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CEO Interview: Partnership with Koza Gold a great opportunity for IMC Exploration (IMCP) in Ireland
The Finance Director of IMC Exploration PLC, Nial Ring, joined Alan Green, CEO of Brand Communications, on the Tip TV Finance Show to discuss the projects and developments ahead for the company.
What does the future hold for IMC Exploration?
Ring began by outlining that IMC has 5 precious metal and 10 base metal licences in Ireland, and has entered a joint venture with Koza Gold. He continued that Koza Gold has invested 1.4 million euros for 55% of the precious metal licences, and Ring already noted that they have drilled over 1000 metres, have analysed 420 drill holes and spent plenty of time and money investigating in Ireland. He highlighted that IMC Exploration is preparing to be fully-listed on the stock market in order to be able to raise capital for future deals with Koza Gold or other firms interested in working with IMC.
Gold Frenzy, the story of Wicklow’s gold pt 6 – IMC Exploration
Gold Frenzy, the story of Wicklow’s gold – An excerpt from the book by Dr Peadar McArdle.
Dr McArdle, who recently retired as Director of the Geological Survey of Ireland, has had a long term interest in the history and origin of the Goldmine River gold deposits.
Text copyright Dr Peadar McArdle 2011.
Pt 6- Start of official gold mining operations.
The first technical report of the gold workings below the bridge at Ballinvalley was published by Abraham Mills Esq., manager of the Cronebane Copper Mines at Avoca, Thomas King and Thomas Weaver, in the prestigious Philosophical Transactions of the Royal Society of London for the year 1796 and subsequently reprinted in the Transactions of the Dublin Society for 1801. The account describes the extent of the workings and the nature of the bedrock and overburden of Croghan Kinshelagh and its ravines. Particular attention was paid to the distribution of quartz veins, all of which were reported as barren of gold.
Operations were started on 12 August 1796 and it is reported that a gold particle was recovered on that very day. Thomas Weaver, as one of three Commissioners (including Abraham Mills) appointed to manager the venture, was a key figure and he would in time gain a considerable reputation as a geologist. However at this time he was a relatively recent graduate of the University of Freiburg, aged only 23, and he had been in charge of the copper mines at Cronebane and Tigroney since 1793. The Goldmines Act received the Royal Assent in April 1797 and the first ingot of gold was sold to the Bank of Ireland two months later. The purpose of the operation, according to G.A. Kinahan, was “endeavour to collect all the gold deposited, and thereby to remove every temptation for the assembling of mobs, whose numbers had before that time increased to a very alarming degree.” A most noble motivation! There was no question that the Government, whether British or not, might be interested in any gold recovered!
The workings were carried out efficiently and thoroughly, using riffles and similar equipment. However in Cornwall, the tin ore was not confined to linear stream courses nor was it covered by barren subsoil. Instead it was scattered throughout granite bedrock that, by means of chemical alteration, now had the appearance of soft disaggregated subsoil from which the durable pieces of ore could be easily washed. In Goldmine River the gold was preferentially found to occur at the base of the subsoil (as Camden had originally reported to London) and so the overburden right down to bedrock was thoroughly worked and all gold particles extracted. Only when the overburden exceeded 9 metres in thickness did this not happen. By the time of the May 1798 Rebellion, when the workings ceased, another 17 kg gold had been profitably recovered. A decent amount of production but nothing compared with the 80kg recovered by the neighbours in just six weeks. Weaver states in 1819. “Government had fully reimbursed its advances, the produce of the undertaking having defrayed its own expenses, and left a surplus in hand.”
A party of militia went to the workings at the end of May 1798, when the disaffected workforce had apparently gone off to join the rebels, and transported all the timber and materials back to Rathdrum where they were used in fitting out a barracks. The militia were only just in time, for shortly afterwards the rebels arrived and destroyed any buildings or workings remaining at Goldmine River. The Commissioners of the company served as military officers themselves and were rewarded by the company when the rebellion ended, with First Lt Weaver receiving silver plate worth30 guineas, a handsome reward.
To be continued…
Other books by Dr Peadar McArdle can be viewed on Amazon here
Gold Frenzy, the story of Wicklow’s gold pt 5 – IMC Exploration
Gold Frenzy, the story of Wickow’s gold – An excerpt from the book by Dr Peadar McArdle.
