Ironbark Zinc (ASX:IBG) has been granted a trading halt by the ASX pending details of a capital raising.
The company's Citronen Base Metal Project in Greenland is one of the world’s largest undeveloped zinc projects.
The resource is currently pegged at 71 million tonnes at 5.7% of zinc and lead, or 13 billion pounds of contained zinc and lead.
In June the company lodged the key Social Impact Assessment, a vital requirement for the Mining Licence.
Ironbark is leveraged to the zinc price, with over the past few months has moved from ~US$0.90/lb to ~US$1.10/lb (> 20% increase).
Major investors in Ironbark include Nyrstar and Glencore.
The halt will remain in place until the opening of trade on Wednesday 13th August 2014, or earlier if an announcement is made to the market.
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