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Poolbeg Pharma #POLB – Poolbeg-led consortium awarded EUR 2.3m grant
15 November 2022 – Poolbeg Pharma (AIM: POLB, OTCQB: POLBF, ‘Poolbeg’ or the ‘Company’), a clinical stage infectious disease pharmaceutical company with a unique capital light clinical model, announces that ‘EncOVac’, a consortium led by Poolbeg Pharma, has been awarded €2.3m in non-dilutive grant funding to progress its Oral Vaccine Platform under the Irish Government’s Disruptive Technologies Innovation Fund (‘DTIF’).
Taking place over three years, the collaboration between Poolbeg Pharma, University College Dublin, Trinity College Dublin and AnaBio Technologies will result in the development of an oral vaccine candidate to a Phase I ready state. The resulting technology will serve as a platform for additional oral vaccine candidates for a wide range of pathogens, initially targeting bacterial infections. Poolbeg is proud to play a role in the development of the next generation of vaccine technologies that can protect the world from infectious diseases.
Poolbeg licensed AnaBio’s microencapsulation and nanoencapsulation technologies for use in the development and commercialisation of oral vaccines in January 2022 . By delivering vaccines to the gut, oral vaccines can trigger ‘mucosal immunity’ that results in a protective response in the areas of the body where a pathogen would be inhaled or ingested such as the nose and digestive tracts. In comparison to intramuscular injections which generate systemic immunity, this approach prevents infections from taking hold in the body by counteracting them at the point of entry. This has the effect of both reducing transmission and preventing serious disease. Oral vaccines also offer an efficient method of administration and significantly reduce challenges for distribution, addressing the gaps in supplying the global community as well as needle-phobia which factors in vaccine hesitancy.
Jeremy Skillington, PhD, CEO of Poolbeg Pharma said: “We are grateful for the support of the Irish Government in awarding this funding and delighted to be working with our consortium of high-quality partners in University College Dublin, Trinity College Dublin and AnaBio. The funding will support the progression of this exciting oral vaccine platform that has the potential to improve the ways vaccines are manufactured, distributed and administered for the future. Poolbeg continues to target non-dilutive funding opportunities and we are delighted that this DTIF award is our first success.”
Prof Siobhán McClean, Associate Professor at University College Dublin (“UCD”) said: “I am pleased to work with the other members of this consortium to bring the antigens my team have identified and developed, closer to the clinic so that together, we can protect people from infectious diseases.”
Prof Ed Lavelle, Professor of Immunology at Trinity College Dublin (“TCD”) said: “The pharmaceutical industry has long aspired to develop subunit oral vaccines and I believe we have assembled a consortium of experts and ground-breaking technologies that are uniquely placed to make them a reality.”
Dr Sinéad Bleiel, Founder & Chief Scientific Officer of AnaBio Technologies said: “Having demonstrated the potential of our encapsulation technology to deliver drug products safely and effectively to the gut, we are excited to collaborate with the EncOVac team of world class researchers, led by Poolbeg and supported by the Irish Government as part of the world’s renewed fight against infectious diseases.”
Prof Luke O’Neill, Non-Executive Director, Scientific Advisory Board and Project Advisory Board Chair said:“Oral vaccines are currently only available to treat a small number of pathogens and a more comprehensive approach to vaccine development is needed to design new, safe, and effective oral vaccines. Such a system would revolutionise our approach to protecting people from infectious diseases, unleashing their full potential.”
– Ends –
Enquiries
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Poolbeg Pharma Plc Jeremy Skillington, CEO Ian O’Connell, CFO
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+44 (0) 207 183 1499 |
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finnCap Ltd (Nominated Adviser & Joint Broker) Geoff Nash, Charlie Beeson
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+44 (0) 207 220 0500 |
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Singer Capital Markets (Joint Broker) Phil Davies, Sam Butcher
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+44 (0) 207 496 3000 |
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J&E Davy (Joint Broker) Anthony Farrell, Niall Gilchrist
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+353 (0) 1 679 6363 |
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Instinctif Partners Melanie Toyne Sewell, Rozi Morris, Tim Field
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+44 (0) 20 7457 2020 |
Notes to Editors
About EncOVac
Leveraging the pioneering work of Assoc. Professor Siobhán McClean in University College Dublin (“UCD”), the Consortium will use vaccine candidates identified in her lab as the basis for an oral vaccine that is generated through a highly specialized encapsulation process developed by Dr. Sinéad Bleiel of Anabio Technologies. Working with Ed Lavelle, vaccine adjuvant expert and a mucosal immunologist in Trinity College Dublin (“TCD”), the consortium will develop a vaccine candidate through pre-clinical testing to a Phase I ready state. Poolbeg has previously announced an exclusive license with Anabio for the use of their technology in vaccine delivery and has successfully in-licensed onevaccine candidate from UCD and continues to evaluate five other potential vaccine candidates developed by Associate Professor Siobhán McClean and her team.
