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Corporate Spotlight

IBG Citronen Project the largest zinc resource listed on the ASX and with a granted Mining Permit and completed Feasibility Study, IBG is now moving towards development. The current market capitalisation shows the lowest value ascribed per unit of zinc offering the potential for exceptional leverage
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Conceptual Flythrough Video - Citronen Project


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ASX Announcement 11 December 2018 

Ironbark Zinc Limited (ASX: IBG) (“Ironbark” or “the Company”), is pleased to announce it has expanded the project region held under licence application to dominate the district (Figure 1).

Figure 1: Citronen Expanded Licence Application 

The Citronen project remains open ended at depth (repeat lodes), laterally and also on strike to the north-west. Mineralised outcropping gossans identified in the far North West (“The Western Gossans”) occur over an extensive region overlying the interpreted source fault that follows the trend of the licence. This new licence application covers the identified areas that are considered prospective and the trend of the Western Gossans

In discussions with several groups, the open-ended nature of the resource and the Exploration Target of 302- 347 Mt @ 4.4-5.0% Zinc + Lead is of interest (refer to ASX release dated 28 January 2010). The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration completed to date to estimate a Mineral Resource in accordance with the JORC 2012 Edition Guidelines. It is uncertain if further exploration will result in the delineation of a Mineral Resource (Figure 2).

Ironbark now controls the district which places the Company in a very strong position as Ironbark moves to determining the scale of the project in the future.

Figure 2: Plan view of the Captains Flat Licence and prospects 

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ASX Announcement 6 December 2018

Ironbark Zinc Limited (ASX: IBG) (“Ironbark” or “the Company”), is pleased to announce it has commenced exploration at the Captains Flat base metals project.

Geophysical group, Gap Geophysics and Southern Geoscience have commenced a HeliSAM electromagnetic (EM) survey over the proven large-scale Jerangle Prospect at Captains Flat. This work has been financed in advance jointly by Ironbark and New South Wales Base Metals (NSW BM – a subsidiary of Glencore) on an equal basis which is the same as the ownership. This programme will provide the first large scale modern geophysical survey over the Captains Flat project area. 

The Captains Flat project hosts the historic and significant Lake George Mine as well as numerous highly prospective exploration targets. 

Ironbark and NSW BM have already enjoyed historic exploration success with significant base metal intercepts returned from the Jerangle Prospect earlier drilling and look forward to continuing their work on this significant and underexplored proven high-grade base metals province. The geophysical survey is hoped to better identify and detail the location, scale and geometry of the identified mineralisation.

Project Highlights 

Lake George Mine 

Historic production from the Captains Flat – Lake George Mine: 4Mt of ore @ 10% Zn, 6% Pb, 0.7% Cu, 1.8g/t Au & 55g/t Ag – this was at one time Australia’s second largest producer of lead. While dwarfed by the Broken Hill field (which was one of the largest in the world), it was one of the largest base metal mining fields in Australia. For example, in 1943, mining of 8,579 and 8,633 tons of lead concentrates were extracted from Mt Isa and Mt Lyell respectively compared to 11,850 tons from Captains Flat.

Drilling below mine workings in the 1960’s demonstrated excellent potential below historic mining – the deepest drill hole returned: 1.22m @ 12.4% Zn & 5.4% Pb- with very little follow-up. 

Vanderbilt Hill Prospect 

Historic drill intercept: 3.9m @ 10% Zn, 5.3% Pb, 0.1% Cu – very little follow-up drilling.

Figure 1: HeliSAM EM Survey commenced 

Anembo Prospect 

Historic drill intercept: 3m @ 6.9% Zn, 5.5% Pb, 21g/t Ag & 2.0 g/t Au.

Jerangle Prospect 

Historic drill intercepts: 

  • 2.25m @ 5.2% Cu, 
  • 29.4m @ 0.5% Cu, 2.2% Zn, 8 g/t Ag including 1.9m @ 4.9% Cu, 6.3% Zn & 17g/t Ag. 

Ironbark drilling returned 4.4m @ 12.05% Zn.

