REG-IMC Exploration Group Plc: West Avoca, Co. Wicklow Sampling Update

IMC ExplorationAnnouncement

08/09/2020 08:55

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”)

IMC Update Exploration Target for West Avoca Spoils

Highlights
* Updated report increases tonnage in West Avoca spoil heaps.
* Exploration Target in West Avoca estimated at 3,500-4,000 oz gold.
* Sampling planned to upgrade West Avoca Exploration Target to Inferred
Resource.
* Inferred Resource of 19,800 oz gold previously reported for East Avoca.
Introduction

IMC Exploration Group Plc (IMC), the London-listed gold and base metals
explorer in Ireland, is pleased to report the following update based upon a
reassessment of tonnages contained in the West Avoca spoil heaps.

IMC commissioned Trove Metal Ltd (Trove) to review the tonnages contained in
the mineralized spoils of the West Avoca Exploration Target as described by
CSA Global (CSA) in the 2019 Mineral Resource Estimate (MRE) report on the
Avoca Historic Mine Site Project, Ireland (reported 11th September 2019). 
The  2020 Trove report considers the West Avoca Exploration Target in
isolation. This is in addition to the CSA MRE report for East Avoca (Inferred
Resource of 19,800oz gold). 

Trove has entered into an agreement with IMC to establish an environmental
clean-up operation to remove metals from the existing mine waste at the Avoca
site.

IMC plans to carry out further sampling on the West Avoca Exploration Target
in 2020 to allow an Inferred Resource to be calculated at West Avoca*. 

The 2020 Trove Report

The 2020 Trove report reassessed and recalculated the likely tonnes contained
in five defined areas of West Avoca, four of which are represented by surface
spoils (S1-4) and one area of backfilled spoils (U1). 

The CSA Exploration Target tonnage estimate for the West Avoca spoils
specified a range from 130,000 to 180,000 tonnes.  The 2020 Trove report,
with areas and topography of the spoil heaps better defined through detailed
assessment of lidar measurements, has calculated that 385,042 tonnes are
present.  The depth measurements of the spoils are based on conservative
estimates of the vertical extent of each stockpile and range from 2.0m to
4.7m.  A tonnage factor of 1.6 was used.

 Stockpile  Area (m (2))  Volume (m (3))  Tonnes   
 S1         6,483         30,800          49,280   
 S2         5,008         20,031          32,049   
 S3         4,279         17,116          27,386   
 S4         19,918        59,754          95,606   
 U1         56,475        112,950         180,721  
 Total      92,163        240,652         385,042  

Table 1.  Updated tonnage estimates for West Avoca spoils

(Trove Metal Ltd).

Minimal grab sampling and analyses have been undertaken on four of the five
areas at West Avoca.  The results are tabulated below.

 Stockpile  Sample ID    Au g/t  Ag g/t  
 S1         WA 02        0.51    4.2     
 S2         WA 01        0.33    3.5     
 S3         WA 04        0.35    8.0     
 S4         WA 03        0.27    6.9     
 U1         Not Sampled                  

Table 2.  Grab sampling at West Avoca (Trove Metal Ltd).

CSA provide a grade range of 0.3 – 0.6 g/t Au for the West Avoca spoil heaps
Exploration Target.  Using the lower estimate of 0.3 g/t Au (which is also
the grade of the JORC-compliant CSA MRE in East Avoca) an Exploration Target
in the region of 3,500-4,000 oz Au is reasonable for West Avoca using the
updated tonnage estimate in the 2020 Trove report.

These re-estimated values for the number of tonnes likely to be present (and
associated gold content) will benefit from more detailed exploration,
specifically detailed sampling at regular lateral and vertical intervals to
firm-up the Exploration Target into an Inferred Resource.

*As an Exploration Target under the JORC (2012) code the estimates for West
Avoca contained in the Trove report cannot be included as a resource as the
potential quantity and grade is conceptual in nature, and that there has been
insufficient exploration to estimate a Mineral Resource. 

The CSA MRE

In September 2019, IMC published an MRE on its Avoca Historic Mine Site
Project, Ireland 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 East
Avoca part of the site.

Mineralogical testing is ongoing, and it is also anticipated that this will
confirm that a sizeable quantity of gold and metals will be recoverable at low
cost, given that the material has already been extracted and crushed.  IMC,
Trove and CSA believe there are reasonable prospects for the eventual economic
extraction of the Mineral Resources.

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 O’Brien, Chairman, commented ‘The MRE for our spoils and tailings
project in East Avoca, Co. Wicklow is hugely significant with the gold
estimate alone coming in around 20,000oz.  As demonstrated in the updated
report by Trove Metal Ltd on the Exploration Target at West Avoca, there is
further potential to increase this by up to 4,000oz gold within the Avoca
area.  This additional work will commence in the coming weeks.  As you will
be aware gold has recently reached an all-time high of over $2,000 per oz. 
This is significant news for IMC and its shareholders.’

Dublin, 8(th) September 2020

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408
/ 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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