The indirect purchase via Toronga Pty Ltd (an entity in which Segman has a beneficial interest) brings Segman’s total securities to 151,091,607 shares.
This comes after Segman recently purchased 681,127 shares in the company through on-market purchases.
Segman is one of four board members and has a background in banking, construction and property development, and hotel operation.
Citronen Base Metals Project
The company remains focused on advancing the development of the flagship Citronen Base Metals Project in Greenland.
Citronen is one of the world’s largest undeveloped zinc deposits and is at an advanced post-feasibility stage.
The project was been granted an Exploitation Licence in 2016, which is equivalent to a mining licence in Australia and offers a rare scale and grade combination with a long mining life in a unique jurisdiction.
30-year mining lease
Ironbark considers Citronen the jewel in the crown because the project has a 30-year mining lease and has 18 million tonnes at 8.24% zinc and lead with 14 million tonnes in measured and indicated resources.
Notably, the high-grade zone is within a significantly larger resource of 132 million tonnes at 4.5% zinc and lead with potential for further regional exploration.