Inca Minerals is planning to raise up to $3.45m through a rights issue to its shareholders to be used for exploration at the Cerro Rayas and Riqueza zinc-silver-lead projects in Peru.

The development comes after the company discovered strong mineralisation at the projects earlier this week.

At Cerro Rayas, the company identified positive returns in 1.5km mineralised corridor through a detailed mapping and channel sampling programme.

The top ten sampling results at Vilcapuquio, Torrepata and Wari artisanal mines indicated zinc and lead levels above 30% and 20% respectively.

Around 27 breccias and breccia veins Mississippi Valley-Type (MVT) mineralisation were identified at the project.

Inca Minerals managing director Ross Brown said: “Several of the known breccias are exposed along the access track to Torrepata where soil has been removed in the making of the track.

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“Several of the known breccias are exposed along the access track to Torrepata where soil has been removed in the making of the track.”

“It is reasonable to believe that more breccias may occur beneath the wide areas of grassland at the project.

“The identification of Mississippi Valley Type mineralisation, at times above 50% combined zinclead, heralds a very positive start to exploration at Cerro Rayas.”

The company has already commenced a programme to test the 27 known breccias within the project area.

It noted that project-wide reconnaissance exploration is expected to identify ‘areas of interest’, with a drilling campaign then starting.

At Riqueza, the company discovered 4.09% Zn over 1.6m from 8.70m including 5.99% Zn, 152g/t Ag and 3.49% Pb over 0.8m from 9.50m in NS trending vein (HV25) in RDDH-016.

In addition, results from drilling at RDDH-016, RDDH-017 and RDDH-018 indicated a possible second large structure controlling mineralisation at Humaspunco prospect within the project.