REG-IMC Exploration Group Plc: Accelerated Exploration Programme in N. Wexford

IMC ExplorationAnnouncement

17/09/2020 08:00

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, 17(th) 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



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