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Investors have taken a shine to IMC Exploration Group PLC (LON:IMC) after news of what it called a transformational deal.

In what is effectively a reverse takeover the company is buying the Karaberd gold mine in northern Armenia, including the operating licence and an ore-crushing production facility.

The deal is structured so it is buying MVI Ireland from Mineral Ventures Invest. MVI Ireland in turn owns Assat LLC which owns the operating licence for the mine.

IMC is issuing new shares as payment, giving the seller 51% of the enlarged business. This could rise to 59.17% if certain milestones are reached. Hence the reverse takeover classification.

The deal will expand IMC's geographical scope, as well as adding production to its exploration activities. The successful production of crushed ore from the mine would give the company a source of cash flow and enhance its growth prospects.

Mineral Ventures is also paying €20,000 a month over 24 months to help working capital requirements.

IMC Exploration jumps after it plans reverse takeover of gold mine in transformational deal

An Irish government commissioned report indicates the spoils (c.1m cubic meters spread over 28 ha) contain significant concentrations of copper (56-11,344 milligrams per kilogram [mg/kg]), zinc (44-7,404 mg/kg), lead (112-41,353 mg/kg), and arsenic (18-3,903 mg/kg). Analyses of seepage from the Mount Platt spoils (c 1m tons) indicate that the spoils are acid generating resulting in seeps with low pH (typically < 3) and very high concentrations of copper, zinc, iron and aluminium.

There is currently a collaboration with the Raw Materials Research Group at Trinity College Dublin and IMC. Their research into resolving the paragenesis of gold in Caledonian terranes across Ireland identified the gold-rich Kilmacoo zone at the northeast end of the Avoca Mine property, intersecting 19 meters of quartz veined schist with 2.88 g/t Au and 16.6 g/t Ag (Milner and McArdle, 1992).
The site was further explored by Riofinex and although no resource was published by Riofinex. Furthermore, on the same site, Milner and McArdle (1992) state that a (non-compliant) resource of up to 500,000t at up to 2 g/t Au may be present over a 125 meter strike length, equivalent to over 35,000ozs of gold. This is in addition to the area covered by the MRE.

AVOCA LICENCE AREA – FURTHER INFORMATION

Sampling by the Environmental Protection Agency (EPA) and the Geological Survey of Ireland (GSI) and Camp Dresser & McKee Inc. (CDM) has shown that significant quantities of gold, lead and copper remain in the spoil heaps. The CDM report states “The seepage from the Mount Platt spoils indicate that the spoils are acid generating resulting in seeps with low pH (typically < 3) and very high concentrations of copper, zinc, and lead.” *
An Irish Government report (Tellus Survey) which confirms high levels of gold in streams near the Gold Mine River (IMC Pl3857) and Avoca region (IMC Pl3850,3849). The Tellus Survey further identifies high gold values in streams that flow across and along the edges of the Leinster granite, a complex area long thought to be a source for the gold mineralisation inthe region.

IMC undertook an investigation of the spoil heaps at Avoca in order to complete an MRE.
The JORC Compliant MRE report shows, inter alia, significant tonnage (1,871,000t) of pre crushed rock and grades of gold (0.3g/t), copper (.14%), silver (9ppm) and lead (0.42%) in the spoil heaps on the eastern half of the site.
This equates to c.20,000ozs of Gold, 2.6k tonnes of Copper and 7.8k tonnes of Lead and 600k ozs of Silver.
MINERAL RESOURCE ESTIMATE - DETAILS

CSA Global Pty Ltd (CSA Global) completed the MRE
The sample density has allowed the MRE to be classified as an Inferred Resource and is reported in accordance with the JORC Code (2012). The classification of the MRE was carried out taking into consideration the volumes of the spoils heaps, the nature and spacing of the sampling and density data.
The MRE is based on data from sample pits, dug with an excavator and reflecting representative vertical intervals throughout the spoils heaps

IMC'S TAILINGS AND SPOILS AVOCA, Co Wicklow (PL 3849 and PL 3850)
The Avoca mines have left a legacy of spoil heaps on the landscape with gold, silver, copper, lead and zinc that has, until now, been unrecoverable.

