viewIronbark Zinc Ltd

Ironbark Zinc board members take max amount in SPP

The company recently commenced a study evaluating a less capital intensive, high-grade starter mine operation for the Citronen Base Metals Project in Greenalnd.

three empty board seats
Multiple board members have purchased company shares during July 2019

Ironbark Zinc Ltd (ASX:IBG) board members Peter Bennetto, Gary Comb, and Danny Segman have all taken up their maximum subscription in the recent share purchase plan (SPP).

The maximum amount able to be subscribed for under the SPP is 1 million shares for a value of $15,000.

This increased chairman Peter Bennetto’s holding to around 4.3 million shares, and non-executive directors Comb’s and Segman’s holdings to 3.6 million and 110.5 million shares respectively.

The SPP subscriptions follows a number of on-market purchases by directors recently including Segman’s purchase of over 1 million shares throughout July 2019.

READ: Ironbark Zinc director Danny Segman buys more shares on-market

Recently, Ironbark engaged a mining consultant to consider a high-grade smaller starter mine at its Citronen Base Metals Project in Greenland.

This less capital intensive revised model would see a much smaller initial operation developed with a targeted 1 million tonnes per annum (Mtpa) production rate.

While this avenue is evaluated, Ironbark reiterates that encouraging discussions surrounding the development of the current 3.3Mtpa planned and permitted feasibility study remain ongoing.

READ: Ironbark Zinc commences study on high-grade starter mine

A similar approach was employed by Galena Mining Ltd (ASX:G1A) which originally had a large low grade resource with a very similar grade-tonnage curve to Ironbark.

Galena successfully revised their historical plans to a new high-grade operation.

Quick facts: Ironbark Zinc Ltd

Price: 0.011 AUD

Market: ASX
Market Cap: $10.12 m

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