Vancouver, BC (PRWEB) May 07, 2012
Financial Press – Canada-based exploration company Inca One Resources (TSXV:IO) has reported it has surpassed another milestone in the permitting process. The company can now move forward towards drilling out its sizeable historical resource in the heart of Peru’s prolific gold and copper mineral belt.
Last week Inca One stated it has completed all aspects required as part of an environmental baseline study for its project and surrounding areas.
This announcement came right on time, as the company had previously stated that the study would be completed in the second quarter of 2012. And it has been consistent with Inca One’s steady progress of delivering on every commitment it has made and meeting every target laid out in its development timeline.
At this point Inca One can proceed with the final stages of permitting. And that’s where things get really exciting for the company.
Inca One can now complete the following as laid out in its most recent corporate update:
- Develop drilling application (expected Q2)
- Provide files containing drilling application to stakeholders (expected mid-May)
- Run Workshop and present to stakeholders (expected mid-June)
- Submit drilling application to the Ministry of Energy and Mines (July 2012)
These are the final stages Inca One has been working towards for months now. It has completed an extensive list of studies and other requirements set forth by Peruvian government and mining authorities.
These requirements included a socio-economic baseline study, water studies, environmental studies, community relations plans, sustainability program and archaeological studies.
With these extensive and time-consuming requirements out of the way, Inca One can now focus on expanding and developing the value in its high-potential Las Huaquillas Gold-Copper project. Once drilling permits are received, the company will then be able to commence drilling and uncover the true potential resource base on its property. This resource base, given historical drilling results and resource estimates, could be significant.
The past owners of the Las Huaquillas project, Sulliden Gold Corporation, completed extensive exploration efforts between 1996 and 1999. The exploration included surface geological, geochemical/geophysical studies, 26 drill holes and 1,200 meters of underground workings.
This was sufficient information for Sulliden to make a resource estimate of 6.57 million tonnes of ore grading 2.09 g/t Au and 25.2 g/t Ag equivalent to 443,000 ounces of gold and 5.3 million ounces of silver. Note: these resource estimates are based on historical workings and are not 43-101 compliant.
But all of this is just signaling what could be a much greater opportunity Inca One has targeted. The Company has four known potential zones based on past geological reconnaissance and surface sampling which has returned both gold and copper anomalies.
And now with the recent announcement of the environmental baseline study completion, Inca One is poised to receive its final drilling permits within a matter of months.
Edward Kelly, Chief Executive Officer of Inca One, commented, “We are pleased to achieve this significant milestone in order to advance the exploration at Las Huaquillas toward phase one drilling. The social, economic and environmental effects of the proposed exploration program will be managed carefully and in full compliance with all Peruvian regulations.”
Inca One currently trades on the TSX Venture Exchange under the symbol “IO.”
It has a total market capitalization of approximately $8 million.
Learn more at w ww.incaone.com.