About Oral Vaccines
By delivering vaccines to the gut, this approach can trigger ‘mucosal immunity’ that results in a protective response in the areas of the body where a pathogen would be inhaled or ingested such as the nose and digestive tracts. In comparison to intramuscular injections which generate systemic immunity, this approach prevents infections from taking hold in the body by counteracting them at the point of entry. This has the effect of both reducing transmission and preventing serious disease. Oral vaccines also offer an efficient method of administration and significantly reduce challenges for distribution, addressing the gaps in supplying the global community as well as needle-phobia which factors in vaccine hesitancy.
A recent World Health Organisation Report (“WHO”) estimated that the global market value for vaccines was approximately $33b in 2019, before the substantial investment arising from the pandemic. The development of an oral vaccine platform that could replace some injectable vaccines would serve to improve vaccination rates, address critical inequalities in distribution and help to create a healthier world.
About the Disruptive Technologies Innovation Fund
The Disruptive Technologies Innovation Fund (DTIF) is a €500 million fund established under the National Development Plan (NDP) in 2018. The Department of Enterprise, Trade and Employment manages the DTIF with administrative support from Enterprise Ireland. The purpose of the Fund is to drive collaboration between Ireland’s world-class research base and industry as well as facilitating enterprises to compete directly for funding in support of the development and adoption of these technologies. The aim is to support investment in the development and deployment of disruptive technologies and applications on a commercial basis.
About Poolbeg Pharma
Poolbeg Pharma is a clinical stage infectious disease pharmaceutical company, with a unique capital light clinical model which aims to develop multiple products faster and more cost effectively than the conventional biotech model. The Company, headquartered in London, is led by a team with a track record of creation and delivery of shareholder value and aspires to become a “one-stop shop” for pharma and biotech seeking mid-stage products to license or acquire.
The Company is targeting the growing infectious disease market. In the wake of the COVID-19 pandemic, infectious disease has become one of the fastest growing pharma markets and is expected to exceed $250bn by 2025.
With its initial assets from hVIVO plc (formerly named Open Orphan plc) , an industry leading infectious disease and human challenge trials business, Poolbeg has access to knowledge, experience, and clinical data from over 20 years of human challenge trials. The Company is using these insights to acquire new assets as well as reposition clinical stage products, reducing spend and risk. Amongst its portfolio of exciting assets, Poolbeg has a small molecule immunomodulator for severe influenza (POLB 001) which has commenced its LPS human challenge trial with initial results expected by year end 2022; a first-in-class, intranasally administered RNA-based immunotherapy for respiratory virus infections (POLB 002); and a vaccine candidate for Melioidosis (POLB 003). The Company is also developing an oral vaccine delivery platform and is progressing two artificial intelligence (AI) programmes to accelerate the power of its human challenge model data and biobank, with results from the first programme expected by year end 2022.
Poolbeg’s role in the project will be to prepare the vaccine candidate for clinical approval, including the preparation of pre-clinical toxicology work and the preparation of a regulatory dossiers for submission to the relevant authorities prior to the initiation of clinical trials. In addition to these activities, as the consortium-lead, Poolbeg will be responsible for project management, intellectual property protection and the coordination of publicity
For more information, please go to www.poolbegpharma.com or follow us on Twitter and LinkedIn @PoolbegPharma.
About AnaBio Technologies
AnaBio Technologies is a specialist microencapsulation company, focused on improving health and performance through micro-encapsulation of sensitive bioactive ingredients for food, beverage and pharmaceutical applications. Founded in 2011 by Dr Sinead Bleiel, and based in Carrigtwohill Co Cork, AnaBio has developed into a global leader in the field of micro encapsulation with 15 patent families and clients across N America, Asia, and EU.
Bioactives and APIs clearly bestow health benefits, but are vulnerable to being inactivated by environmental stresses encountered during processing, storage and digestion. This can result in limited quantities of intact active bioactives reaching the site of action in the body, and no health benefit.
