Ironbark Zinc Ltd (ASX:IBG) has confirmed that mineralisation at the Fiery Creek Gold Project in southeast NSW remains underexplored at depth and exploration along strike of the historic workings is incomplete.
A 2020 review by Peter Leaman Geological Services has confirmed these findings for the project, which is 100%-owned by the company and was last drilled in 1989 by Horizon Resources NL.
The project is 5 kilometres along strike from the historic Cowarra Gold Mine, which produced 35,000 ounces of gold averaging 7.6 g/t gold, and it hosts seven strike kilometres with around 650 recorded historical workings.
Reassessment of gold potential
IBG managing director Michael Jardine said: “For the past decade, Ironbark has focused on progressing its flagship Citronen Zinc-Lead Project in Greenland.
“With a clear pathway towards a financial investment decision in 2021 now well advanced, the board has resolved to commence the preparatory work necessary to unlock the value of its Australian exploration assets.
“The very strong rally in the Australian dollar gold price over the last six months has prompted an overdue reassessment of the gold exploration potential at Fiery Creek. “
Modest investment needed
Jardine added: “The project hosts high-grade gold mineralisation over a strike length of seven kilometres.
“The tenement is littered with old workings in addition to possessing an existing extensive dataset.
“It is anticipated that a modest investment in further investigative work will form the basis for an exploration drilling program.
“The company continues to assess other domestic exploration opportunities that would complement this Fiery Creek work program.”
Historic drill intercepts
Significant historic drill intercepts from Fiery Creek include:
- 3 metres at 6.7 g/t gold from 6 metres including 1-metre at 16.25 g/t from 6 metres;
- 4 metres at 4.0 g/t from 16 metres; and
- 1-metre at 7.2 g/t from 9 metres.
Since the grant of the exploration licence, Ironbark has taken 61 rock chip samples which have returned extremely high gold grades.
Best surface samples include 253 g/t gold and 15.25% copper.
The company believes a high-quality existing data set, including magnetics, soil geochemistry, drilling and geological maps, will allow for rapid identification of drill targets.
After the recent successful renewal of Fiery Creek licence and the completion of Peter Leaman Exploration Services report, the company has engaged a structural geologist consultant to review the existing data and make recommendations regarding drill targeting.
It is also undertaking a further assessment of the permitting process to enable drilling with SCA areas of the project.
The company is considering various funding pathway for the planned exploration, which includes joint-venture or farm-in agreements with prospective gold partners.