www.ironbark.gl
Ironbark is listed on the Australian Securities Exchange (ASX: IBG) and specialises in base metal exploration and development in Greenland and Australia.
Ironbark seeks to build shareholder value through exploration and development of its projects and also seeks to actively expand the project base controlled by Ironbark. The management and board of Ironbark have extensive technical and corporate experience in the minerals sector.
Ironbark’s key focus is the Citronen Zinc-Lead deposit in Northern Greenland.
Ironbark Zinc renegotiates Captains Flat base metals JV agreement
Ironbark Zinc (ASX: IBG) has renegotiated the joint venture agreement between NSW Base Metals Pty Ltd (a subsidiary of Glencore International AG) and Forge Resources (ASX: FGE) with regards to the Captains Flat Project base metals project, located south of Canberra in New South Wales.
Previously Ironbark and NSW Base Metals Pty Ltd (NSWBM) were required to have completed a Bankable Feasibility Study to earn an interest in Captains Flat, however a more traditional farm in agreement has been renegotiated.
Ironbark and NSWBM have become entitled to a 51% Joint Venture Interest on an equal basis and have collectively agreed to fund $600,000 in further Exploration Operations to earn an additional 24% Joint Venture Interest.
The new Joint Venture Agreement replaces the Monaro-Ironbark-NSWBM Joint Venture Agreement.
Jonathan Downes, managing director, said Ironbark and NSWBM plan to immediately commence work on this significant and underexplored proven high grade base metals province.
The Project covers a strike length of 39 kilometres of a highly endowed Volcanic Massive Sulphide (VMS) horizon that hosts numerous historic mineral occurrences and mines, including the Lake George Mine that produced 4 million tonnes of high-grade ore until closure in 1962 and was at one time Australia’s second largest producer of copper.
Within the project area prospects include the Jerangle, Lake George and Vanderbilt Hill prospects where previous explorers have returned high grade copper and zinc drill intercepts.
The Jerangle Prospect is located at the southern end of the project area and drilling over a strike length of 1.5 kilometres has returned drill intercepts assaying up to 5.25% copper. High density soil sampling has delineated high priority exploration targets for immediate follow up.
The high-grade Lake George Mine produced approximately 4Mt of ore at 10% zinc, 6% lead, 0.7% copper, 1.8 g/t gold and 55 g/t silver and remains prospective for remnant ore at current base metal prices as well as at depth where results such as 1.22m @ 12.4% zinc, 5.4% lead were returned beneath historical workings over a strike length of at least 300 metres from diamond drilling.
Mineralisation is open at depth and may represent possible repeats of the historically mined areas.
Ironbark drilled 154 air core drill holes for 2,533 metres of drilling on the Lake George Mine tailings at Captains Flat. The program tested the mineral content of the historic tailings dumps.
The Vanderbilt Hill prospect is located to the east of the Lake George Mine and drilling has returned results such as 3.9m @ 10% zinc, 5.3% lead.
The prospect is considered by the company to be highly prospective with open ended historic high grade drill results yet to be followed up.
