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IMC Exploration Group (IMCP) – Half year report
Interim Financial Results IMC Exploration Group PLC (‘IMC’) for the six months to 31st December 2016
Dear Shareholder,
The directors of IMC Exploration Group plc are pleased to present the Interim Financial Results for the six months to 31st December 2016.
IMC recently announced the implementation of its works programme on its base metal licence area in the highly prospective south west of Ireland. This comprehensive exploration programme consists of geochemistry, geophysics and drilling.
Since the opening of the Tynagh mine in Co. Galway, Ireland has become a significant producer of base metals, ranking third in Europe and fourteenth in the world for zinc. IMC holds licences close to the Tynagh mine. This is a very exciting time for IMC with its zinc properties. Zinc has tight supply fundamentals due to falling production, subdued discovery and increasing demand. The zinc price doubled in 2016.
IMC in conjunction with its joint venture partner, Koza Limited, has carried out an extensive target generation, mapping and rock sampling programme on its gold mine river licence PL 3857 in Co. Wicklow and licence PL 2551 in Co. Wexford. This work is in addition to the previous drilling programme and is part of the works programme for our five precious metal licence areas. This is preparatory work for the next phase of our fully funded drilling programme. The Geological Survey of Ireland’s (GSI) Tellus survey confirms high levels of gold in the streams near the Goldmines River and Avoca regions of Wicklow. These areas are included in our JV licences areas.
IMC continues to make progress on all its activities: implementing its base metal works programme in South West Ireland, as well as continuing progress on our licence areas in Wicklow and Wexford under the IMC/Koza joint venture agreement.
Liam McGrattan
Chairman
| Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2016 | |||||||
| Six Months | Six Months | Year Ended | |||||
| Notes | 31-Dec-16 | 31-Dec-15 | 30-Jun-16 | ||||
| Euro | Euro | ||||||
| Continuing Operations | |||||||
| Revenue | – | – | – | ||||
| Other Income / (Expense) | 0 | 0 | 0 | ||||
| Administrative Expenses | (98,919) | (178,163) | (410,007) | ||||
| (Loss) before tax | (98,919) | (178,163) | (410,007) | ||||
| Income tax expense | 0 | 0 | 0 | ||||
| (Loss) for period from continuing operations | (98,919) | (178,163) | (410,007) | ||||
| Other Comprehensive income | – | – | |||||
| Loss for the period and total comprehensive loss for the period | (98,919) | (178,163) | (410,007) | ||||
| Earning per share (all continuing) | |||||||
| Loss per ordinary share – basic & diluted | 1 | (0.001) | (0.002) | (0.004) | |||
| Unaudited Consolidated Statement of Financial Position As at 31 December 2016 | |||||||||||||||
| Six Months | Six Months | Year Ended | |||||||||||||
| Notes | 31-Dec-16 | 31-Dec-15 | 30-Jun-16 | ||||||||||||
| Non Current Assets | 2 | 587,666 | 525,577 | 587,666 | |||||||||||
| Current assets | |||||||||||||||
| Debtors | 88,688 | 111,028 | 95,047 | ||||||||||||
| Cash and cash equivalents | 300 | 62,985 | 61,742 | ||||||||||||
| Total assets | 676,654 | 699,590 | 744,454 | ||||||||||||
| Equity and liabilities | |||||||||||||||
| Equity | |||||||||||||||
| “A” Ordinary Share Capital | 38,093 | 38,093 | 38,093 | ||||||||||||
| Ordinary Share Capital | 107,817 | 97,817 | 107,817 | ||||||||||||
| Share Premium – Ord Shares | 2,237,415 | 1,987,221 | 2,237,415 | ||||||||||||
| Retained Earnings | (1,916,874) | (1,586,112) | (1,817,956) | ||||||||||||
| Equity attributable to the owners of the Company | 466,451 | 537,020 | 565,369 | ||||||||||||
| Current Liabilities | |||||||||||||||
| Trade & Other Payables | 210,203 | 162,570 | 179,085 | ||||||||||||
| Total liabilities | 210,203 | 162,570 | 179,085 | ||||||||||||
| Total equity and liabilities | 676,654 | 699,590 | 744,454 | ||||||||||||
| Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2016 | |||||||||||||||