Microencapsulation represents a sophisticated delivery system designed to overcome this problem. A protective coat is created at microscopic level around the bioactive or API which protects the ingredient from a wide range of environmental conditions, enables its release at the appropriate site within the body, and thereby ensures that the potential health benefits of the bioactive are fully realised. AnaBio Technologies offers its clients a range of services including contract research to develop bespoke microencapsulation solutions, commercial scale manufacture and supply of microencapsulated ingredients and licensing of its patented microencapsulated technology.
As part of the project, Anabio will be responsible for the encapsulation of the vaccine antigen and adjuvant combination. This will protect vaccine antigens from the degradative environment of the digestive tract and deliver vaccine constituents via a triggered release of microcapsule dissolution at a specific pH, which is characteristic to the location of the intestine where antigen uptake is targeted.
For further information, visit www.anabio.ie or email aidan.fitzsimons@anabio.ie .
About University College Dublin (“UCD”)
UCD is Ireland’s largest and most diverse university and one of Europe’s leading research-intensive universities. Since 1854 UCD has made a unique contribution to the creation of modern Ireland, based on successful engagement with Irish society on every level and across every sphere of activity. As Ireland’s leading university in innovation, knowledge transfer and commercialisation, UCD’s commitment to innovation and entrepreneurship recognises the importance of active participation and collaboration to exploit leading-edge research and development outputs. As set-out in Rising to the Future 2020-2024 UCD’s four strategic themes are; creating a sustainable global society, transforming through digital technology, building a healthy world, and empowering humanity.
To further expand the diseases the oral vaccine platform can target, the team in UCD will characterise and prioritise additional vaccines candidates using the proteomic platform technology previously developed by the McClean lab. Once a preferred candidate is identified, its efficacy following encapsulation will be assessed in an animal challenge model.
For further information, visit www.ucd.ie
About Trinity College Dublin (“TCD”)
Trinity College Dublin, founded in 1592, is Ireland’s oldest university. Today it has a vibrant community of over 20,000 students and is recognised internationally as Ireland’s premier university, currently 98th in the QS University World Rankings. Cutting edge research, technology and innovation places the university at the forefront of higher education in Ireland and globally. It encompasses all major academic disciplines, and is committed to world-class teaching and research across a range of disciplines in the arts, humanities, engineering, science, social and health sciences. Trinity is Europe’s leading university for graduate entrepreneurship and has placed innovation and entrepreneurship at the heart of its strategy – from the development of plans for a new innovation campus at Grand Canal Quay, to the establishment of the University Bridge I and University Bridge Fund II.
The selection of an adjuvant that can help to stimulate robust mucosal immune responses for oral delivery will be a key task for the Lavelle lab during the course of the project. In the later stages of the project, the Lavelle lab will be responsible for the generation of data required for the filing of regulatory dossiers to proceed with clinical trials.
For further information, visit www.tcd.ie
IMC Exploration Group #IMC – Update re. Collaboration with Trinity College Dublin
IMC, in association with the Raw Materials Characterization Laboratory at Trinity College Dublin, is continuing studies on the precious metals to be found at IMC’s wholly-owned Avoca deposit and Kilmacoo gold prospect in Co. Wicklow, Ireland. The collaboration between the Raw Materials Research Group at Trinity College Dublin and IMC was announced on 24th September 2019. The aim of the continuing work is further to characterise the form and distribution of gold to assess the extent of syn-tectonic enrichment during the Caledonian Orogeny. IMC’s project represents an opportunity to apply a state-of-the-art microanalytical approach to a major, historical deposit which has significant exploration upside. The study is refining the understanding of metal zonation and sulphide paragenesis within the Avoca orebodies and Kilmacoo Au prospect and it will allow the development of a robust mineral deposit model for gold mineralisation across the Avoca District in particular and South-East Ireland in general.
The project will contribute important mineral chemical data on sulphide phases hosting gold, benefiting exploration and supporting future metallurgical work on the mineralisation at Avoca and Kilmacoo.
Eamon O’Brien commented, “It is significant that our Kilmacoo project at Avoca, Co. Wicklow is being worked on by the Raw Materials Characterization Laboratory of Trinity College Dublin. The presence of an inferred resource of gold, silver, lead, copper and zinc in the Avoca spoils’ and tailings’ project has already been set out in IMC’s Mineral Resource Estimate (“MRE”) announced on 11th September 2019, which was prepared in accordance with the JORC Code (2012). The MRE is of great significance to IMC, with the gold estimate alone coming in at 20,000 ozs. The microanalytical approach will also benefit and support our forthcoming metallurgical testing.”
