Ironbark identifies broad bedrock anomaly in NSW
ASX listed Ironbark Zinc has identified a strong, broad bedrock anomaly at the proven, large-scale Jerangle base metals prospect at its multi-element Captains Flat project in New South Wales.
The anomaly was discovered from preliminary interpretation of data from the helicopter-borne electromagnetic survey that the company recently completed over Jerangle with support from equal partner New South Wales Base Metals, a subsidiary of mining giant Glencore.
Interpretation of the data is ongoing with a final report with drill targets expected shortly.
The survey was designed to better identify and detail the location, scale and geometry of the existing base metals mineralisation at Jerangle.
Captains Flat is located 45km southeast of Canberra at the southern end of a richly endowed base metals belt of porphyry copper-gold and volcanogenic hosted metal sulphide deposits in the Macquarie Arc such as Newcrest’s Cadia copper-gold discovery.
The project includes the historic Lake George Mine that was first worked between 1882 to 1899 and produced 26.7 tonnes of silver, 16,100 ounces of gold and 3,841 tonnes of copper from 114,560 tonnes of ore.
It was subsequently reopened in 1937 and produced 4 million tonnes of ore going 10% zinc, 6% lead, 0.7% copper, 1.8 grams per tonne gold and 55g/t silver up to its closure in 1962, making it one of Australia’s largest base metals mines.
It remains prospective for remnant ore with mineralisation remaining open at depth and drilling below the mine workings in the 1960s returning up to 1.22m @ 12.4% zinc and 5.4% lead.
The Jerangle prospect has historic drill intercepts of 2.25m @ 5.2% copper and 29.4m @ 0.5% copper, 2.2% zinc and 8g/t silver including a 1.9m @ 4.9% copper, 6.3% zinc and 17g/t silver. Ironbark has also conducted its own drilling that returned 4.4m @ 12.05% zinc.
Ironbark Zinc (IBG)
Closing price for the last 90 trading days
Powered by Morningstar ®