Ironbark Zinc Ltd (ASX:IBG) has completed its acquisition of two plays in Queensland – the Simon and Anderson projects- taken over from Aon Metals Ltd (ASX:AML), following recent reconnaissance and early exploration work on-site.
Attending the two sites in June, Ironbark undertook initial exploration including surface sampling at Anderson, which revealed grades of up to 2,977 parts per million copper, noting that native copper had previously been reported in historic drilling there.
Also observed at Anderson were outcropping pegmatites which had not been discovered previously, and which were mapped with consideration to their potential to host rare earth elements (REEs), tantalum and niobium.
Ironbark is set to take on an 80 percent interest in both projects – also known under their exploration permits EPMs 14694 (Simon) and 11898 (Anderson Project) – located 90 kilometres north northwest and 30 kilometres west southwest of Mt Isa.
Also notable is Simon’s proximity to Austral Resources Limited’s (ASX: AR1) 1.7 million-tonne McLeod Hill ML 5426 and their 5,000 tonnes per day (tpd) Mt. Kelly heap leach and SX-EW processing facility.
Managing director Michael Jardine said that given the market’s recent enthusiasm for copper, taking on these projects was a boon for Ironbark.
“We are off to a flying start in Mt Isa: making full use of our available 30-day due diligence window the team were able to have access granted, various resources mobilised, and 7 days spent in the field within 2 weeks of the deal being signed,” he said.
“Pleasingly this trip has confirmed our view that the Projects have considerable prospectivity and are under explored, and we have now closed the deal to acquire the tenements from AML.
“We will be back in the field in the September quarter as we look to define drill targets for a maiden campaign within 12-months, most likely on the Anderson Project.”
Ironbark has been trading at 0.4 cents.