This regulatory release has been approved by Eur Geol Professor Garth Earls, PGeo, FSEG, who is an independent consulting geologist and a Competent Person as defined in the JORC 2012 reporting code.
Eamon P. O’Brien,
Executive Chairman,
5th November 2019
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Enquiries:
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
IMC Exploration Group Plc (IMC) Final Results for Year Ended 30-6-2019
Chairman’s Statement for the year ended 30th June 2019
The Directors of IMC Exploration Group plc (“IMC” or the “Group”) are pleased to present the audited financial results for IMC for the twelve months to 30th June 2019. The consolidated financial statements appearing below (which do not form the full statutory Report and Accounts of the Group) are taken from the Directors’ Report and Financial Statements for the year ended 30th June 2019 being posted to shareholders, a copy of which is available from IMC’s website at https://www.imcexploration.com/.
Highlights of year ended 30th June 2019
During the year under review, the Group continued the drilling programme and evaluation work on PL 3849 in Avoca, Co Wicklow, the drilling programme on the Gold Mine River project on PL 3857 located on the Gold Mine River in Co. Wicklow and the drilling programme on the North Wexford gold project on PL 2551. IMC was pleased to have been in the financial position to carry out a six-month long drilling programme on its licence areas in County Wexford and County Wicklow. Additionally, work continued on the Group’s previously-announced application for the admission of its share capital to the standard segment of the United Kingdom Official List and to trading on the main market of the London Stock Exchange.
Resulting from its activities during the financial year ended 30th June 2019, including the preparation by CSA Global of a Mineral Resource Estimate on the historic Avoca mine site project in Co. Wicklow and the drilling carried out at the North Wexford gold project, a number of significant achievements have crystallised in the first months of the current financial year, ending 30th June 2020. These are detailed below under “Post-Balance Sheet Events”.
Post- Balance Sheet Events
Work undertaken during the financial year ended 30th June 2019 and previous periods has led, during the first half to date of the current year, to some of the most positive and exciting developments for IMC since its incorporation in 2011. On 8th July 2019, the share capital of IMC was admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange. The admission of the Group to trading on the London Stock Exchange, one of the most influential and prestigious global stock exchanges, significantly enhances the status and profile of the Group.
Since the end of the financial year ended 30th June 2019, IMC has received the Mineral Resource Estimate in accordance with the JORC Code (2012) on its Avoca historic mine site project in Avoca, Co. Wicklow. The Mineral Resource Estimate for the Avoca spoils and tailings is hugely significant. There is further potential to increase the tonnage and grade, not only on this site, but also on the other spoils’ heaps within IMC’s licence area and, to this end, the Group is progressing its exploration work on its spoils and tailings project in Avoca, Co. Wicklow and continues its drilling programme on PL 3849 in Avoca, Co. Wicklow.
In County Wexford, IMC has, since the end of the financial year 30th June 2019, been awarded two additional prospecting licences, PL 1200 and PL 1199, by the Department of Communications, Climate Action and Environment. IMC was delighted to have been granted these licences as they adjoin its existing PL 2551 licence, where IMC had previously encountered high gold grades yielding 353g/t gold (=11.38oz/t gold) from drill hole 12/2551/04. The award of the new licences means the Group now holds three abutting exploration licence areas in Co. Wexford, which it believes should significantly enhance the Group’s North Wexford gold project.
Conclusion
The listing of the Group and the admission to the Main Market of the London Stock Exchange are excellent developments. The Directors believe the scale and potential of the spoils and tailings project at Avoca, along with the Mineral Resource Estimate in accordance with the JORC Code (2012), to be truly transformational for IMC and its shareholders. I look forward to informing shareholders of further progress in the Group and with the projects within its licence areas as and when it arises. I wish to thank my fellow Directors and management team for their contributions to the Group’s progress and look forward to further successes for IMC and its shareholders during the current financial year.