| “A” | Share | ||||||||||||||
| Ordinary | Ordinary | Premium | |||||||||||||
| Share | Share | Ordinary | Retained | ||||||||||||
| Capital | Capital | Shares | Losses | Total | |||||||||||
| Euro | Euro | Euro | Euro | Euro | |||||||||||
| Balance at 30 June 2015 | 38,093 | 74,317 | 1,739,769 | (1,407,949) | 444,230 | ||||||||||
| Loss for the Period | (410,007) | (178,163) | |||||||||||||
| Other Comprehensive loss for the period | – | ||||||||||||||
| Issue of share capital | 33,500 | 497,646 | 270,952 | ||||||||||||
| Share Issue Costs | – | ||||||||||||||
| Balance at 30 June 2016 | 38,093 | 107,817 | 2,237,415 | (1,817,956) | 565,369 | ||||||||||
| Loss for the Period | (98,919) | (98,919) | |||||||||||||
| Other Comprehensive loss for the period | – | ||||||||||||||
| Issue of share capital | 0 | ||||||||||||||
| Share Issue Costs | – | ||||||||||||||
| Balance at 31 December 2016 | 38,093 | 107,817 | 2,237,415 | (1,916,874) | 466,451 | ||||||||||
| Accounting Policies | |||||||
| Basis of Preparation | |||||||
| The financial statements have been prepared on a historical cost basis. | |||||||
| The financial statements are presented in Euro. | |||||||
| 1. Statement of Compliance | |||||||
| The Interim financial statements of IMC Exploration Group PLC and its subsidiary have not been reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB). | |||||||
| Notes to and forming part of the annual financial statements | |||||||
| 1. Loss per Share | |||||||
| Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period. | |||||||
| Basic earnings per share | |||||||
| The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows: | |||||||
| Six Months | Six Months | Year Ended | |||||
| 31-Dec-16 | 31-Dec-15 | 30-Jun-16 | |||||
| Loss for the period attributable to equity holders of the parent | 98,919 | 178,163 | 410,007 | ||||
| Weighted average number of ordinary shares for the purposes of basic earning per share | 107,816,719 | 97,816,719 | 107,816,719 | ||||
| Basic (loss) per ordinary share | (0.001) | (0.002) | (0.004) | ||||
| 2. Non Current Assets | |||||||
| Exploration | Plant and | Financial | |||||
| Expenditure | Equipment | Assets | Total | ||||
| Euro | Euro | Euro | Euro | ||||
| Cost | |||||||
| At 30 June 2015 | 524,724 | 6,125 | 38,738 | 569,587 | |||
| Additions/Disposals | 62,941- | – | – | 62,941 | |||
| At 30 June 2016 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Additions/Disposals | – | – | 0 | 0 | |||
| At 31 December 2016 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Provision for diminution in value | |||||||
| At 30 June 2015 | – | (4,660) | (38,738) | (43,398) | |||
| Charge for period | – | (1,465) | – | (1,465) | |||
| Disposal | – | 0 | – | 0 | |||
| At 30 June 2016 | – | (6,125) | (38,738) | (44,863) | |||
| Charge for period | – | – | 0 | 0 | |||
| At 31 December 2016 | – | (6,125) | (38,738) | (44,863) | |||
| Net book value | |||||||
| At 31 December 2016 | 587,665 | 0 | 0 | 587,665 | |||
| Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 December 2016. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas. | |||||||
| 3. Share capital – Group and Company | ||||||||
| 31-Dec-16 | 31-Dec-15 | 30-Jun-16 | ||||||
| Euro | Euro | Euro | ||||||
| 200,000,000 Ordinary shares of Euro 0.001 each | 200,000 | 200,000 | 200,000 | |||||
| 50,000 “A” Ordinary shares of One Euro each | 50,000 | 50,000 | 50,000 | |||||
| 250,000 | 250,000 | 250,000 | ||||||
| Issued, called up and fully paid | ||||||||
| Number of | Share | Share | ||||||
| shares | Capital | Premium | ||||||
| Euro | Euro | |||||||
| Euro 0.001 Ordinary Shares | ||||||||
| As at 30 June 2015 | 74,316,719 | 74,317 | 1,739,769 | |||||
| Issued in period | 33,500,000 | 33,500 | 497,646 | |||||
| As at 30 June 2016 | 107,816,719 | 107,817 | 2,237,415 | |||||
| Issued in period | – | – | – | |||||
| As at 31 December 2016 | 107,816,719 | 107,817 | 2,237,415 | |||||
| Issued, called up and partly paid | ||||||||
| Number of | Share | Share | ||||||
| shares | Capital | Premium | ||||||
| Euro | Euro | |||||||
