Half-year Report

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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 31st 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, 28th February 2022

About IMC Exploration

IMC Exploration Group plc (IMC) is currently listed on the London Stock Exchange market (Ticker: IMC). IMC has a Mineral Resource that is classified as ‘inferred’ and has been reported in accordance with the JORC Code (2012). IMC holds properties in southeast Ireland that are highly prospective for gold, copper and other base metals. These include the world famous historic Avoca copper mine.

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IMC Exploration Group plc,
70 Ballybough Road,
Dublin 3, Ireland

Telephone: +353 872819215

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