Eamon O’Brien,
Chairman
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2019
Continuing Operations
| 2019 | 2018 | |
| Administrative expenses | (366,816) | (921,757) |
| Operating Loss for the period | (366,816) | (921,757) |
| Finance Income | – | – |
| Amount written off Intangible Assets | (284,088) | |
| Amount written off investment | – | – |
| __________ | _________ | |
| Loss for period before tax | (366,816) | (1,205,845) |
| Income tax expenses | (2,047) | 10,991 |
| _________ | _________ | |
| Total comprehensive loss for the period | (368,863) | (1,194,854) |
| ========= | ========= | |
| Loss attributable to: | ||
| Equity holders of the Company | (368,863) | (1,194,854) |
| ========= | ========= | |
| Total Comprehensive Loss attributable to: | ||
| Equity holders of the Company | (368,863) | (1,194,854) |
| ========= | ========= | |
| Earnings per share | ||
| From continuing operations | ||
| Basic and Diluted loss per share (cent) | 0.1 | 0.5 |
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.
The Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Financial Position
for the year ended 30th June 2019
| 2019 | 2018 | |
| Assets | ||
| Intangible assets | 471,117 | 332,127 |
| Property, plant and equipment | 1,723 | – |
| Investments | – | – |
| __________ | __________ | |
| Total Non-Current Assets | 472,840 | 332,127 |
| __________ | __________ | |
| Current Assets | ||
| Trade and other receivables | 39,373 | – |
| Cash and cash equivalents | (30,403) | 212,410 |
| __________ | __________ | |
| Total Current Assets | 8,970 | 212,410 |
| __________ | __________ | |
| Total Assets | 481,810 | 544,537 |
| ========= | ========= | |
| Equity | ||
| Share Capital | 293,107 | 278,107 |
| Share premium | 3,645,171 | 3,490,942 |
| Retained deficit | (3,649,179) | (3,280,316) |
| __________ | _________ | |
| Attributable to owners of the Company | 289,099 | 488,733 |
| __________ | __________ | |
| Total Equity | 289,099 | 488,733 |
| __________ | __________ | |
| Liabilities – Current | ||
| Trade and other payables | 190,664 | 55,804 |
| Current tax liabilities | 2,047 | – |
| __________ | __________ | |
| Total Liabilities | 192,711 | 55,804 |
| __________ | __________ | |
| Total Equity and Liabilities | 481,810 | 544,537 |
The Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the year ended 30th June 2019
| Share Capital € |
Share Premium € |
Retained Losses € |
Total € |
|
| Balance at 30 June 2017 | 166,610 | 2,489,137 | (2,085,462) | 570,285 |
| ___________ | __________ | _________ | _______ | |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (1,194,854) | (1,194,854) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | – | (1,194,854) | (1,194,854) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | 111,497 | 1,058,515 | – | 1,170,012 |
| Share issue costs | – | (56,710) | – | (56,710) |
| __________ | ___________ | __________ | _________ | |
| Total transactions with owners | 111,497 | 1,001,805 | – | 1,113,302 |
| __________ | ___________ | __________ | _________ | |
| Balance at 30 June 2018 | 278,107 | 3,490,942 | (3,280,316) | 488,733 |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (368,863) | (368,863) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | – | (368,863) | (368,863) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | 15,000 | 165,781 | – | 180,781 |
| Share issue costs | – | (11,552) | – | (11,552) |
| __________ | ___________ | __________ | _________ | |
| Balance at 30 June 2019 | 293,107 | 3,645,171 | (3,649,179) | 289,099 |
| __________ | ___________ | __________ | _________ |
Net equity is attributable to the holder of the ordinary shares in the Group.
