IMC Exploration Group Plc - Half-year Report

THE DIRECTORS OF IMC EXPLORATION GROUP PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 596/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (THE "MARKET ABUSE REGULATION"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

RESULTS FOR THE PERIOD 1^st JULY 2021 TO 31^st DECEMBER 2021

IMC Exploration Group Public Limited Company
(“IMC” or the “Company”)

Chairman’s Statement

The Directors of IMC are pleased to present the Company’s unaudited, consolidated, interim financial results for the first six-month period of the current financial year to 31^st December 2021.

The half-year under review was an extremely busy and positive time for the Company, with the drill programme in West Avoca commencing during this period. A drilling programme was undertaken to assess the extent and continuity of Cu, Au, Pb, Zn mineralisation along strike from the historic Avoca mine.  Historical mineralised intercepts in the West Avoca area include 10m grading 1.1% Cu and 9m grading 10.3% Zn and 4.8% Pb.

IMC achieved exceptionally good intersects of 18.7m of zinc, lead and silver mineralisation at West Avoca.  We encountered four zones of massive and semi-massive sulphide mineralisation at depths between 159m and 206m.  When aggregated over an 18.7m interval, the upper three zones assayed 6.5% zinc and lead and included 2.8m grading 12.6% zinc and lead and 2.2m grading 70g/t silver.  Further drilling has both encountered massive and semi-massive sulphide mineralisation.   

The Board of IMC is delighted that we have intersected 18.7m of zinc, lead and silver mineralisation at West Avoca.  Furthermore, it has confirmed the geological interpretation and emphasises the validity in reassessing and drill-testing historical deposits where significant mineralisation remains. 

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 mineralisation is present at West Avoca over a minimum strike length of c. 300m.

Further progress continues on our spoils’ and tailings’ project in Co. Wicklow, where we have established an Inferred Mineral Resource Estimate.  Our successful collaboration with Trinity College Dublin, Ireland continues and we would like to take this opportunity to thank them for their valuable contributions.

IMC previously announced that it had conditionally agreed to acquire MVI Ireland s.r.o., the 100% owner of the Assat company in Armenia which is the holder of the mining licence for the Karaberd gold mine located in Lori Marz, northern Armenia. The conditional agreement remains in place and we expect to complete the acquisition during the coming period. 

This is a propitious time for gold, silver, copper and zinc with the high commodity prices presently prevailing.  The Directors look forward to reporting further results from the West Avoca drilling programme and on progress towards completion of the MVI Ireland s.r.o. acquisition. 

Eamon O’Brien,
Executive Chairman,
Dublin, 28^th February 2022


 

IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the period 31^st July 2021 to 31^st December 2021

Continuing Operations                                                                                                   

All activities derived from continuing operations. All losses and total comprehensive losses for the period are attributable to the owners of the Company.

The Company has no recognised gains or losses other than those dealt with in the statement of comprehensive income.


 

IMC Exploration Group Public Limited Company
Consolidated Statement of Financial Position
As at 31^st December 2021

IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the period 31^st July 2021 to 31^st December 2021

IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the period 31^st July 2021 to 31^st December 2021

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

REGULATORY ANNOUNCEMENT ENDS.

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