Ironbark Zinc (ASX:IBG) is move to increase its stake in the Captains Flat base metals project in New South Wales to 50% has the potential to unlock an underexplored, proven high grade base metals province.
Captains Flat includes the Lake George Mine that was at one time Australia’s second largest producer of copper.
It produced 4 million tonnes of high-grade ore at 10% zinc, 6% lead, 0.7% copper, 1.8 grams per tonne gold and 55g/t silver until closure in 1962.
The project covers a strike length of 49 kilometres of a highly endowed volcanic massive sulphide horizon that hosts numerous historic mineral occurrences and mines.
Managing director Jonathan Downes speaks exclusively with Proactive Investors about the joint venture with Glencore subsidiary NSW Base Metals Pty Ltd (NSWBM).
PROACTIVE INVESTORS: Welcome Jonathan.
What are the next steps that IBG and NSWBM intend to take at the project?
Ironbark and Glencore are preparing an exploration program at Captains Flat.
Given that drilling at Lake George Mine has demonstrated excellent potential below historic mining, will this be one of the areas of focus?
The historic mine will continue to be a focus as mining finished in high grade zinc. The mine closed during one of the low zinc market cycles so it affords us a great opportunity.
The scale of mineralisation at Jerangle, located on the same belt to the south, is actually very exciting.
There are historic drill hits exceeding 5% copper and we have encountered zones of lower grade mineralisation in excess of 50 meters thick so we are looking for regions that might be both high grade and wide.
We consider the prospects very interesting.
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