IMC Exploration Group Plc - Drilling Report, West Avoca

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.

IMC Exploration Group Public Limited Company

IMC Reports Results from Further Three Drillholes at West Avoca

• Drillhole 21-3850-02 intercepted a 4m wide zone grading 5.6% zinc and 2.1% lead (7.7% combined zinc + lead) between 143.5 and 147.5m.  Two further zones of massive and semi-massive sulphide mineralisation were intersected between 252m (3.4m wide) and 273m (2.5m wide). 

• Drillhole 21-3850-03 encountered two zones of semi-massive sulphide (23.0 -39.7m and 202.75 - 211.7m).  The lower zone assayed 8.95m at 0.5% copper (including 1.0m grading 1.6% copper and 0.95m grading 1.2% copper).  Associated with, but slightly deeper than, the lower zone is a 7.05m section grading 0.23 g/t gold.

• Drillhole 21-3850-04 encountered massive sulphide mineralisation from 172.8-187.0m.  The 3m interval between 181.0-184.0m graded 2.2% zinc + lead.  Gold grades of up to 0.23 g/t over 1m are present.  Copper grades include 1.5% copper over a 0.5m interval and 0.3% copper over a 4.0m interval.  Other zones of well-developed pyrite mineralisation occur throughout the sequence drilled.

• This drill programme, in conjunction with historical drill records, has confirmed Cu, Pb, Zn, Ag, Au mineralization over a minimum c. 1000m strike to the southwest from the mapped underground workings. 

IMC Exploration Group plc (“IMC”), the London-listed exploration company based in Ireland, is pleased to announce assay results from its second, third and fourth drillholes from a 1,100m drilling programme at its West Avoca property on PL 3850, Co. Wicklow, Ireland.

The drill programme focused on exploring the unmined, south-western extension of the Avoca Cu-Zn-Pb-Ag-Au deposit.  Mineralisation has now been successfully traced over a strike length of 300m between the first and fourth holes of this programme.  Furthermore, historical drilling 700m to the southwest of 21-3850-04 encountered 3.0m grading 0.7% Cu indicating that the mineralising system remains open.  This represents a minimum strike length of c. 1000m, most of which remains to be drill tested.

Drillholes 21-3850-02 and -03 were drilled on the same section and represented a 50m north-easterly step out from the previously reported 21-3850-01.  The mineralised section in 21-3850-02 from 143.5-147.5m (4.0m grading 7.7% zinc + lead) is interpreted as the along-strike and up-dip projection of the 18.7m intercept grading 6.5% zinc + lead in 21-3850-01 (reported on 26^th October 2021).

Drillhole 21-3850-03 tested 150m downdip from the intercept in 21-3850-02 and encountered copper mineralisation suggestive of either metal variation along strike within the system or possible faulting to juxtapose the zinc-lead mineralised horizon with the deeper copper horizon.  The section from 202.75-211.70m graded 8.95m at 0.5% copper.  The 7.05m between 210.75m-217.8m analysed 0.23g/t Au.  From 252m, drilling difficulties were encountered and the drill hole was not able to test the projected deepest copper horizon.

Drillhole 21-3850-04 tested the mineralisation c. 300m along strike to the south=west of 21-3850-03.  Extensive zones of sulphide mineralisation were encountered with the best zinc grades from 181.0-184.0m (3m grading 2.2% zinc + lead) and copper grades from 206.0 – 210.0m (4m grading 0.3% copper).  A section from 240.3-240.8m assayed 1.5% copper.  Grades of up to 0.23 g/t gold over a 1m interval are present.

Minimal drilling has taken place to the south-west of 21-3850-04 but all indications are that the Avoca mineralising system remains open to the south-west.

Eamon O’Brien, Chairman, commented,

‘The substantial amount of massive sulphide mineralisation encountered in these three drillholes, allied with historical drilling, support the interpretation that there is a minimum strike length of 1,000m of exploration potential to the south-west of the mapped underground workings at West Avoca. 

Grades of up to 1.5% copper and 7.7% lead + zinc mineralisation encountered to the south-west of the old workings provide optimism that continuity of mineralisation and further economic grade intersections can be targeted in the West Avoca area.

IMC will drill test and evaluate the 700m unexplored section to the south-west of drillhole 21-3850-04 and further appraise the reported historical intercept of 3m grading 0.7% Cu to prove up the along-strike extent of the mineralising system.

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, 3^rd March 2022

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

REGULATORY ANNOUNCEMENT ENDS.

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