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IMC Exploration – Update on Base Metal Licences
IMC Exploration is pleased to announce that its ten base metal licences have been reviewed and renewed by the Exploration and Mining Division of the Department of Communication, Minerals and Natural Resources.
These include licences in Co. Clare (PL 3550, PL 3806, PL 3644 & PL 3729), Co. Tipperary (PL 3670, PL 3426 and PL 3677), Co. Roscommon (PL 2103 and PL3460), Tipperary and Offaly (PL3668).
IMC has a works programme in place for these ten base metal licences and is currently in discussion with interested parties to progress this exploration.
Chairman Liam McGrattan commented ‘We believe zinc prices will start to appreciate towards the end of 2015 as several large zinc mines around the world become exhausted. We believe this is the opportune time to exploit this potential.’
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
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
IMC Exploration (IMCP) – Final Results & Voting Rights
Audited Results for the 12 Months to 30 June 2015
The directors of IMC Exploration Group plc are pleased to present the Financial Results for (‘IMC’) for the twelve months to 30th June 2015.
Chairman’s Statement
Further to our announcement in March 2015, in which we signed an agreement with Koza Limited, a subsidiary of Koza Altin Isletmeleri A.S., we have recently signed the final Joint Venture agreement on IMC’s precious metal exploration licences in Wicklow and Wexford whereby Koza will fully fund the works programme on these licence areas with investment of EUR3.4 million for a 75% interest in these licences.
It is agreed Koza will fully fund the works programme on these licence areas with investment of €3.4 million for a 75% interest in these licences. The JV agreement was approved by the Minister for Communications, Minerals and Natural Resources and formally signed by both parties.
Koza is the leading Turkish international mining company with 4 operating mines. In 2014 they produced 317 thousand oz of gold and have gold reserves of 4.2 million ounces. Koza Gold is capable of carrying out all processes from the stage of exploration to production.
In tandem with the Koza / IMC precious metal programme, IMC itself is committed to a works programme on the 10 base metal licence areas and is currently in discussions with interested parties to progress this.
Furthermore, in order to fulfil its stock market potential, IMC is seeking a standard listing on the main market of the London Stock Exchange. Advisors, Keith Bayley Rogers have already commenced this process and have indicated this can be achieved within the final quarter of 2015. The London Stock Exchange is one of the world’s foremost markets for admission and trading of equity and includes many of the world’s most successful and dynamic companies.
The commencement of the works programme on our precious metal licences and the advancement of our base metal licences will ensure a regular, continuous, positive news flow.
We look forward to the coming weeks and months with enthusiasm for the exploration and corporate developments within the company.
The directors also wish to announce the issue of 5,008,212 new ordinary shares in consideration of services provided in relation to the joint venture agreement previously announced between the Company and Koza Limited.
Following this issue, there are 97,816,719 ordinary shares in issue, each carrying one voting right. The Directors of the issuer accept responsibility for this announcement.
Liam McGrattan
Chairman
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2015
Continuing Operations
| Notes | 2015 | 2014 | |
| € | € | ||
| Administrative expenses | (221,084) | (122,954) | |
| Operating Loss for the period | (221,084) | (122,954) | |
| Finance Income | – | 1,017 | |
| Loss on sale of investment | (135,164) | – | |
| Amount written off investment | (83,400) | (106,593) | |
| Loss for period before tax | (439,648) | (228,530) | |
| Income tax expenses | (1,093) | 5,408 | |
| Total comprehensive loss for the period | (440,741) | (223,122) | |
| Loss attributable to: | |||
| Equity holders of the Company | (440,741) | (223,122) | |
| Total Comprehensive Loss attributable to: | |||
| Equity holders of the Company | (440,741) | (223,122) | |
| Earnings per share | |||
| From continuing operations | |||
| Basic and Diluted loss per share (cent) | 2 | 0.01 | 0.01 |
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.
