IGC

IGC Resources Inc. (TSX VENTURE:IGC)(PINK
SHEETS:IGCGF)(FRANKFURT:I6G)(WKN:A0HGX4) ("IGC" or the "Company") is pleased to
announce that the Company has proceeded to the next step in the acquisition of
the gold and copper concessions in Zambia and has paid $40,000 on completion of
a shareholder's deed and share purchase agreement to secure 90% of a local
company, TransAfrican Limited Zambia.


The Zambia Project provides the Company with a highly prospective exploration
opportunity within a known geological domain with previous historical data. The
concept target generation provides the Company with opportunities for a copper
and gold discovery where high-grade rock chips and drilling reported in previous
reports indicates copper and gold are present.


The general region has not previously attracted the level of exploration the
rest of the copper belt has, however Phelps Dodge and Anglo American have in the
past explored the area primarily for copper. The gold potential has had little
work completed to date. During the mid 1950s to mid 1970s regional exploration
of the area by Roan Selection Trust and Anglo American identified anomalous
copper workings in the district. De Beers and Cogema have both explored for
diamonds and uranium, respectively; however, no additional information of their
activities is currently available.


The Zambia project comprises two concessions (Kalengwa South and Kasempa East)
in northwest Zambia, totalling approximately 3,500 square kilometres. Both
concessions are underlain by undifferentiated sediments of the Katanga
supergroup dominated by argillites, siltstones and carbonates with occasional
conglomerates. Low-grade metamorphism of the sediments is present as are a
number of later stage intrusions. Small copper, gold and artisanal workings are
reported in the area but until field checking is carried out this cannot be
verified. Immediately to the south of Kasempa East are a number of other small
mines that have successfully produced copper for a number of years. Details on
the mines, their production and previous ownership are to be further documented
during the initial field surveys.


To view the map accompanying this press release please click on the following
link: http://media3.marketwire.com/docs/IGCmap.pdf


Phelps Dodge undertook a suite of airborne and ground based surveys and 14 drill
holes in the SW corner of the Kasempa East concession. They considered the
region to be prospective for iron-oxide-copper-gold (IOCG) type targets and
thought the brecciation and metasomatism seen was reminiscent of such targets.


The Kalengwa South area is considered prospective following the main discovery
in the region (50 kilometres away) of the Kalengwa Copper Mine. Other companies
that have been active in the area of the concessions include Phelps Dodge, First
Quantum and Gencor during the 1990s to 2000.


Kalengwa South has been more extensively explored. A number of copper showings
flanking the nose of the Syenite intrusive at Dongwe have been prospected since
the 1920s and have been documented by the Zambian geological survey. In the
1950s to 1970s, Anglo undertook extensive systematic prospecting over large
areas of the Kalengwa district. The original data has not yet been cited. Again,
First Quantum and Phelps Dodge also have performed exploration in the area.
Known prospects within the area include Karibarembi, Shirembwe and Chimena. The
remainder of the prospects originally cited in the initial geological report of
the area given to IGC by the vendors have not as yet been geographically
located.


At Karibarembi, Anglo completed extensive geophysical surveys including drilling
(13 diamond drill holes) with the best intersection of 0.75 meters at 22% copper
reported. No analysis for gold seems to have been completed however there is
scheelite, copper and pyrite and refractured quartz veining within breccias in
the area.


Shirembwe hosts numerous malachite stained boulders. Some trenching has been
completed but results are not known at this stage. Further investigation is
continuing.


Chimena has over 140 wagon wheel drillholes and three diamond drillholes with
copper mineralisation visible. In 1991 Watts Griffis McOuat, an independent firm
of consulting geologists and engineers, considered in an independent review that
the area may have potential for Carlin-style gold mineralisation based upon the
widespread hydrothermal silicification and sulphide mineralisation. Additionally
the carbonate rocks in Kundelungu, with high levels of sulphidation and late
tectonic acid intrusive may lead to high grade skarn mineralisation not yet
explored for.


A work program has commenced on the project areas with a consulting geologist
due on site before the end of the month. This program will see all the
historical data compiled, reference maps drawn and the historical geophysical
data located. This is seen as both an immediate and imperative first step. Field
mapping of historical workings, location of the drilling and locating the
accompanying results will assist us in identifying further drill targets for
testing. It is anticipated that drill targets could be identified before the end
of the current drilling season.


(Technical information in this announcement was reviewed by Mr. Dave Holden,
President and CEO, who is a Member of the AusIMM and a "Qualified Person" as
defined under Canadian National Instrument 43-101 ("NI 43-101")).


About IGC Resources Inc.: IGC's principal business activities are the
exploration and development for mining of gold and copper projects in Australia
and Africa while continuing to investigate other mineral resource prospects for
potential acquisition globally. IGC also holds 28.8% of Australian-listed energy
explorer, Atomic Resources Limited (ASX:ATQ) (www.atomicresources.com.au) which
focuses on coal and uranium exploration in Australia and Africa.


For more information, please visit our website at www.igcresources.com, email us
at info@igcresources.com or call John Braden at +1 604-664-7424.


Statements in this release may constitute forward-looking statements which
involve known and unknown inherent risks and uncertainties that are detailed in
IGC's periodic filings with Canadian securities regulators. Given these risks
and uncertainties, investors should not place undue reliance on forward-looking
statements as a prediction of actual results. Actual events or results could
differ materially from IGC's expectations and projections.

(TSXV:IGC)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

(TSXV:IGC)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024