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ASX Announcement 30 October 2018

Ironbark Zinc Limited (“Ironbark, the Company”) (ASX: IBG) hereby provides a report on its activities for the period ending 30 September 2018. During this busy reporting period the Company maintained focus towards developing the world class Citronen zinc project (Citronen). The zinc price remains strong and with stronger long term zinc forecasts, a granted Mining Permit over one of the largest zinc deposits in the world and current Feasibility Study – Ironbark is uniquely well placed moving forward to achieve long life and large scale production.

The Company is now working hard to secure finance in order to develop the large scale Citronen zinc project. During the quarter the following significant milestones were achieved: 

  • Conducted successful site visits with key potential investors and service providers as part of the Due Diligence process 
  • Site works including minor box-cut excavation works towards the ore body, plant and equipment maintenance, and camp improvements. 
  • Proposed shipping route chartered and proven 
  • Finance Discussions and Due Diligence Ongoing – Cutfield Freeman & Co 
  • Byrnecut Mining MOU

Subsequent to the quarter 

  • Metso MOU 
  • Board nominee resignation and update

Ironbark has bolstered its push towards project financing with the appointed financial advisors, Cutfield Freeman & Co., (CF&Co) who are a highly credentialed tier one international financial advisory firm, engaged to assist Ironbark structure the financing for the world class Citronen zinc project.

CF&Co is an independent corporate finance house with offices in London, Toronto and Hong Kong providing independent advice to companies in the mining and metals sectors. CF&Co advises on all aspects of corporate, project and offtakerelated finance, mergers and acquisitions, and joint ventures. CF&Co has acted on a wide variety of transactions for a range of mining companies including BHP Billiton Ltd, Dynatec Corporation, Molycorp Inc, Zijin Mining Group Co., and Anatolia Mineral Development Ltd/Alacer Gold Corporation.

As part of the financing process Ironbark conducted a series of site visits to the Citronen proposed mine site during August 2018. The primary goal was to take several groups of high calibre potential investors, private equity groups, bankers, equipment suppliers and mining operators to review the project site. Investment criteria for many of the investors include completing site inspections as part of the due diligence process. The agenda for the inspections included an appraisal of drill core selected from the site core library as well as a visit to the areas of outcropping mineralisation (Figure 1) that occur at the Discovery zone over a strike length of 2 kilometres. Investigations were also made of the proposed decline area, tailings dam and various other planned infrastructure locations (Figure 2). The site visit typically impresses upon the investors the open ended nature of the mineralisation and the Exploration Target of 302- 347 Mt @ 4.4-5.0% zinc + lead (ASX announcement 28 January 2010). The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration completed to date to estimate a Mineral Resource in accordance with the JORC 2012 Edition Guidelines. It is uncertain if further exploration will result in the delineation of a Mineral Resource.

The current resource stands at 70.8Mt @ 5.7% zinc + lead using a 3.5% zinc cut-off (Measured 25Mt, Indicated 26.5Mt and Inferred 19.3Mt) which compares favourably against a global average underground primary zinc mine head grade of 4.9% zinc*

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ASX Announcement 30 August 2018

Ironbark Zinc Limited (“Ironbark, the Company”) (ASX: IBG) is pleased to announce the significant achievement of proving the viability of shipping from the Citronen base metal project in Greenland.


Ironbark is delighted to report that the “Nunavik”, a 189m long Polar Class Cargo ship has proved shipping access to the Citronen site (Figure 1) marking the first time a large commercial ship has travelled so far north on the eastern coast of Greenland. The vessel took advantage of late summer ice conditions and open water leads whenever possible to prove viable access to the project site (Figures 2 and 3). Ironbark chartered the icebreaking Nunavik to transit the area as part of the overall proof of logistical plan. The Citronen Project represents one of the World’s largest zinc deposits and will be a largely conventional mine with the exception of its location.

Jonathan Downes stated “The relative ease with which the vessel was able to negotiate the ice conditions, even this late in the season, has given a huge boost to our level of confidence in the practicality of operating this world class base metal project in a safe and environmentally responsible manner. The proposed mine would be a significant global producer of zinc metal and, while the mine would be conventional in almost every way, its location has previously been perceived to be a point of difference and as a challenge. We are delighted to achieve this significant milestone.”

The Citronen project has some unique characteristics that are likely to make this one of the most environmentally friendly and sustainable global operations. Ironbark plans to draw on these advantages to deliver the cleanest zinc mine in the world. In conjunction with Fednav’s impeccable environmental track record and reputation, Ironbark ensured that the Nunavik made this journey consuming low sulphur marine diesel oil instead of conventional heavy fuel oil (HFO) while in Greenland waters.

