IMC Exploration Group Plc - Quarterly Resource Update

IMC Exploration Group Plc - Quarterly Resource Update

PR Newswire

London, October 15

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");

Quarterly Update on Projects

IMC, the London-listed gold and base metals explorer in Ireland, is pleased to share the following updates with shareholders as the gold price reaches a six-year high:

IMC published on 11th September 2019 a mineral resource estimate (MRE) on its Avoca spoils and tailings project located in Co. Wicklow, Ireland. The JORC-Compliant MRE report shows, inter alia, significant grades of extracted and crushed gold (1,871,000t at 0.3g/t Au), copper (1,871,000t at 0.14% Cu) and lead (1,871,000t at 0.42% Pb) in the spoil heaps on the eastern half of the site. Mineralogical testing is ongoing, and it is anticipated that the test work will indicate that a sizeable quantity of gold and other metals will be recoverable at low cost, given that the material has already been extracted and crushed.

The MRE for the spoils and tailings project in Avoca, Co. Wicklow is hugely significant with the gold estimate alone coming in at almost 20,000 ozs. There is further potential to increase the tonnage and grade, not only on this site but also on other spoil heaps within IMC's licence areas. The scale of this opportunity at Avoca is transformational for IMC and its shareholders. IMC's gold is in spoils heaps which are already mined, crushed and on the surface.

IMC's collaboration, announced on 24th September 2019, with the Raw Materials Research Group at Trinity College Dublin continues apace. IMC's Board believes access to world-class micro-analytical facilities at Trinity College Dublin is a tremendous advantage for IMC and its Avoca properties.

Following the establishment of IMC's collaboration with the Raw Materials Research Group at Trinity College Dublin, the Company is now working with them on petrographic and microanalytical work on samples from IMC drill-holes targeting the gold-rich Kilmacoo zone. This Trinity College Dublin research group is led by Dr. Sean McClenaghan and Dr. Thomas Riegler.

Milner and McArdle (1992) reported that drilling at the gold-rich Kilmacoo zone at the north-east end of the Avoca Mine property intersected 19 metres of quartz veined schist grading 2.88 g/t Au and 16.6 g/t Ag. The site was further explored by Riofinex and, although no resource figures were published by Riofinex, Milner and McArdle (1992) stated that a (non-compliant) resource of up to 500,000t at up to 2 g/t Au could be present over a 125 metre strike length, equivalent to over 35,000 ozs of gold. More recently, further drilling on the property has been carried out by IMC.

At its North Wexford Gold Project, IMC was awarded two additional licences (PL 1200 and PL 1199) adjacent to its licence area forming PL 2551, where IMC had previously encountered gold grades yielding 354g/t Au.

Consistent with IMC's strategy of establish a significant gold resource, the additional licences in Ireland, along with the high gold grades already encountered on parts of the adjoining PL 2551 licence, give IMC the immediate capacity to accelerate its exploration programme in this area.

Chairman, Eamon O'Brien, commented: "Over the next weeks and months IMC will continue its work on the spoils and tailings project in Avoca, Co. Wicklow. It will also continue with its exploration work on its Avoca/Kilmacoo Gold Project in conjunction with Trinity College Dublin, along with its North Wexford Gold Project. We look forward to the coming period with enthusiasm."

This regulatory release has been approved by Eur Geol Professor Garth Earls, PGeo, FSEG, who is an independent consulting geologist and a Competent Person as defined in the JORC 2012 reporting code.

Eamon P. O'Brien,
Executive Chairman,
Dublin, 15th October 2019

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

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

IMC Exploration Group plc
Kathryn Byrne: [phone]

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