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,
Executive Chairman,
Dublin, 17th
September 2020
The Directors of IMC, after due and
careful enquiry, accept responsibility for the contents of this
announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
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