\"Gold

Gold bars are on display at the "Gold" exhibit in the American Museum of Natural History in New York Photo by: AP Photo/Seth Wenig

Gold strike worth tens of millions found in Wexford say explorers

\"Gold

Gold bars are on display at the "Gold" exhibit in the American Museum of Natural History in New York Photo by: AP Photo/Seth Wenig

A Dublin based mineral exploration firm has struck gold in the south west of the country, a find estimated to be worth tens of millions of dollars.

The IMC Exploration Group, who began drilling in Ireland in October 2011, says it has found "exceptionally high" levels of gold during their latest project in north Co Wexford.

Neil Ring, Director of IMC Exploration Groups told RTE's morning Ireland they have spent $400,000 on drilling so far.

Read More: Ireland site for next gold rush? Prospectors find “encouraging” quantities in Wexford

"It's a very, very significant high level, high grade find," he told RTE’s Morning Ireland Program.

"The concentration of gold per tonne in the sample we have had assayed is 11.3 ounces," Ring said.

“Now to put that into perspective, the Clontibret find in Monaghan is 1.24 grammes per tonne. 11 ounces is 354 grammes, so it's a very significant high level, high grade find."

The company has been awarded 21 mineral prospecting licenses by the Irish Government over the last three years.

"The nation is probably the big winner." Ring stated. “Hopefully there's huge amount of investment that will go into a mining program that will create employment.”

The specific location of the find has not been disclosed.

According to the company’s website, in 1795, the discovery of gold nuggets near Woodenbridge in Co. Wicklowprecipitated Ireland's only indigenous gold rush.

From the gravels of what became known as the Goldmine River, up to 9,000 ounces of gold were recovered, mainly by local people.

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