| One Euro A Ordinary Shares | ||||||||
| As at 30 June 2015 | 38,093 | 38,093 | – | |||||
| Issued in period | – | – | – | |||||
| As at 30 June 2016 | 38,093 | 38,093 | – | |||||
| Issued in period | – | – | – | |||||
| As at 31 December 2016 | 38,093 | 38,093 | – | |||||
| “A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company. | ||||||||
| The directors of the issuer accept responsibility for this announcement. | ||||||||
| Contact Details: | ||||||||
| IMC Exploration Group PLC | ||||||||
| Mr. Liam McGrattan | ||||||||
| Tel. Ireland +353 872745427 | ||||||||
| This announcement is distributed by PR Newswire on behalf of the company. | ||||||||
| The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. | ||||||||
IMC Exploration – Irish Landscape – Vale of Avoca
An excerpt from The Irish Landscape, a book by Dr Peadar McArdle, geologist and former director of the Geological Society of Ireland.
Wicklow – Mountain -Building in Seven Easy Stages.
Stage 3:
This stage spotlights the rocks surrounding the Vale of Avoca, which developed as part of a chain of volcanic islands on the Iapetus Ocean floor. Imagine an explosive eruption where the ashes fall into the surrounding sea and are then disturbed by storms or seismic activity. The ashes would move down slope as turbidity currents and then spread out over considerable areas of the deeper seafloor. The eruptions on Montserrat in the Caribbean during the 1990’s were probably similar in scale and impact. hot circling water beneath Avoca’s seafloor dissolved metals from its surroundings and, when convected back to the seafloor, precipitated its metals in those ashes. The Avoca copper deposits formed from such seafloor emissions.
The Vale of Avoca became a popular visitor destination following publication in the early 19th century of Thomas Moore’s (1779-1852) familiar ballad, “The Meeting of the Waters”.
This was not the first time, however, that this district came to public attention, because little more than a decade earlier, a remarkable gold rush took place in the valley to southwest of Woodenbridge. Between diggers and spectators, perhaps thousands were present some days. But talk of national good fortune was premature and most of the readily accessible lucrative deposits were exhausted, without valuable bedrock source being discovered. Nevertheless, its fame was such that the popular Irish playwright, John O’Keeffe (1747-1833) produced a successful play on the West London stage, ‘The Lad o’ the Hills’, based on events surrounding it.
IMC Exploration – Geological Survey of Ireland Tellus Survey Reveals High Levels of Gold in streams near the Goldmines River and Avoca regions of County Wicklow.
The directors of IMC Exploration Group plc (IMCP) note the unprecedented Irish press coverage of a geological survey that has revealed higher than expected levels of gold and platinum in the streams and rivers of Wicklow and Wexford in south east Ireland.
Articles published in recent days in the Irish Times, the Independent, the Journal and several other publications tell how the Geological Survey of Ireland’s (GSI) Tellus programme made the discovery by applying modern testing methods to stream samples collected in the 1980s.
The survey confirms high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, and the new data identifies high gold values in streams that flow across and along the edges of the Leinster granite.
All five of IMC’s gold prospecting licenses in Wicklow and Wexford are sited centrally in the survey region, and are operated as a Joint Venture agreement with Koza Limited (a subsidiary of Koza Altin Isletmeleri A.S.).
IMC is currently listed on the ISDX market (ticker: IMCP) and is at an advanced stage of seeking a standard listing on the main market of the London Stock Exchange.
Chairman Liam McGrattan commented ‘These encouraging GSI survey results further confirm our own findings for the region. This report justifies, confirms and validates our geological exploration programme underway with Koza Limited. We are very excited by this.’
