THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
IMC EXPLORATION GROUP PLC
(“IMC” or the “Company”)
Development on North Wexford Gold Project PL 1200 gives IMC immediate capacity to accelerate its exploration programme
IMC Exploration Group plc (IMC) is pleased to announce positive developments on its North Wexford gold project. An initial review of historical exploration on PL 1200 in Co. Wexford has commenced. PL 1200 is one of a group of three licences held by IMC that are underlain by the mineralised rhyolitic volcanic rocks of South East Leinster.
Mineralisation in PL 1200 occurs within the Duncannon Group that is also host to the copper-gold deposits at Avoca, Co. Wicklow where IMC is investigating gold recovery from mineralised spoils derived from earlier mining of the Avoca deposits.
One drill hole has been drilled in PL 1200 and has been examined by IMC. In 1986, RioFinEx drilled a gold-in-soil anomaly and proved gold mineralisation hosted by highly altered rocks at a depth of 30m. Groove sampling of the drill core at that time proved an intercepted grade of 0.5 g/t Au over 18.6m (weighted average over 3 to 3.6m intervals and included intervals of 3m grading 0.8 g/t Au and 3.6m grading 0.7 g/t Au). Half core sampling of part of the groove sampled interval assayed 15m at 0.2 g/t Au (weighted average of 1.5m intervals).
Although all the pertinent data is available for examination, IMC has determined that the overall data set is not JORC compliant. IMC therefore intends to drill further in this area in order to confirm and expand on the data available to the Company in accordance with the JORC Code (2012).
The geological setting, gold grades and alteration within the rhyolite host rocks in PL 1200 are comparable with other copper-gold deposits associated with the closure of the Iapetus Ocean. Specifically, there are geological similarities with the Avoca deposits to the North East and the Parys Mountain deposit on Anglesey.
IMC continues to assess the historical records available for PL 1200 and has concluded from geochemical and geophysical data that other areas within PL 1200 remain to be drill tested.
IMC recently acquired licenses PL 1200 and PL 1199, adjacent to PL 2551. Previously in PL 2551, IMC drilled a “bonanza grade” gold anomaly at Boley with a 1.5m interval grading 354 g/t Au and a 13.5m interval averaging 3.5 g/t Au (applying 20 g/t top cut). Further notable drill intercepts in PL 2551 include 0.72m grading 10 g/t Au; 1.3m grading 3.8 g/t Au; 1.2m grading 8.3 g/t Au and 5m grading 2.4 g/t Au. IMC believes that the two new licences will significantly enhance the Company’s North Wexford gold project.
Chairman Eamon O’Brien commented, ‘IMC has a strategic interest in the volcanic rocks of South East Leinster and our assessment of historical information in PL 1200, which had only one shallow hole drilled in the past 34 years, proves that quality exploration targets remain to be tested. This is consistent with IMC’s strategy to establish a significant gold resource. The additional licences in Ireland, along with the high gold grades already encountered on parts of the adjoining IMC licence PL 2551, give the Company the immediate capacity to accelerate its exploration programme in this area.’
This release has been approved by EurGeol Professor Garth Earls PGeo, FSEG, who is an independent consulting geologist and a Competent Person as described in the JORC 2012 reporting code.
Eamon P. O’Brien,
Dublin, 17th September 2020
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091/ +44 7506 43 41 07 / Graham.Atthill-Beck@kbrl.co.uk;
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033