive veining and alteration are noted by GA with various mineral types, including: carbonate, chlorite, iron oxide, potassium feldspar, quartz, haematite and sericite. Alteration occurs in various styles and strengths, including vein fill, vein selvage, replacements, boxworks and banding. Narrow zones of rare, disseminated pyrite occur throughout the basement lithologies, with lesser chalcopyrite occurring in places alongside pyrite.

Hole 4 intersected an approximately 140m thick sequence of silicious-carbonate sedimentary rocks from surface that show pervasive overprinting of quartz, kaolinite and goethite, which conforms to surface geology observed and sampled by Inca. These rocks overlie an approximately 60m thick zone of schist and marble that is described as poly-deformed and brecciated with strong hematite and potassic alteration. Numerous cavities were encountered in drilling, both immediately above and below this unit.

Extensive veining and alteration are noted in Hole 4 with various mineral types, including: carbonate, chlorite, epidote, iron oxide, quartz, potassium feldspar, biotite and sulphide. Alteration occurs mostly as vein and fault selvages. Widespread sulphides are noted below 89.5m to the end-of-hole and include pyrite, pyrrhotite, marcasite, chalcopyrite and arsenopyrite, as well as rarer galena and bornite. Sulphide distribution occurs as disseminations, vein and veinlet fillings and selvages, fracture selvages and laminae (Figure 1, Appendix 1).

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Encouragingly, both holes have intersected igneous (granitic) rocks and highly metamorphosed rock (gneiss), with observed zones of intense brecciation, veining and foliation. As well as the occurrences of ore-forming minerals and alteration, mentioned above, these parameters are characteristic of potential large mineral systems, like IOCG’s.

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Desert Creek Target
Along strike from
Mount Lamb
Mount Lamb Target
18km long
Plains Target
SW Target
10kmx 5km
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Figure 3: Regional and detailed TMI image of Frewena Far East showing the location of GA drill holes (NDIBK01 and NDIBK04). GA’s drilling was undertaken in two areas that are wholly enclosed by Inca’s EL 32293 tenement (red outline). The Mount Lamb, Desert Creek, Plains and SW targets are also highlighted.

The results from GA’s stratigraphic drilling will be interrogated by the Company and will be part of a comprehensive Frewena Project review currently being undertaken by Inca’s expert geophysical consultancy. This all-encompassing review is designed to extract maximum value from the large pre-competitive geophysical database that exists in the East Tennant. This database includes electromagnetic, magnetotelluric and seismic surveying, in addition to Inca’s recently completed detailed AMAGRAD survey.

Figures 4 and 5 show a selection of core tray photos published by GA for holes Hole 1 and Hole 4 respectively. Further information about these holes can be accessed via the NDI Online Portal:

https://portal.ga.gov.au/persona/minexcrc

Links via the NDI Online Portal to Holes 1 and 4 are provided immediately below:

https://portal.ga.gov.au/bhcr/minerals/650764?persona=minexcrc

https://portal.ga.gov.au/bhcr/minerals/648462?persona=minexcrc

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Figure 4: Selection of core tray photos of hole NDIBY01 as published by GA. Core depths are shown on each tray.

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Figure 5: Selection of core tray photos from hole NDIBK04 as published by GA. Core depths are shown on each tray.

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GA’s objective in drilling Hole 4 was to “ test a coincident magnetic, gravity and conductivity anomaly adjacent to a major shear zone. Testing for the distal footprints of minerals systems in the East Tennant region and validating the use of regional datasets acquired during EFTF for identifying distal footprints .” Given these objectives have been demonstratively achieved, Inca concludes that the hole has been a resounding success.

The occurrence of Cu mineralisation in Hole 4 has a profoundly positive impact on the prospectivity of Inca’s Frewena Far East Project. This is because, Hole 4 is located on Inca’s 18km long Mount Lamb Target, making Mount Lamb Target a geophysical and geochemical defined target. Furthermore, the SW, Mount Lamb and the Desert Creek targets, which are along strike, defines a corridor of approximately 30km, now known to host Cu mineralisation. When considering that Tier-1 deposits typically occur at structural intersections, the 5km diameter Plains Target now also comes into play, as it is located on a structure that crosses the Cu-trend (Figure 3).