IMC BACKGROUND:
IMC Exploration Group plc (IMC) was incorporated in Ireland in June 2011 with a view to identifying precious and base metal deposits in Ireland
- IMC holds 15 mineral prospecting licences in Ireland:
- 5 precious metal licences
- 10 base metal licences
- JV agreement commenced in July 2015 between IMC and Koza Gold (a subsidiary of Koza Altin Isletmeleri AS with a current market capitalisation of over US$1 billion) on IMC’s precious metal licences in Wicklow and Wexford
- IMC is currently listed on the London based ISDX market (Ticker: IMCP)
TELLUS SURVEY REPORT:
Tellus Survey Uncovers Platinum and Gold in south east Leinster:
- Precious metal platinum identified in numerous stream sediments for the first time in Leinster
- More gold in Wicklow, Wexford and Waterford than previously known
Applying modern testing methods to stream samples collected in the 1980s, the Geological Survey of Ireland’s Tellus Programme has discovered there is more platinum, gold and precious metals in the streams and rivers of south east of Ireland than previously believed.
- Stream sediment geochemistry – Gold
- Stream sediment geochemistry – Platinum
As well as reconfirming high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, the new data 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 in the region.
High gold values in streams have also been identified in County Waterford. The recently reanalysed data from the Tellus Survey team also highlights a broad zone of gold in County Wicklow. It is hoped that this new data, along with additional data from samples due to be released later this year, will offer a fresh perspective of Ireland’s natural resources with the scope for further exploration attracting additional inward investment.
The new geochemical data for south east Ireland and all previous phases of the Tellus Survey are available, free of charge, to view and download at www.tellus.ie. The new data released today will be showcased next week at a major international convention, the Prospectors and Developers Association of Canada (PDAC) in Toronto on the 7th March.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
Brand Communications
Mr. Alan Green
Tel. +44 (0)7976 431608
Irish Times – Gold found but no rush expected to surveyed Irish rivers – IMC Exploration
Geological study finds higher than anticipated metal levels in Wicklow’s Goldmines river – by Dick Ahlstrom – Irish Times
High gold levels were found in the aptly named Goldmines river in Co Wicklow. These are where the 5 gold prospecting licenses owned by IMC Exploration (IMCP) are situated.
A geological survey has revealed higher than expected levels of gold and platinum in the streams and rivers of the southeast of Ireland.
The discovery is hardly likely to trigger a gold rush, however, given it is illegal to sell anything extracted from riverbed grit.
The potential hotspots were identified in an ongoing national survey called Tellus run by the Geological Survey of Ireland. It is mapping Ireland’s entire geology using aerial and ground studies.
The survey decided to reassess river grit samples using the latest technology and confirmed high gold levels in a number of streams and rivers, including the aptly named Goldmines river and Avoca regions of Co Wicklow. These are where the 5 gold prospecting licenses owned by IMC Exploration (IMCP) are situated.
There is another zone of gold in Wicklow north of the Sugar Loaf region and also along the “gold coast” in the Dungarvan to Stradbally areas of Co Waterford.
Platinum was found mainly to the southeast of Aughrim and Tinahely on the Wicklow-Wexford border, the study found.
People could try using the traditional “panning” method to harvest some of this gold, but it is not a “get rich quick” scheme.
Link here for full article.
Gold Frenzy, the story of Wicklow’s gold pt 9 – 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 9 – Born of Fire & Frost
Within a few short years of its discovery, the public reputation of the Goldmine River had been brought into line with a harsh reality. Yes there certainly was alluvial gold there, and it could be spectacular, but its quantity was limited and no local bedrock source – no Mother Lode – had materialised. Its workings were abandoned, apart from the periodic patrols of the militia stationed there. Perhaps only the surreptitious attention of nocturnal neighbours would preserve its memory for future generations. Would this be the end of the matter or could there yet be other twists to the story? A pessimistic outcome seemed inevitable and would perhaps be in keeping with the depressing disappointment of recent political and military events throughout Ireland.
