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Ironbark Zinc director continues to increase holdings with on-market purchase

The company remains focused on advancing the development of its flagship Citronen Zinc-Lead Project in Greenland.

Ironbark Zinc Ltd - Ironbark Zinc director continues to increase holdings with on-market purchases
Citronen is one of the world’s largest undeveloped zinc deposits

Ironbark Zinc Limited (ASX:IBG) director Danny Segman is continuing to show his support for the company’s base metals strategy through the acquisition of shares.

Segman acquired one million shares through an on-market trade to increase his total holding to 152.5 million shares in indirect interest.

Rare scale and grade combination

The company is confident that its Citronen Zinc-Lead Project in Greenland offers a rare scale and grade combination with a long mining life in a unique jurisdiction.

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.

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.

Mine plan review

Ironbark is reviewing the mining plan at Citronen to potentially include new and improved mining methods that have been developed since the original plan was released.

This decision has been taken by the company following an optimisation study of the Citronen mine plan, inclusive of two throughput scenarios - 3.3 million and 1 million tonnes per annum.

Mining Plus was engaged to partner with the company in delivering this optimisation study.

The main objective of this work was to evaluate a production schedule for an initial 1 million tonnes scenario, targeting an increased head grade in the opening three years of production.

Deeper review underway

The study has since highlighted several areas where the existing mine plan can be improved with new mining methods and techniques with the company's board subsequently commissioning a much deeper review of this plan.

The intention is to increase the robustness and relevance of the plan with respect to key performance metrics demanded by resource capital markets in 2020.

Quick facts: Ironbark Zinc Ltd

Price: 0.03 AUD

ASX:IBG
Market: ASX
Market Cap: $28.49 m
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