Ironbark Zinc reports drill hole at Captains Flat JV project reveals sulphide zones

Ironbark Zinc (ASX: IBG) and a Glencore International AG (LON: GLEN) subsidiary have completed a diamond drill hole at the Jerangle Prospect within the Captains Flat Project which shows substantial zones of sulphide mineralisation.

The JV drilled the hole, which reached a depth of 450.2 metres, and includes NSW Base Metals Pty Ltd (a subsidiary of Glencore) and Forge Resources (ASX: FRG) - the latter reducing to a 25% interest, was based on historic drilling results and recent soil sampling.
The drill core has been transported to Cobar for analysis.

The project is located south of Canberra in New South Wales.  The foot print of the project is vast covering a strike length of 39 kilometres of a highly endowed Volcanic Massive Sulphide (VMS) horizon that hosts numerous historic mineral occurrences and mines.

Ironbark and NSWBM have become entitled to a 51% JV interest on an equal basis and are currently jointly funding $600,000 in further exploration to earn an additional 24% JV Interest.

The project area includes the Lake George Mine that produced 4 million tonnes of high-grade ore until closure in 1962 and was at one time Australia’s second largest producer of copper.

Within the project area prospects include the Jerangle, Lake George and Vanderbilt Hill prospects where previous explorers have returned high grade copper and zinc drill intercepts.

The Jerangle Prospect is located at the southern end of the project area and drilling over a strike length of 1.5 kilometres has returned drill intercepts assaying up to 5.25% copper. High density soil sampling has delineated high priority exploration targets for immediate follow up.

The high-grade Lake George Mine remains prospective for remnant ore at current base metal prices as well as at depth where results such as 1.22 metres at 12.4% zinc, 5.4% lead were returned beneath historical workings over a strike length of at least 300 metres from diamond drilling.

Mineralisation is open at depth and may represent possible repeats of the historically mined areas.

Ironbark previously drilled 154 air core drill holes for 2,533 metres of drilling on the Lake George Mine tailings. The program tested the mineral content of the historic tailings dumps.

The Vanderbilt Hill prospect is located to the east of the Lake George Mine and drilling has returned results such as 3.9 metres at 10% zinc, 5.3% lead.

The prospect is considered to be highly prospective with open ended historic high grade drill results yet to be followed up.

Ironbark is currently focused on the development of the Citronen base metal mining operation in Greenland which currently hosts in excess of 11 Billion pounds of zinc (Zn) and lead (Pb).

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19513/ironbark-zinc-reports-drill-hole-at-captains-flat-jv-project-reveals-sulphide-zones-19513.html