Dr McArdle, who recently retired as Director of the Geological Survey of Ireland, has had a long term interest in the history and origin of the Goldmine River gold deposits.
Text copyright Dr Peadar McArdle 2011.
Pt 5- Wicklow Gold Mine Bill ends glorious gold rush
Back in the valleys surrounding Croghan Mountain, residents would have become less interested in the machinations of Dublin Castle and no doubt allowed themselves to reflect with quiet satisfaction on recent events in their own neighbourhood. In the space of four weeks they had enthusiastically recovered as much as 80kg of the precious metal – perhaps more than a quarter of all the gold that would eventually be found here. Nevertheless it must be conceded that the glorious gold rush was at an end.
All falls silent now for some time regarding gold mining events. The Dublin authorities had apparently made a submission to Hi Majesty’s ministers in London. By early December 1795 Finn’s Leinster Journal indicated that now decisive answer had been received, the Cabinet being evidently distracted with more serious matters elsewhere. “In the meantime our Irish Potosi remains unexplored to the great disappointment of many.” The next reference in this newspaper is more prosaic, a report from the House of Commons of the Irish Parliament for Tuesday 14 March 1797. The Chancellor of the Exchequer presented a Bill to enable the Lords of the Treasury to regulate the working of gold mines. He said that the Wicklow gold mine had been productive but expensive to work. Accordingly, it was intended to commit its management to the landowners who would be obliged to return to the Treasury “a quantity of ore equal to what had been found to be the average.”
The Bill sailed through the Irish House of Commons in March-April 1797 without any controversy or dissent. The Bill was read a third time on 23 March and then sent to the Lords for their concurrence. Finally on 24 April the Lord Lieutenant summoned the Commons to the House of Peers where it pleased His Excellency to give the Royal Assent to a series of Bills, including that on the Wicklow old Mine. A good day’s work was recorded and their Lordships adjourned to the next day.
It is clear from the Chancellor’s remarks that the workings had not lain idle since the diggers were banished by the militia in October 1795. Gold operations on behalf of the Government were operated by the engineers from Avoca. In fact these workings began on 12 August 1796 close to the Red Hole below the bridge at Ballinvalley. The lithograph prepared by Thomas Sautell Roberts for the information of members of the Irish House of Commons shows workings on a scale and with a degree of order that could not have been achieved in the circumstances of the 1795 gold rush. So preparations for the next phase of operations had already been underway for some time in the Goldmine valley itself.
The coverage of the gold rush in the various media shows a remarkable degree of consistency and this no doubt reflects that they tended to use the same information sources. The Wicklow events clearly made an impression in the wider world, as reflected, for example, in the contemporary London play, The Lads of the Hills, or, The Wicklow Gold Mine.
To be continued…
Other books by Dr Peadar McArdle can be viewed on Amazon here
Gold Frenzy, the story of Wicklow’s gold pt 4 – IMC Exploration
Gold Frenzy, the story of Wickow’s gold – An excerpt from the book by Dr Peadar McArdle.
Dr McArdle, who recently retired as Director of the Geological Survey of Ireland, has had a long term interest in the history and origin of the Goldmine River gold deposits.
Text copyright Dr Peadar McArdle 2011.
Pt 4- The mania of gold finding
In the midst of all this optimism, the thought must have struck many, not least those in authority, that whatever gold resources existed could not have been extracted to maximum effect by the unruly and unregulated mass of people who currently occupied the valley of the Goldmine River. It is hardly surprising that rumours of an imminent takeover were commonly heard. A Col. Craddock was reported to have visited the workings on Sunday 11 October. Given the reported presence of 4,000 persons, he must have been startled by what he saw that day, and particularly in the context of the uncertain security situation which faced the country at that time. He must have felt that it was only a small further step to open revolt and his report to Dublin Castle was likely to have been unambiguous. The Castle’s response was rapid and strong. Finn’s Leinster Journal reported that on Friday 16th October, a party of soldiers left Dublin to take possession of the gold workings in His Majesty’s name and force workers to return to their former occupations. The ruins of the small barracks they built and occupied are still visible in the valley. It seems there was genuine concern about public disorder, given the numbers present and the sale on-site of alcohol. This general unease can only have been heightened by rivalries among diggers over possession of the more rewarding stretches of the river. The Freeman’s Journal stated that by the following Tuesday, 200 military personnel were in position. Fifteen of them were on guard at any given time, patrolling the ground and ensuring the “peasantry” were excluded. The purpose of this exercise was explicitly “as well to put an end to the mania of gold finding, and confusion and idleness among the people, as to secure the wealth therein for his majesty, to whom all such so discovered, of right belongs.”
