Microcap Inca Minerals Ltd’s [ASX:ICG] share price has risen strongly today on the back of newly-discovered copper and silver mineralisation at the Riqueza Project in Peru.
The recent share price action comes as the silver price continues to recover nicely after its late September drop, potentially helping to bolster the ICG share price.
It’s been a shaky 12 months for the small explorer as you can see in the chart above.
At the time of writing, ICG’s share price is up 16.07%, trading at 6.5 cents per share.
What’s the deal with Inca Minerals?
ICG is a junior resource company which has been exploring in Peru since 2012.
The company also explores in the Northern Territory and Queensland, with a focus on gold-copper porphyry deposits, copper and zinc skarn deposits and iron ore-copper-gold deposits.
So, you might call ICG an interesting company with a lacklustre share price.
Though that might be about to change…
Today ICG provided news from its Riqueza project in relation to exploration and land acquisitions.
Discover why smart investors are quietly stockpiling silver…Click here to learn more.
ICG recently completed two brief mapping and sampling programs in areas within Riqueza that for various reasons have not been covered in the past.
Rock chip sample results from the recently acquired Uchpanga III mining concession include:
- 54% Cu and 50 grams per tonne (g/t) Ag over 0.65m
- 48% Cu and 82g/t Ag over 0.45m
- 33% Cu, 72g/t Ag and 65.41 parts per million (ppm) molybdenum (Mo)
- 11% Cu, 97g/t Ag and 192.01ppm Mo
If you’re racking your brain wondering whether or not these are good results, let me explain:
Firstly, these aren’t drill results, meaning they don’t indicate the size of a mineral resource. Rather they indicate a presence.
Although, these are decent results for rock chip sampling and have thus generated a further two drill-worthy targets.
Which will be added to the existing list of 29 targets.
Which could be the news that has most excited the share price today.
ICG said that despite the brief mapping and sampling exercise, drilling will be the next major works to commence at Riqueza.
Here’s why you should care about silver
Gold explorers and producers have been in the spotlight this year thanks to the rapid run-up on gold price due to the current pandemic.
But what about silver?
The silver price in USD terms has returned nearly 40% year-on-year.
The gold price has returned 28%.
Silver is also the best electrical and thermal conductor of all the metals, meaning it’s widely used in industrial fabrication and electrical application.
If you want to know more about what has been termed the ‘dark horse’ investment for 2020, check out our latest report. Rum Rebellion Editor Dan Denning believes that silver’s rally is far from over. In fact, now might be the best time to add the precious metal to your investment portfolio. Click here for the full details.
For The Rum Rebellion