Australian exploration company Inca Minerals has resolved to cease operations in Peru, after failing to make any progress in extended discussions with potential joint venture (JV) partners for the Riqueza project.
Although Inca believes that the Riqueza project is prospective for potential tier-one deposits, the company found it too costly to continue operations in that country without a JV partner.
“The cost of maintaining the Peruvian operations, even with little to no exploration activities, is considered too high and unsustainable by the Inca board, especially given that there is no guarantee that a JV funding partner will emerge,” the ASX-listed firm said in a statement.
Inca will put the Riqueza project up for sale. In addition, property plant and equipment will be sold with funds used towards the expenses associated with the wind-up.
Inca’s exploration efforts will now shift to Australia, where it owns projects in the Northern Territory and Queensland.
The company’s Frewena group project is in the East Tennant IOCG province, while the East Arunta group project sits within a IOCG/orogenic gold belt.
The MaCauley Creek project hosts known mineralised granites with multiple other porphyry indicators.