“Idleness” is a curious term, given the frenzy of activity in the workings, but “confusion” even more so – who was confused in the frantic search for what might amount to instant wealth? Not the peasant gold-diggers for sure! Goldmine River was widely seen as a valuable prospect at the time, and the real motivation of the Government must surely have been to secure its perceived wealth for the realm.
The account in Saunder’s News-Letter is both entertaining and authoritative, and indicates that the military took possession of the gold workings on Thursday 15 October 1795, precisely one month after the discovery came to public notice.
“The mines at Little Peru, otherwise Croghan Mountain, were taken possession of on Thursday last, on behalf of his Majesty. Major Browne, of the Royal Engineer, attended by Mr Coates, Port Surveyor of Wicklow, marched two companies of the Kildare militia from the Barrack of Arklow, towards the place where the gold is got; but with great judgement and propriety, on consultation with that active and spirited Magistrate, Thomas King Esq, it was judged proper to send a constable before them to read a proclamation and advise the crowd to disperse and leave the ground. In an hour afterwards, the Major, accompanied by Mr King, Mr Hayes, Sub-Sheriff, who readily attended, and Mr Coates, marched the army, about 68 men rank and file, to the place, when the crowd, without riot or resistance, dispersed. When men, who conduct themselves with such coolness, judgement and spirit, as those gentlemen did, support the law, there is no danger of opposition. It is much to the credit of the peasantry of the county of Wicklow, that not the slightest opposition had been given to the execution of the law; that country is not cursed with disloyal Defenders.”
To be continued…
Other books by Dr Peadar McArdle can be viewed on Amazon here
Gold Frenzy, the story of Wickow’s gold Pt 3 – IMC Exploration
Gold Frenzy, the story of Wickow’s gold – An excerpt from the book by Dr Peadar McArdle.
Dr McArdle, who recently retired as Director of the Geological Survey of Ireland, has had a long term interest in the history and origin of the Goldmine River gold deposits.
Text copyright Dr Peadar McArdle 2011.
Pt 3- Gold rush carnival
Nowadays it is hard to envisage the chaotic activity that persisted on the Goldmine River. The gold digging activity was centred on the bridge over the river at Ballinagore, right at the head of the valley. This is just upstream from the Red Hole, the locality where many nuggets were found. The area above the bridge is now forested while below it is a pattern of small, somewhat overgrown meadows, It must have looked very different on the 8th October 1795: over 1000 people were present, 250-300 of them actively digging – and with some success. Gold was still being recovered in considerable quantities. There are many anecdotes of nuggets weighing several ounces being sold and “a single purchaser bought £184 worth” over two days (equivalent to 46 ounces at £4 per ounce). Women were engaged in reworking the gravel using bowls. This was no idle tactic and they were rewarded with small gold grains in plenty – “in general the size of snipe shot”. It would be found profitable to rework the same sediment over again for some years to come.
The men were now digging into the earthen banks flanking the stream and exposing new sections of gravel and subsoil. Interestingly, the gold here was becoming richer in silver – probably 20 karat gold in comparison with the more typical 22 karat gold of earlier finds in the stream bed itself. It is possible that the gold, as released from the bedrock, would have been 20 karat and that subsequently some of its silver would have been preferentially dissolved out in the stream, thus increasing its purity to 22 karats.
By Sunday 11 October 1795 over 4000 persons had assembled, the majority seeking diversion. While the “gold-finders” continued to work in earnest groups by day and night, the majority of those present were less determined. They wished to be entertained on their single day off and “an irregular encampment has been erected” for their “reception and entertainment”. There must have been a real carnival atmosphere, probably with many entertainers soliciting contributions from onlookers. Sellers of food and drink must have done a roaring trade: it is not uncommon in a gold rush for such traders to do at least as well as the gold workers themselves.