Yet there had to be a good geological reason to explain the exuberant workings in the first place. At this very time, Robert Fraser was finalising the first geological map of the County of Wicklow, illustrating the distribution of its varied rock types with a variety of colours. Fraser had already prepared reports on agriculture and related aspects of Devon and Cornwall and now he would report to the (Royal) Dublin Society on the current state of County Wicklow. And there in the southwest corner of the county, including the district around the Goldmine River and Avoca, was a distinctive group of rocks for which Fraser had reserved a uniquely golden colour. What could this mean? He was certainly aware of the area’s copper and gold resources, stating that it was “abounding in metallic (sic) productions to an extent not by any means ascertained, but which will in all probability be capable of employing the most extensive capital and an indefinite number of hands.”
To understand the distribution and origin of gold in the sediment of the Goldmine River valley we must first consider its geological context. Many visitors to Dublin will take the time to explore the scenic landscape of the neighbouring Wicklow region, a landscape that many residents may take for granted and which is sculpted from its diversity of rock types. The most extensive rock group, called the Ribband Group from its striped appearance in outcrop, comprises mudstones and siltstones which have been converted to slaty rocks. They form the lower ground, mainly farmland, of eastern Wicklow as well as many of the lower hills, along many of whose forest roads it is exposed. The mountainous spine of Wicklow is formed of a very different rock – Leinster Granite, which extends to the southern suburbs of Dublin City. In the past it was extensively quarried for building stone. Among its most celebrated exposures, between Blackrock and Whiterock Beach are those at Joyce’s Sandycove Martello Tower.
The green muddy sandstones of the Bray Group are well known to travellers on the M11 / N11 route where they are splendidly exposed between Newtownmountkennedy and Rathnew. Thick creamy-coloured quartzite beds also make their appearance here, but they are best exposed in the surrounding hills where they form ridges with serrated skylines, not to mention the isolated cone of the Sugarloaf Mountain which causes it to be misidentified as a volcano on occasion. Additional impure green sandstones form the Kilcullen Group in west Wicklow and extend into adjoining County Kildare. These can be inspected at the roadside in Glending, west of Blessington town, and also further south, along the N81 near Dunlavin. The final group of rocks, the Duncannon Group is among the most restricted in extent, and forms a relatively narrow zone that extends from the Waterford-Wexford coastline northeastwards to terminate around Arklow Head. It consists of volcanic rocks, the products of lavas and ashes ejected from ancient volcanos whose outlines have long since vanished. There is a second parallel, but subsidiary, zone of these rocks which is very important for our story. It extends from Croghan Kinshelagh area to Avoca, and further northeast to Rathdrum and beyond. Yes, this is Fraser’s golden zone.
To be continued…
Other books by Dr Peadar McArdle can be viewed on Amazon here
Gold Frenzy, the story of Wicklow’s gold pt 8 – 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 8 – A total of just over 944 ounces of gold recovered
Notwithstanding Weaver’s failure to secure funding for the tunnel, he did open 12.8km of trenches down to bedrock, quite an extensive undertaking. The depth of overburden gradually thins upwards towards along the valley slope and at the point where it almost disappears in Ballinvalley (upslope from the Red Hole) and adit was driven into the mountain, but only for 320m. Additional adits and shafts were also opened in the district. The evidence of all these workings still remain in the valley and the occasional radial trench forms the basis of its modern drainage. However it was all to no avail. None of the quartz veins had any gold particles, despite thorough sampling and rigorous chemical analysis, and this suggested there was no local source for the alluvial gold.
Weaver’s efforts were terminated in 1803, with another 12kg of gold recovered since 1800, but the military barracks remained occupied with a party of troops for some years afterwards just in case the neighbours were distracted once more. In 1819 Weaver summarised the outcome of Government operations from 1796 to 1803. A total of just over 944 ounces of gold was recovered. Just 6.3 percent (almost 59 ounces) was sold as specimens at £4 per ounce, melted and cast into ingots by Weaver. The vast bulk, 93.7 percent, or 885 ounces, was sold to the Bank of Ireland, but at a slight premium. Weaver notes that there was a loss of 4.25 percent gold in the process. The total aggregate value of native and ingot gold was over £3,675.