Consolidated Statement of Changes in Equity
for the year ended 30th June 2015
| Share | Share | Retained | ||
| Capital | Premium | Losses | Total | |
| € | € | € | € | |
| Balance at 30 June 2013 | 91,402 | 1,308,102 | (744,086) | 655,418 |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (223,122) | (223,122) |
| Total comprehensive income for the period | – | – | (223,122) | (223,122) |
| Transactions with owners, recorded contributions by and distributions to owners directly in equity | ||||
| Shares issued | 16,000 | 368,675 | – | 384,675 |
| Share issue costs | – | – | – | – |
| Total transactions with owners | – | – | – | – |
| Balance at 30 June 2014 | 107,402 | 1,676,777 | (967,208) | 816,971 |
| Total comprehensive income for the period | ||||
| Loss for the period | – | – | (440,741) | (440,741) |
| Total comprehensive income for the period | – | – | (440,741) | (440,741) |
| Transactions with owners, recorded directly in equity contributions by and distributions to owners | ||||
| Shares issued | 5,008 | 62,992 | – | 68,000 |
| Share issue costs | – | – | – | – |
| Balance at 30 June 2015 | 112,410 | 1,739,769 | (1,407,949) | 444,230 |
Net equity is attributable to the holder of the ordinary shares in the Group.
Consolidated Statement of Financial Position
for the year ended 30th June 2015
| Notes | 2015 | 2014 | |
| € | € | ||
| Assets | |||
| Intangible assets | 524,724 | 524,724 | |
| Property, plant and equipment | 1,465 | 2,690 | |
| Investments | – | 281,818 | |
| Total Non-Current Assets | 526,189 | 809,232 | |
| Current Assets | |||
| Trade and other receivables | 111,671 | 111,403 | |
| Cash and cash equivalents | (26,685) | (32,304) | |
| Total Current Assets | 84,986 | 79,099 | |
| Total Assets | 611,175 | 888,331 | |
| Equity | |||
| Share Capital | 3 | 112,410 | 107,402 |
| Share premium | 3 | 1,739,769 | 1,676,777 |
| Retained deficit | (1,407,949) | (967,208) | |
| Attributable to owners of the Company | 444,230 | 816,971 | |
| Total Equity | 444,230 | 816,971 | |
| Liabilities – Current | |||
| Trade and other payables | 155,954 | 61,462 | |
| Current tax liabilities | 10,991 | 9,898 | |
| Total Liabilities | 166,945 | 71,360 | |
| Total Equity and Liabilities | 611,175 | 888,331 | |
Consolidated Statement of Cash Flows
for the year ended 30th June 2015
| 2015 | 2014 | ||
| Cash flows from operating activities | |||
| Loss for the year | (222,177) | (117,546) | |
| Adjustments for: | |||
| Income tax expense recognised in profit and loss | 1,093 | (5,408) | |
| Depreciation | 1,225 | 1,225 | |
| Cash from operations before changes in working capital | (219,859) | (121,729) | |
| Movement in trade and other receivables | (268) | 42,630 | |
| Movement in trade and other payables | 94,492 | (7,213) | |
| Net cash flow from operating activities | (125,635) | (86,312) | |
| Cash flows from investing activities | |||
| Interest received | – | 1,017 | |
| Proceeds from sale of investments | 63,254 | – | |
| Taxation | – | – | |
| Acquisitions and disposals | – | – | |
| Net cash (used in) investing activities | 63,254 | 1,017 | |
| Cash flows from financing activities | |||
| Proceeds from the issue of new shares | 68,000 | – | |
| Finance income/(expense) | – | – | |
| Net cash generated by financing activities | 68,000 | 1,017 | |
| Movement in cash and cash equivalents | 5,619 | (85,295) | |
| Cash and cash equivalents at beginning of year | (32,304) | 52,991 | |
| Cash and cash equivalents at end of year | (26,685) | (32,304) | |
Accounting Policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
Statement of Compliance
As permitted by the European Union, the Group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS’s) and their interpretations issued by the International Accounting Standards Board (IASB) as adopted by the EU (IFRS). The individual financial statements of the Company (“Company financial statements”) have been prepared in accordance with the IFRS’s as adopted by the EU and as applied in accordance with the Companies Acts, 1963 to 2014 which permits a company that publishes its Company and Group financial statements together, to take advantage of the exemption in Section 148(8) of the Companies Act, 1963, from presenting to its members its Company Statement of Comprehensive Income and related notes that form part of the approved Company financial statements.