Wicklow was no stranger to mining operations. Ireland’s most extensive mining operation – and it would remain so until 1960 – was only 10km away, on both sides of the Vale of Avoca. Saunders News-Letter tells us: “Vast numbers of the miners of Ballymurtagh have quit their work for the golden prospects of Ballynavally.” And the Ballymurtagh mine, being worked by Camac and Company, and regarded as among Europe’s richest copper mines, survived to thrive at various other times in the future.
To be continued…
Other books by Dr Peadar McArdle can be viewed on Amazon here
Gold Frenzy, the story of Wickow’s gold Pt 2 – IMC Exploration
Gold Frenzy, the story of Wickow’s gold – An excerpt from the book by Dr Peadar McArdle.
Dr McArdle, who recently retired as Director of the Geological Survey of Ireland, has had a long term interest in the history and origin of the Goldmine River gold deposits.
Text copyright Dr Peadar McArdle 2011.
Pt 2- Our Golden Mountain
A group of workers were felling timber on the estate of Lord Carysfoot on the northern slopes of Croghan Kinshelagh Mountain, locally referred to as Croghan Mountain, on the Wicklow-Wexford county boundary. This must have been strenuous work, requiring both energy and concentration, and the striving men must have welcomed the odd tree that fell over naturally in the course of their labours. These mighty trees, as they toppled, would have exposed their roots and the soil that sustained them. It was while one of the workers was idly inspecting such roots that the serendipitous discovery was made. The date was Tuesday 15th September 1795, just over 220 years ago!
Eureka! The gleaming object that caught the worker’s attention, now laid bare among the roots of a fallen tree was indeed gold. The press may have subsequently lamented that he and his companions were but ‘common labourers’ but they knew gold when they saw it. This was no pinhead speck of gold, but a half-ounce gold piece. Additional finds followed quickly, including handsome specimens of gold amalgamated with quartz or stone. These were very unusual and instant sources of wealth. We can safely assume that the workers immediately abandoned their tiresome labours under Lord Carysfort and devoted themselves wholeheartedly to their new gold mining enterprise. The good news would have been spread by word of mouth so that increasing numbers of gold diggers arrived with each passing day. But middle class readers of contemporary newspapers still felt resentment that poor, uneducated peasants were enriching themselves in the process, a situation only partically retrieved by the fact that the gold was being bought by ‘gentlemen of respectability.’
There are many conflicting accounts of how the presence of Wicklow gold first came to public attention. There are stories told about the young wife who spread golden rumours, not to mention angling tales of a fisherman who by chance spotted a gold nugget in the riverbed. Then there was the local schoolmaster, named as Donaghoo, whose neighbours figured he was living beyond his means and whose enriching early-morning rambles they were supposed to have observed.
The reporting from Goldmine River in those days was comprehensive if somewhat irregular, but always fascinating. Rumours must have been circulating in Dublin for some days. Those closest to the story would naturally have been reluctant to alert journalists so that they themselves might have more time to exploit their good fortune. In any event, the first mention of Wicklow gold in The Freeman’s Journal was a letter from Rathdrum dated 29 September 1795 which also appeared in Finn’s Leinster Journal and Saunder’s News-Letter. However Finn’s Leinster Journal had broken the story in its edition of 16-19 September, describing the accidental discovery three or four days previously by the tree-felling workers on Lord Carysfort’s estate.
The gold itself was reported to be pure – “as pure as any brought from the Gold Coast of Africa” – although it is not clear that the precious metal was being carefully assayed at this stage. One labourer was reported to have made ten guineas in two days, equivalent to more than 2.5 ounces of gold at prevailing prices (unless a premium had been paid for what probably included spectacular specimens).
To be continued…
Other books by Dr Peadar McArdle can be viewed on Amazon here
Gold Frenzy, the story of Wickow’s gold – IMC Exploration
Gold Frenzy, the story of Wickow’s gold – An excerpt from the book by Dr Peadar McArdle.
Dr McArdle, who recently retired as Director of the Geological Survey of Ireland, has had a long term interest in the history and origin of the Goldmine River gold deposits.
Text copyright Dr Peadar McArdle 2011.
Croghan Kinshelagh is a long whaleback of a ridge that extends from Ballycoog village to the Wickow Gap, and whose peak is distinguished more by its craggy nature than its superior elevation.