Eminent scientist Richard Kirwan claimed that little or no gold is replenished by modern stream action. He considered that, even where replenishment was taking place, based on eighteenth century European experience, it would be limited to minor quantities of tiny flakes. Accordingly he considered it could “be advantageous to none but the poorest people.” It is unusual for persons to be disdainful of small amounts when they relate to commodities such as gold and in this attitude I suspect that Kirwan was quite different from the neighbours.
So a dichotomy of views arose and surprisingly would persist to modern times. On the one hand, officialdom saw no potential for a viable operation in Wicklow and, anyway, would not countenance investing taxpayers’ money in a speculative venture involving gold. Feelings towards Goldmine River in Dublin or London would always be ambivalent. On the other hand, local residents and prospectors did not share these opinions. They were not appalled by unruly assemblies and workings, nor were they discouraged by the risk of poor returns. So the interweaving of these opposing views would form the historical tapestry for these gold workings.
To be continued…
Other books by Dr Peadar McArdle can be viewed on Amazon here
Gold Frenzy, the story of Wicklow’s gold pt 7 – 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 7 – The likely source of gold lies in the mountain’s quartz vein.
When work resumed in September 1800, First Lt Weaver came into his own. The Commissioners now recommended to the Government that work be extended beyond the simple collection of alluvial gold to include a search for any gold bearing veins in the bedrock. The Government, like any government might do, had finally abandoned any pretence that it was focussed only on preventing the assembly of mobs. Let’s go for gold! Weaver worked on the assumption that the alluvial gold would be sourced in quartz veins on the higher ground surrounding Croghan Kinshelagh Mountain.
In their report, the Commissioners described the progress of the workings and the weight and value of gold recovered in considerable detail. They also investigated reports of gold occurrences in all neighbouring streams and recorded their relative success. Because gold sometimes adhered to quartz, they concluded that quartz veins were the source of the gold – and very likely some of the many such veins occurring on Croghan Kinshelagh mountain itself. The workings were not without their own tribulations, for the authors reported that their utensils (at Monaglogh): “were destroyed by some persons unknown, for the discovery of whom a reward of 20 guineas was offered without producing the desired effect and the trial was not resumed.” While minor compared to the events of May 1798, clearly the neighbours had not entirely acquiesced in their imposed state of inactivity.
Convinced that a viable bedrock gold source lay in quartz veins on the higher slopes of Croghan Kinshelagh, the Commissioners proposed to continue working the river bed, opening trenches and even tunnelling until this idea had been fully tested. Indeed they had one daring if risky idea: to open a tunnel, at right angles to the principal direction of the veins, straight through the mountain at the highest level where gold had been discovered in the river bed. While the other proposed workings could be relied upon to produce a profit, this new concept was much more risky.
In considering the programme of work recommended by Abraham Mills and co-workers, the Government had the weighty views of eminent scientist and President of the Royal Irish Academy, Richard Kirwan. In his report, published as an appendix to that of Mills and co-workers, he was complimentary about the operations themselves: “As to the method of extracting gold from the sand, none, I believe, can be more ingeniously contrived nor more successfully applied, than that employed by Mr Mills. The real interest, however, would have been his views on the source of the gold, the future of the operation and especially in the proposed tunnel. He did not disappoint.
He agreed the likely source of gold lay in the mountain’s quartz veins but concluded that the gold was derived not by modern river action but “by ancient inundations; I say ancient, because modern inundations convey none, as Mr Mills (at my request) having tried has experienced.” Modern rivers, in his view, did not have the power to move downstream nuggets of the sizes known from Goldmine River. He was not averse to prospecting on a limited scale being undertaken in the upper reaches of the various streams and ravines. But as to the idea of driving a tunnel straight through the mountain to the other side, well he was very cautious.
This must have been sweet music to the economical ears of those in HM Treasury! Nowadays a cost-efficient set of boreholes would be attempted, but that option was not available to Weaver and tunnelling techniques were primitive, slow and expensive. Kirwan appended a later note (dated 1 October 1801), after the mountain had been surveyed, indicating the proposed tunnel would be 8,862ft (2.72km) in length. He concluded, “The expense I cannot estimate” – another damning uncertainty in the eyes of HM Treasury. The tunnel was never driven.
To be continued…
Other books by Dr Peadar McArdle can be viewed on Amazon here