Inca Minerals (ASX:ICG) digs deep for high-grade gold-antimony play in North Queensland

Inca Minerals (ASX:ICG) digs deep for high-grade gold-antimony play in North Queensland

February 5, 2025 Off By MarketOpen

In the small-cap exploration sector, consolidation is often the name of the game, and Inca Minerals (ASX:ICG) has just played its next move with a bid to acquire Stunalara Metals.

While junior miners frequently tout their acquisitions as “transformational,” Inca Minerals may actually have something that fits the bill—a gold-antimony project in Queensland that has produced eye-watering sample grades but remains tantalisingly undrilled.

Hurricane’s Untested Potential

The jewel in the Stunalara crown is the Hurricane Project in North Queensland, which boasts a series of high-grade gold and gold-antimony prospects.

Historical rock chip and grab sampling have delivered some compelling numbers, including:

  • Hurricane North: Up to 45.7 g/t gold
  • Hurricane South: Up to 41.5 g/t gold
  • Typhoon: Up to 71.6 g/t gold
  • Holmes (gold-antimony prospect): Up to 21.7 g/t gold and 29% antimony

Yet, for all these impressive figures, the project remains undrilled.

That’s right—not a single hole in the ground, despite these high-grade surface hits.

Inca CEO Trevor Benson sees this as a major opportunity, stating:

“Having carefully considered a number of acquisition proposals since I was appointed as CEO last year, it became abundantly clear that Stunalara was a standout opportunity. Its high-grade gold & gold-antimony Hurricane Project in NQ presents a unique opportunity to explore a project with multiple strongly mineralised veins which have historical workings but have never been drilled.”

In other words, Inca is betting that what’s on the surface continues underground—and given the grades, it’s a bet worth taking.

The Gold-Antimony Connection

While gold steals the headlines, antimony is the quiet achiever.

The metal is a critical mineral used in flame retardants, semiconductors, and, notably, in lead-acid batteries and some lithium battery technologies.

China dominates global antimony supply, and finding new sources is high on the agenda for Western governments.

Stunalara’s Hurricane Project has several antimony-rich zones, including the Holmes South prospect, which returned 43.2% Sb and 5.2 g/t gold from surface sampling.

With global supply chains in flux, securing a domestic source of antimony could add another layer of strategic importance to this acquisition.

The Transaction Mechanics

The all-scrip deal will see Inca issue 300 million shares to Stunalara shareholders, equating to approximately 22.6% of Inca’s post-transaction capital base.

The deal values Stunalara at $1.8 million based on Inca’s recent share price of $0.006 per share.

For Stunalara shareholders, the offer is 6.45 Inca shares per Stunalara share, valuing their stock at around 4.5 cents each.

The transaction requires Inca to secure at least 90% acceptance, and an independent expert will weigh in on the deal due to director Andrew Haythorpe’s dual role in both companies.

A Shot at the Big Leagues?

Exploration-stage acquisitions are always a gamble, but the risk-reward equation looks compelling.

If drilling confirms high-grade mineralisation at depth, Inca’s modest market cap could see a major rerating.

With gold prices strong and the importance of critical minerals growing, Inca has put itself in the frame for what could be a lucrative discovery play.

Whether Hurricane lives up to its name remains to be seen, but with results like these, it’s a storm worth watching.

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