Straddling the Wicklow-Wexford border it may be officially designated Croghan Kinshelagh but is affectionately known to locals as Crighan (‘Krow-kan”). Its isolated ridge offers an excellent panorama of the surrounding countryside. Stand on its summit and do a clockwise twirl that will take in the Wexford beaches and rich farmland of the south-east. Then the Blackstairs Mountains, which trail off into a series of low hills, with the Castlecomer Plateau visible behind them. Now you see the wonderful sweep of the Wicklow Mountains, including the distinctively flat-topped Lugnaquillia, their highest peak. Then leaving the mountains behind, that lone cone is the Sugarloaf. And so to the rolling hills around Rathdrum before completing the circle at Arklow port.
Feeling like you are at the centre of the world? If so just imagine how you might have felt at the close of the eighteenth century. The hard rock you are standing on would in time reveal traces of gold in one of its quartz veins. Now I have your attention! The streams and trenches stretching away below you once engrossed hundreds of eager gold diggers all searching for lucrative pieces of the precious metal. But lift your eyes and in the distance you will notice the open pits of East Avoca, marked by areas of reddish-brown earth. These and their underlying workings supported copper and sulphur production back to 1720.
But it is the bedrock beneath your feet that unites the slopes of Goldmine River valley with the mines of the Vale of Avoca. This bedrock consists of volcanic ashes, albeit ashes that have been so altered that their original nature can no longer be discerned visually. But the processes that formed them also gave rise to the various ores (including gold) for which the district is well known.
Descend by stream bank and forest track until you reach the bridge at Ballinagore, the highest point of the valley reached by public road. Now the trenches and related workings are easily observed: these were opened and thoroughly evaluated for the presence of gold in quartz veins, but to no avail. However, to the west, Smyth in the 1850’s considered the iron deposits of Ballycoog-Moneyteige were the bedrock source of alluvial gold. Fifty years later in the next valley further east, Maclaren proposed that gold-enriched Avoca ores might also give rise to similar gold deposits. Both ideas would subsequently be proven valid.
To be continued…
Other books by Dr Peadar McArdle can be viewed on Amazon here
Irish Sunday Independent – Turkish delight as Irish exploration firm lands €3.4m deal
Irish firm company IMC Exploration has struck a deal with Turkish mining giant Koza Gold to farm out five of its precious metal exploration licences in Ireland.
The deal will see Koza operate the licences, conducting exploration activities in the fields and financing the operations in an investment worth €3.4m.
It will take a 75pc stake in the project while IMC will hold the remaining 25pc.
Four of the licences are located in Wicklow while the fifth is in Wexford.
The licences are close to the ancient Avoca copper and gold mines, where exploration dates back to the Bronze Age, and to the Gold Mines river, the scene of the 1796 goldrush.
IMC announced in 2012 that it had found “exceptionally high” gold results after drilling in Co Wexford.
Chairman Liam McGrattan said that the company had more positive results from drilling in January and decided to bring in Koza to help develop the licences faster.
“If we didn’t have a joint venture partner we would look at it ourselves, but we wouldn’t be able to develop it nearly as fast as with Koza,” he said.
Koza now has six more drilling targets in the area. Drilling is set to begin to begin in the coming days and will last for several months. Mr McGrattan said that drilling will continue until the commercial viability of the project can be proven.
Link here to full Irish Independent article
IMC Exploration – Drilling Results and Update
Drilling Results and Update
IMC Exploration Group Plc – 11/09/2015
IMC Exploration Group Plc is pleased to announce that it has recommenced its drilling programme on its Avoca licence area in Co. Wicklow. This follows on from the previous drilling programme completed earlier this year on the licence area, which yielded the following results:
- Drill hole No.15-3850-01 returned the following excellent gold assays: Using a cut off grade of 0.4g/t, an 11 metre zone (26m – 37m) @3.16g/t was identified. This zone includes a 6 metre interval (31m-37m) @ 4.4g/t and a 1 metre interval (31m -32m)@12g/t.
Chairman Liam McGrattan said: “Following a comprehensive data review carried out over the last number of months by IMC and our Joint Venture Partner, Koza, and taking into account the above drill results, we have expanded our drilling campaign to delineate this mineralised zone”.
The Directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan Tel. Ireland: +353 87 2745427
Keith Bayley Rogers & Co. Limited
Mr. Hugh Oram Tel. +44 207 464 4090