Avoca Mine Waste

Following the establishment of IMC’s collaboration with the Raw Materials Research Group at Trinity College Dublin, the Company is now working with them on petrographic and microanalytical work on samples from IMC drill-holes targeting the gold-rich Kilmacoo zone. This Trinity College Dublin research group is led by Dr. Sean McClenaghan and Dr. Thomas Riegler.

Milner and McArdle (1992) reported that drilling at the gold-rich Kilmacoo zone at the north-east end of the Avoca Mine property intersected 19 metres of quartz veined schist grading 2.88 g/t Au and 16.6 g/t Ag. The site was further explored by Riofinex and, although no resource figures were published by Riofinex, Milner and McArdle (1992) stated that a (non-compliant) resource of up to 500,000t at up to 2 g/t Au could be present over a 125 metre strike length, equivalent to over 35,000 ozs of gold. More recently, further drilling on the property has been carried out by IMC.

Precious Metal Prospecting Licences
IMC currently holds 6 prospecting licences on the East coast of Ireland in Co. Wexford (PL 2551, PL 1200 & PL 1199) and Co. Wicklow (PL 3850, PL 3849 & PL 3857). The SLR Competent Person’s Report (March 2016) confirms the exploration activities on these licences and selected findings below:

Bonanza grade gold discovered during IMC drilling at Boley (PL 2551): 1.5 m grading 354 g/t within a 13.5 m interval averaging 3.5 g/t Au (applying 20 g/t top cut).
Notable drill intercepts at PL 2551 of 0.72m @ 10g/t Au; 1.3m @ 3.81 g/t Au; 1.2m @8.3 g/t Au and 5m @ 2.4 g/t Au.
Co. Wickow licences include the former Avoca Copper mine and highlights of previous exploration on these licences include drill intersections of 8.3m @ 10.1% Zn, 5.7% Pb, 0.48% Cu 284 g/t Ag and 10m @ 12.95 g/t Au.

IMC’s Wexford exploration potential:

IMC was awarded two additional licenses PL1200 and PL 1199 adjacent to PL 2551, where IMC had previously encountered Bonanza grade gold discovered during IMC drilling at Boley (PL 2551): 1.5 m grading 354 g/t within a 13.5 m interval averaging 3.5 g/t Au (applying 20 g/t top cut). Notable drill intercepts at PL 2551 of 0.72m @ 10g/t Au; 1.3m @ 3.81 g/t Au; 1.2m @8.3 g/t Au and 5m @ 2.4 g/t Au. IMC believes that the two new licences should significantly enhance the Company’s North Wexford gold project.
In our February 2018 Competent Person’s report, the author, SLR, stated that in their opinion IMC’s work has significantly upgraded the gold potential of the licence. It is considered that there is strong support for the presence of a zone of major gold mineralization trending NE to ENE through the townlands of Boley, Ballygarret and Kilmichael.

3 to 5p target short term for me others saying 15p on becoming a producer if there correct thats a 15 bag all imo

agree should be over 2p imo

another good day today

ten bagger stock imo will topslice at 2.40 and leave 4 grand in for potential 10 bag
40k yum yum imo

bit going from a explorer to a producer is a big deal even the company states its transformational. open pit the metals already there as they keep tweeting not enough copper for the ev use and we have at least 200 mill worth plus could be significantly more. could be half a billion worth for 3 mill mcap news due on this imo

50 percent of company so mcap will be 4.5 mill at this price warrants at 2p bring in extra 600k looking to derisk my 6k at zaks target of 2.4p copper silver stocks will go crazy at some point with inflation all imo dyor

company said the mine will be transformational. i fully agree

think it was due to the company tweet of the purchase of the gold mine that started it off. when this was in a rns this nearly hit 2p. the tweet means transaction for the mine still on which will make the company a producer as well as a explorer. could get news on this any day now and is rising on sentiment because of this. could easily smash 2- 3p on the next news. copper silver gold producer for 3 mill mcap multibagger imo

big 10 grand buy shown late on fri will multibag on news got 6 grand here myself not many shares available

smash those 2p warrants this week imo