IMC Imc Exploration Group Plc

 
TIDMIMC 
 
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 (8th 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 15th April 2021 re. Proposed Acquisition 
 
Further to the regulatory announcement issued on 15th 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, 17th 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: +353 85 233 6033 
 
 
Keith, Bayley, Rogers & Co. Limited 
 
Graham Atthill-Beck: +44 7506 43 41 07; Graham.Atthill-Beck@kbrl.co.uk; 
blackpearladvisers@gmail.com 
 
 
 
END 
 
 

(END) Dow Jones Newswires

August 17, 2021 02:00 ET (06:00 GMT)

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