Commenting on the results of the NDI holes, Inca Minerals’ Managing Director, Ross Brown, said: “The government drilling has revealed some stunning new geology for the East Tennant area. The presence of broad sequences of veined and altered rocks with ore-forming copper minerals below thin cover has certainly exceeded expectations and is a very exciting development for this highly prospective but under-explored province. It’s a strong endorsement of the decision to acquire a large and strategic landholding, as early movers, in the exciting exploration area.

The location of two highly successful Government holes ‘within but excised from’ Inca’s Frewena Far East Project, particularly Hole 4, certainly elevates this project to a new level. Our team is now working to add this remarkable new dataset to Inca’s own exploration data. We are also looking forward to the results of our recently completed soil sampling program, which will add another valuable layer for drilling targeting.”

***

Competent Person Statement

The information in this report that relates to exploration results and mineralisation for the Frewena East and Frewena Far East Project areas, located in Australia, is based on information reviewed and 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, and by Mr Rob Heaslop BSc (Hons), MAusIMM, SEG, Consultant Regional Exploration Manager to Inca Minerals Limited, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Brown and Mr Heaslop have sufficient experience, which is relevant to exploration results, the style of mineralisation and types of deposits under consideration, and to the activity which has been undertaken, to both 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 and Mr Heaslop both consent to the report being issued in the form and context in which it appears.

Investor inquiries - Ross Brown, Managing Director - Inca Minerals - 0407 242 810

Media Inquiries/Investor Relations - Nicholas Read, Read Corporate - 0419 929 046

Selected Key Words Used in this Announcement (order of appearance and cross reference)

Geophysics (ical)	An exploration method using instruments to collect and analyse rock properties as such magnetics, radioactivity,
	gravity, electronic conductivity, etc. Instruments can be located on surface (ground survey) or above the ground
	(airborne survey).
Magnetics	A measurement of 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 mapping 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.
Conductivity	A measurement of a rock’s, zone of mineralisation’s, etc… ability to conduct electricity. The measurement of it, is a
	form of_geophysics_.
Electromagnetics	A measurement of rock’s, zone of mineralisation’s, etc… electromagnetic field.
Mineralisation	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.

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Selected Key Words Used in this Announcement (order of appearance and cross reference)

IOCG (Deposit)
SEDEX (Deposit)
Deposit
Ore-forming Minerals
Gangue Minerals
Chalcopyrite
Bornite
Galena
Granite/granitic
Limestone
Geochemistry (-ical)
Alteration
Propylitic alteration
Phyllic Alteration
Potassic alteration
Breccia
Clast
Matrix
Vein(s)
Veinlet(s)
Stockwork
Boxwork (texture)
Disseminated
Massive
Epidote
Quartz
Sericite

A type of deposit_containing _ore-forming minerals occurring as disseminations and veinlets in a large volume of rock.
The rock is typically iron rich (a distinction from porphyry deposits). IOCG deposits are economically very significant.
A type of deposit_containing _ore-forming minerals
occurring in sedimentary rocks that have
accumulated in a fault-bound continental
[sedimentary]
basin,
whereby
metals
are
transported in hydrothermal brines to places of
precipitation forming massive sulphides (along
feeder zones) and/or layered sulphides as
clusters
or
stacked
horizons
within
the
sedimentary pile. SEDEX deposits are often
mineralised in copper, zinc, lead and sometimes
gold. SEDEX deposits can be very large, up to
400million tonnes in size.
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).
Minerals which are economically desirable, as contrasted to_Gangue Minerals.
Valueless minerals in ore.
Copper iron sulphide with the chemical formula CuFeS2with 34.63% Cu by mol. weight.
Copper iron sulphide with the chemical formula Cu4FeS4with 63.31% Cu by mol. weight.
Lead sulphide mineral with the chemical formula PbS with 86.60% Pb by mol. weight.
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 calcium carbonate sedimentary rock typically formed by ancient coral reefs.
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 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.
Alteration typically associated with hydrothermal activities in which_epidote_,chlorite and calcite are produced.
Alteration typically associated with hydrothermal activities in which_quartz_,sericite and pyrite are produced.
Or K-Feldspar alteration that is characterised by the formation of new K-feldspar and/or biotite minerals. It typically
represents the highest temperature form of alteration within porphyry deposits, forming in the core of the system.
Broken or fragmented rock. Breccia veins which are common at Riqueza, are narrow fissures containing numerous
rock fragments. The rock fragments are called clasts and the space around the clasts is called the matrix. Often the
matrix in the breccia veins at Riqueza contains the ore-forming minerals.
The broken or fragmented, generally coarse component of a breccia.
The fine component of a breccia, occurring between the clasts.
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 small and narrow mineral filling of a fracture in country rock that is tabular or sheet-like in shape. Veinlets are
narrow versions of veins.
A mineral deposit in the form of a profusion of_veinlets_ diffused in the country rock.
Said of a rock fabric that comprises empty cubic/near-cubic (“boxes”) that are spaces created by the weathering
and removal of crystal sulphides.
Descriptor of_mineralisation_said to be fine grained and generally evenly distributed.
Descriptor of_mineralisation_said to comprise more than 20% of the rock.
A common secondary mineral that is often a product of_hydrothermal_ alteration.In the field_epidote_ is often apple
green in colour.
One of the most common minerals on Earth.Quartz_is often a product of hydrothermal _alteration.
A group of white/colourless clay minerals. The presence of_sericite_ can indicate the occurrence of hydrothermal
alteration.In the field_sericite_ is often golden in colour.

