Happy days for Peruvian explorers as new laws benefit juniors
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Peru has introduced new exploration regulations that are expected to benefit Australian explorers active in the region.
The new regulations will make it easier for companies to advance their exploration projects by exempting most small-scale projects from the national system of environmental evaluation.
Peru is introducing a new permit for up to 20 drilling platforms that can be obtained within 10 days and is reclassifying the existing environmental permit to allow up to 40 drilling platforms, up from 20 previously.
Inca Minerals (ASX:ICG) says the new regulations will have a positive impact on its 2018 exploration and drilling activities at both the Riqueza and Cerro Rayas projects.
“The new exploration regulations could be a tremendous fillip for exploration in Peru and, while it is frustrating there has been slippage, target generation at Greater Riqueza and Cerro Rayas continue to gather pace which provides further drill opportunities for Inca,” boss Ross Brown told investors.
Inca Minerals completed a first phase of drilling at the Greater Riqueza project in the December quarter.
Drilling at the Humaspunco and Humaspunco South prospects delivered grades of up to 20.77 per cent zinc, 99.1 grams per tonne (g/t) silver and 6.73 per cent lead.
Anything over 10 per cent zinc and 50 g/t silver is considered high grade.
The new regulations will come into force once the government publishes two additional documents that form part of the changes.