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(Alliance News) - IMC Exploration Group PLC on Wednesday said it has completed a mineral resource estimate at the Avoca mine in Ireland.
Samples were taken of 1.9 million tonnes from three spoil heaps at the mine. The resource estimate reported a copper grade of 0.1%, the same as the zinc grade, and a lead grade of 0.4%.
Turning to precious metals, IMC reported a gold grade of 0.3 grams per tonne and a silver grade of nine parts per million.
The company added that mineralogical testing is still ongoing and said results will be reported when they become available.
IMC said there is also a potential to increase the tonnage and grade of the resource estimate by conducting further investigations of other spoil heaps in the mine, especially at the west of it.
Chair Eamon O'Brien said: "The mineral resource estimate for our spoils and tailings project in Avoca is of great significance. There is further potential to increase the tonnage and grade, not only on this site but also on other spoil heaps within IMCs licence areas.
"The scale of this opportunity at Avoca is transformational for IMC and its shareholders. The resource estimate is a significant development and further validates the company’s strategy. Work continues and the directors believe this represents an exciting time for the company and its shareholders."
Shares in IMC Exploration were 5.1% higher at 2.05 pence each in London on Wednesday afternoon.