Ironbark Zinc (ASX: IBG) has rocketed on news it will issue Nyrstar International BV with 42,857,143 shares in Ironbark at 35 cents each to raise $15,000,000.
The funding will be used to complete the Definitive Feasibility Study for one of the world’s largest undeveloped zinc projects late this year.
Ironbark said the funding is sufficient to take it to major project financing stage.
The company aims to commence commercial production within the next 3 to 5 years.
The wholly owned Citronen base metal deposit in Northern Greenland currently hosts in excess of 10 billion pounds of zinc and lead. The current JORC compliant resource for Citronen is 55.8 million tonnes at 6.1% zinc (Zn) + lead (Pb).