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Appendix 1: Hole 4 Core Tray 250.9m to 253.7m interval (part shown in Figure 1)

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Approximate
corresponding
core of photo
Figure 1
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Appendix 2: Government NDI Drill Hole Parameters

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Appendix 3: ASIC Compliancy 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 initial results of a stratigraphic drill program recently released by Geoscience Australia. The Company advises that the two holes mentioned in this announcement do not fall within Company held tenure but lie nearby and are considered as important results reflecting the prospectivity of the Company’s tenure. Results presented in this announcement refer to visual logging completed by Geoscience Australia and make no mention of assay results or techniques. No Company sampling or assay results are referred to 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

No Company assay results are referred to in this announcement.

Criteria: Verification of sampling and assaying

Criteria: Location of data points

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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

SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria: Mineral tenement and land tenure status

JORC CODE Explanation

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

Company Commentary

Tenement Type: Frewena Far East Project: One granted EL: EL 32293.

Ownership: Above mentioned EL secured through JV and Royalty agreements with Inca to acquire 90%. 1.5% NSR payable to MRG and West.

The geological setting falls within the Palaeozoic Georgina Basin that is regionally mapped as shales and limestones of varying thickness. Local geology, however, is inferred from radiometric and ASTER data to be dominated by outcropping or near surface granitic lithologies. These older granitic lithologies are considered prospective to host IOCG mineralisation.

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

No Company sampling or assay results are referred to in this announcement.

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

Hole details are not presented in this announcement given that the two holes discussed lie outside of the Company held tenure.

Criteria: Data aggregation methods

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

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

Several diagrams of preliminary AMAGRAD data are provided that shows certain relevant geophysical targets of the Company.

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AI assistant

ROKEBY RESOURCES LIMITED — Capital/Financing Update 2021

65707_rns_2021-03-07_86e7455e-5397-4bb9-aa3d-38ba512ed1e7.pdf

GEOSCIENCE AUSTRALIA DRILLING INTERSECTS IOCG-STYLE SULPHIDES NEAR INCA’S FREWENA FAR EAST PROJECT

Highlights

https://portal.ga.gov.au/persona/minexcrc

***

Competent Person Statement

Investor inquiries - Ross Brown, Managing Director - Inca Minerals - 0407 242 810

Selected Key Words Used in this Announcement (order of appearance and cross reference)

Selected Key Words Used in this Announcement (order of appearance and cross reference)

Appendix 1: Hole 4 Core Tray 250.9m to 253.7m interval (part shown in Figure 1)

Appendix 3: ASIC Compliancy 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

JORC CODE Explanation

Company Commentary

Criteria: Logging

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

Criteria: Sub-sampling techniques and sample preparation

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

Company Commentary

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

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

Specification of the grid system used.

Company Commentary

JORC CODE Explanation

Company Commentary

Criteria: Data spacing and distribution

JORC CODE Explanation

Company Commentary

JORC CODE Explanation

ROKEBY RESOURCES LIMITED Capital/Financing Update 2021