The IFRS’s adopted by the EU as applied by the Company and the Group in the preparation of these financial statements are those that were effective on or before 30 June 2015.
2. Loss per share
Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
| 2015 | 2014 | |
| € | € | |
| Loss for the period attributable to equity holders of the parent | (440,741) | (223,122) |
| Number of ordinary shares in issue – start of year | 69,308,507 | 53,308,507 |
| Effect of shares issued during the year | 5,008,212 | 16,000,000 |
| Weighted average number of ordinary shares for the purposes of basic earnings per share | 74,316,719 | 69,308,507 |
| Basic Loss per ordinary share (cent) | (0.01) | (0.01) |
3. Share capital
| 2015 | 2014 | ||
| € | € | ||
| Authorised equity | |||
| 200,000,000 Ordinary shares of €0.001 each | 200,000 | 200,000 | |
| 50,000 “A” Ordinary shares of €1 each | 50,000 | 50,000 | |
| 250,000 | 250,000 | ||
| Issued Capital | |||
| Ordinary Shares fully paid up | Number of shares | Share Capital | Share Premium |
| € | € | ||
| Balance at 1 July 2013 | 53,308,507 | 53,309 | 1,308,102 |
| Shares Issued for Non-Cash | 16,000,000 | 16,000 | 368,675 |
| Balance at 30 June 2014 | 69,308,507 | 69,309 | 1,676,777 |
| Balance at 1 July 2014 | 69,308,507 | 69,309 | 1,676,777 |
| Shares Issued for Cash | 5,008,212 | 5,008 | 62,992 |
| Balance at 30 June 2015 | 74,316,719 | 74,317 | 1,739,769 |
| Fully paid ordinary shares which have a par value of €0.001 carry one vote and carry a right to dividends. | |||
| A Ordinary Shares Partly Paid | Number of shares | Share Capital | Share Premium |
| € | € | ||
| Balance at 1 July 2014 | 38,093 | 38,093 | – |
| Balance 30 June 2015 | 38,093 | 38,093 | – |
| Partly paid “A” ordinary shares which have a par value of €1 carry no voting rights or rights to dividends. | |||
| Total Shares | Share Capital | Share Premium | |
| € | € | ||
| Total at 1 July 2014 | 107,402 | 1,676,777 | |
| Shares Issued for Cash | 5,008 | 62,992 | |
| Total at 30 June 2015 | 112,410 | 1,739,769 | |
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
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
Alan Green discusses Tesco (TSCO) & IMC Exploration (IMCP) on TipTV
Alan Green discusses Tesco (TSCO) & IMC Exploration (IMCP) with Zak Mir on TipTV
Gold Bears Rush For The Exit
Yesterdays surge in the price of gold continued today with a further 5.68% rise taking the price of the yellow metal to $1192 per oz. as the break out continued. In New York huge trading yesterday saw daily volume nearly double the average and the price is above the 200 day rolling average for the first time since May. All previous rallies have petered out at about $1170 at which level, traders sold but this time breakout has been achieved as the unexpected size of the rally took bears by surprise.
Excitement spilled over into gold mining stocks and a rampant Barrick Gold (ABX), the worlds largest gold miner, shot up by 9.5%, a 38% rise from the low reached on the 23rd September. Other miners to benefit included Goldcorp (GG)which had fallen to its lowest level since 1989 and also rose by nearly 10% yesterday and is now 25% up from its 2015 lows.
Anglo Gold Ashanti (AU) has risen by a massive 76% since the 5th August when it stood at its lowest for 16 years. Kinross (KGC) is up by 48% over the last month alone.
The trigger which caught everybody on the hop was September’s decision by the Fed, not to raise interest rates. The one cloud on the horizon is whether this reluctance will continue until the end of December. If US interest rates are raised before the year end, then, so it is argued, the rally will peter out.
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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
IMC Exploration – How can I trade ISDX shares?
Contact Mark Rigby, Redmayne Bentley Stockbrokers, Wellington House, East Road, Cambridge, CB1 1BH. Telephone 01223 451451, or link here