The financial statements were approved by the board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the year ended 30th June 2019
| 2019 | 2018 | |
| Cash flows from operating activities | ||
| Loss for the year | (368,863) | (1,194,854) |
| Adjustments for: | ||
| Intangible Assets Write Off | – | 284,088 |
| Income Tax recognised in profit and loss | 2,047 | (10,991) |
| Depreciation | 431 | – |
| ________ | ________ | |
| Cash from operations before changes in working capital | (366,385) | (921,757) |
| Movement in trade and other receivables | (39,373) | 81,017 |
| Movement in trade and other payables | 134,859 | (12,138) |
| _________ | _______ | |
| Net cash flow from operating activities | (270,899) | (852,878) |
| Cash flows from investing activities | ||
| Interest received | – | – |
| Proceeds from sale of investments | – | – |
| Taxation | – | – |
| Acquisitions and disposals | (141,143) | (28,550) |
| _________ | ________ | |
| Net cash (used in) investing activities | (141,143) | (28,550) |
| _________ | ________ | |
| Cash flows from financing activities | ||
| Proceeds from the issue of new shares | 169,229 | 1,113,302 |
| Finance income/(expense) | – | – |
| _________ | ________ | |
| Net cash generated by financing activities | 169,229 | 1,113,302 |
| _________ | ________ | |
| Movement in cash and cash equivalents | (242,813) | 231,874 |
| Cash and cash equivalents at beginning of year | 212,410 | (19,464) |
| _________ | ________ | |
| Cash and cash equivalents at end of year | (30,403) | 212,410 |
The financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 /Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 /Brinsley.Holman@kbrl.co.uk
IMC Exploration Group plc (IMC) Collaboration with Raw Materials Research Group at Trinity College Dublin
The Directors of IMC are pleased to announce an update on the collaboration between the Raw Materials Research Group at Trinity College Dublin and the Company. IMC’s Board believes access to world class micro-analytical facilities at Trinity College Dublin is a tremendous development for IMC and its Avoca properties. Trinity College Dublin was established by royal charter in 1592 and is committed to excellence in both research and teaching. Trinity College Dublin hosts one of Europe’s finest raw materials characterisation laboratories with state-of-the-art analytical facilities and full sample preparation facilities for rock crushing and mineral separation.
The Raw Materials Characterisation Laboratory at Trinity College Dublin is undertaking petrographic and micro-analytical work, on samples from IMC drill-holes targeting the gold-rich Kilmacoo zone, and focussing on the paragenetic association of gold and the various sulphide phases. This research is being carried out in coordination with the Geological Survey of Ireland’s ERAMIN II Gold InSight Initiative and the Irish Centre for Research in Applied Geosciences (iCRAG). Preliminary results suggest that significant free gold is present and that, for oxidised materials (i.e., the spoils at Avoca), free gold may be liberated during the oxidation of sulphides. The occurrence of free gold in late cross-cutting (orogenic) veins suggests a potential for further gold occurrences in similar structures across the Avoca belt (McClenaghan et al., 2019; Riegler et al., 2019).
The gold-rich Kilmacoo zone at the northeast end of the Avoca Mine property was identified by Mianrai Teoranta in the 1950s, intersecting 19 metres of quartz veined schist with 2.88 g/t Au and 16.6 g/t Ag (Milner and McArdle, 1992). The site was the focus of further exploration in the 1980s by Riofinex and although no resource was published by Riofinex, 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 metres’ strike length. More recently, further drilling on the property has been carried out by IMC.
The presence of a significant inferred resource of gold, silver, lead, copper and zinc in the Avoca spoils and tailings was set out in IMC’s Mineral Resource Estimate announcement on 11 Sept 2019.
Eamon O’Brien, Chairman commented ‘IMC is delighted to have established this collaboration with the Raw Materials Research Group at Trinity College Dublin. I am extremely pleased that our Avoca gold project was highlighted by Trinity College for their research into resolving the paragenesis of gold in Caledonian terranes across Ireland. We look forward to working with them on this exciting project.’
Eamon P. O’Brien,
Executive Chairman,
Dublin, 23rd September 2019
References
Milner, A. L. and McArdle, P. (1992), Gold Mineralization in the Ordovician Rocks at Kilmacoo, Co. Wicklow: its exploration and geological controls. In ‘The Irish Minerals Industry 1980-1990’. Bowden, A. A., Earls, G., O’Connor, P. G. and Pyne, J. F. (Editors), Irish Association for Economic Geology, p 77-88;
McClenaghan, S.H., Riegler, T., Drakou, F. (2019) Resolving the paragenesis of gold at the Avoca VMS Deposit: Implications for exploration in Caledonian terranes of southeast Ireland. Society for Geology applied to Mineral Deposits, 15th Biennial Meeting, 4p;
Riegler, T., McClenaghan, S.H., Drakou, F., Thomas, H., Wanhainen, C., Bark, G., Bauer, T. (2019) Petrographic and mineralogical study of the Kilmacoo gold occurrence, Avoca District, Southeast Ireland. Society for Geology applied to Mineral Deposits, 15th Biennial Meeting, 4p.
This RIS release has been approved by Eur Geol Professor Garth Earls, PGeo, FSEG, who is an independent consulting geologist and a Competent Person as described in the JORC 2012 reporting code. The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Graham Atthill-Beck: +44 20 7464 4091/+971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
Keith, Bayley, Rogers & Co. Limited