Drilling Update; Situation Report re Proposed A...

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"), WHICH IS BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 PART OF UNITED KINGDOM LAW. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

IMC EXPLORATION GROUP PLC

(“IMC” or the “Company”)

1) IMC Announces Commencement of Drill Programme at West Avoca

• Four drill holes are being drilled to assess the extent and continuity of Cu, Au, Pb, Zn mineralization along strike from the historic Avoca mine

• Historical mineralized intercepts in the West Avoca area include 10m grading 1.1% Cu and 9m grading 10.3% Zn and 4.8% Pb

• IMC has reported JORC-compliant figures of c. 20,000ozs of gold, 2.6k tonnes of copper and 7.8k tonnes of lead from mine spoils and tailings to the northeast of the planned drilling (8^th September 2020)

• IMC plans that the drill programme will allow an independent resource calculation to be undertaken in addition to that already in place for the spoils and tailings project

IMC Exploration Group plc (IMC), the London-listed gold exploration company based in Ireland, is pleased to announce the start of a 1,000m drilling programme at its West Avoca property on PL 3850, Co. Wicklow, Ireland.

The Avoca Mine is estimated to have contained 16 million tonnes of 0.6% copper which was exported as a concentrate that contained ‘payable grades of gold and silver’ (Williams et al., 1986).  In addition, in situ zinc and lead mineralization is present at West Avoca over a minimum strike length of c. 300m. 

When the Avoca mine ceased operation in 1982 (due mainly to the low price of copper prevailing at that time), significant amounts of ore were left in place.  With the copper price recently at an all-time high, IMC has reassessed historical records along strike to the southwest from the Avoca mine, and interprets there is a 1.2km minimum strike length that has either been only partially tested or else has specific targets remaining to be drill tested. 

At the north-eastern end of the 1.2km strike length outlined by IMC, historical drilling encountered 13.3m grading 3.7% Zn 1.8% Pb and 5.3m grading 1.9% Cu.  At the south-western end, historical assays include 5.8m grading 0.5% Cu with 0.9m grading 0.5 g/t Au.  Widely spaced drillholes within the 1.2km strike extent have assayed 10m grading 1.1% Cu and 9.0m grading 10.25% Zn and 4.78% Pb.  Gold grades of up to 0.4 g/t Au over 4.5m have been recorded and represent a highly positive ‘credit’ when taken in consideration with the high copper and zinc grades.

In the West Avoca area, zinc-lead mineralization overlies copper-gold mineralization.  Much of the historical drilling has not tested the deeper (c. 200m depth) copper-gold mineralization.  This programme is planned to test the down dip extent of the zinc-lead mineralization and assess the mostly untested underlying copper-gold mineralization.

Eamon O’Brien, Chairman, commented: ‘This drill programme is designed to validate and extend zones of mineralization encountered in historical exploration which left unmined zones of mineralization.  The substantive historical intercepts and strike length identified, allied with this planned drilling, will allow IMC to move towards a bedrock resource calculation to complement existing JORC-compliant spoils and tailings calculations.  With copper prices recently reaching an all-time high, climate change initiatives to the fore and copper a vital component to drive the green economy, IMC will be part of this new green future with its copper project in Avoca.’

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.

2) Further to Announcement of 15^th April 2021 re. Proposed Acquisition

Further to the regulatory announcement issued on 15^th April 2021 concerning its proposed acquisition of the Karaberd Mine in Lori Mar, Armenia, the Company confirms that the due diligence process referred to in that announcement continues and that, as and when such should be required, (a) further announcement(s) shall be made.

Eamon P. O’Brien,
Executive Chairman,
Dublin, 17^th August 2021

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

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

IMC Exploration Group plc

Kathryn Byrne: [phone]
 

Keith, Bayley, Rogers & Co. Limited

Graham Atthill-Beck: [phone]; [e-mail]; [e-mail]