Drilling Report; New Appraisal Programme in N. ...

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC EXPLORATION GROUP PLC 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”)

Permission granted for appraisal drilling at North Wexford and trial pits sampling at Avoca, Co. Wicklow

IMC Exploration Group plc (IMC), the London-listed gold exploration company based in Ireland, is pleased to report that it has been granted permission to commence appraisal drilling on its North Wexford gold project by the Exploration and Mining Division of the Department of Communication, Climate Action and Environment.  Furthermore, approval has been given to commence trial pit sampling to upgrade IMC’s West Avoca spoils and tailings Mineral Resource Estimate.

IMC will commence follow-up drilling on a gold-in-soil anomaly in PL 1200, North Wexford.  Historical work by RioFinEx proved gold mineralisation hosted by highly altered rocks at a depth of 30m.  Groove sampling of this drill core proved an intercepted grade of 0.5 g/t Au over 18.6m (weighted average over 3 to 3.6m sample intervals).  Half core sampling of part of the groove sampled interval assayed 15m at 0.2 g/t Au (weighted average of 1.5m sample intervals).  Although all the pertinent data is available for examination and extrapolation, IMC will commence appraisal drilling in this area to confirm and expand on the information available in accordance with the JORC Code (2012).  High gold grades have already been encountered on the adjoining IMC licence (PL 2551) and the upcoming drilling in PL 1200 aligns with IMC’s strategy of establishing a gold resource on its North Wexford gold project. 

On 11^th September 2019, IMC published the “CSA Global IMC Mineral Resource Estimate” (MRE) on its spoils and tailings project at Avoca, Co. Wicklow where the gold estimate alone is at circa 20,000 oz.  Furthermore, the Company has recently identified exploration targets at West Avoca where there is potential to increase this estimate by up to 4,000 oz. gold within the Avoca area.  This additional trial pit sampling has now been granted permission by the Exploration and Mining Division of the Department of Communication, Climate Action and Environment.

IMC Chairman, Eamon O’Brien, commented, “This is an exciting time for IMC with appraisal drilling set to commence on our North Wexford gold project.  Additional trial pit sampling on our spoils and tailings project at Avoca, Co. Wicklow as outlined above will also be underway, potentially adding to our already-published MRE. Investors will no doubt already be aware that the price of gold has recently reached an all-time high of over $2,000 per oz. 

These developments, along with our programme of work with Trinity College Dublin, will ensure the coming weeks will be an eventful time for IMC and its shareholders.”

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, 13^th October 2020

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: [phone]/ [phone] / [e-mail] 
Brinsley Holman: [phone] / [e-mail] 

IMC Exploration Group plc
Kathryn Byrne: [phone]