The Nunavik’s master, Thomas Grandy with more than 20 years of polar navigating experience, remarked "Despite harsh ice conditions at times, Nunavik was able to make good progress to & from the entrance to Frederick E. Hyde Fjord thanks to a properly suited vessel with machinery operating at peak performance, an experienced ice navigation team, up to date weather information and ice charts, and satellite imagery received in a timely manner from Fednav's shore team in Montreal".

The Nunavik 

The Nunavik is a modern and very powerful icebreaking cargo ship and measures 188.8 metres (619 ft) long and has a beam of 26.6 metres (87 ft). Fully laden, she draws 11.75 metres ( 38.5 ft) of water and has a deadweight tonnage of 31,754 tonnes. She is built for navigation in ice according to the International Association of Classification Societies (IACS) Polar Class 4, which allows year-round operation in thick first-year ice which may include old ice inclusions. The Nunavik is owned and operated by Fednav and services Canadian Royalties’ Nunavik Nickel Mine, in Canada.

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Jonathan C. Downes – Managing Director
Mr Downes has over 25 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with nickel, gold and base metals, he has also been intimately involved with numerous private and public capital raisings. Mr Downes is on the board of several ASX-listed companies; he was a founding director of Hibernia Gold (now Moly Mines Limited) and Siberia Mining Corporation Limited (now merged with Monarch Resources Limited) and is a non-executive director of Corazon Mining Limited and Galena Mining Limited.

Michael Bourguignon – Project Director

Michael has over 20 years’ experience in Project Management within the Mining Industry both in Australia and Internationally. Michael’s most recent role was as the Capital Project Manager for Syrah Resources Limited’s Balama Graphite Mine. Michael was responsible for the planning, coordination and execution of multiple contracts for the construction of the Balama Processing plant which is the largest graphite processing plant in the world. The project scope also included the construction of external infrastructure which was self-managed. In this role, Michael was responsible for 2000 personnel with an owners of team of 96 staff reporting directly to him through to successful completion.  

Peter Duncombe Bennetto- Non Executive Chairman
Peter has over 35 years’ experience in banking and investment. He has had deep involvement in capital, currency and commodity markets with Societe Generale and Banque Indosuez. Peter has held company director positions in exploration, mining and manufacturing companies listed on the ASX since 1990. Peter was also a founding director of Anaconda Nickel Ltd.

David Kelly – Non Executive Director
Mr Kelly has over 9 years’ experience in finance industry in Australia and the United Kingdom; he has held senior roles at Deloitte Touche Tomatsu, Chartered Accountants and Royal & SunAlliance Insurance Group plc. Mr Kelly is a qualified Chartered Accountant, and is currently working for Ironbark’s substantial shareholder, Glencore International.

Gary Comb – Non Executive Director
Mr Comb is an engineer with over 25 years’ experience in the Australian mining industry, with a strong track record in successfully commissioning and operating base metal mines. Whilst he was Managing Director of Jabiru Metals Limited, he successfully took the Jaguar base metal project into production with the commissioning of the mine and processing plant taking place during the Global Financial Crises. Mr Comb was previously the Chief Executive Officer of BGC Contracting Pty Ltd, the mining contracting arm of the West Australian construction group BGC Pty Ltd. He is currently also a director of Zenith Minerals Limited.

Kelly Strong – Non Executive Director
Mr. Kelly Strong is the Vice President for mining operations at Nyrstar located in Tennessee. In his current role Mr Kelly Strong is responsible for all of Nyrstar’s zinc mining and milling operations in Canada and the United States, operating the mining of polymetallic ore bodies, and associated products. Mr Strong’s appointment is ideally suited to support Ironbark’s planned transition into mining.

Rob Orr – Chief Financial Officer & Company Secretary
Mr Orr is a Chartered Accountant with a significant level of commercial experience in the roles of Chief Financial Officer and Company Secretary for a number of ASX listed companies. Mr Orr has over 25 years’ experience in public practise and commerce and has worked extensively in the resource industry and is experienced in capital markets, project development, contract negotiation and mining operations.

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