Ironbark Zinc Limited (ASX:IBG) has unveiled the maiden JORC 2012 compliant Ore Reserve for the underground deposit of its flagship Citronen Zinc-Led Project in Greenland.
Managing Director, Michael Jardine, said the release of the JORC Ore Reserve of 21.3Mt @ 6.3% Zn equivalent containing 1.3Mt of Zn metal and 0.1mt of Pb metal is a major milestone in Ironbark’s plans to bring Citronen into production.
He said the maiden Ore Reserve underpins the first 6.5 years of the recently optimised Citronen mine plan, with the company aiming to reach FID in 2021.
The Ore Reserve also greatly increases the confidence levels, allowing IBG to begin discussions with new prospective Project and Offtake partners.
The declaration of the maiden Ore Reserve for the underground deposit at Citronen represents another significant milestone as the project moves towards an FID in 2021,” Mr Jardine said.
“The combination of a much improved, and now Ore Reserve backed, mine plan, granted mining licence, completed Feasibility Study and the ongoing presence of Glencore and Trafigura as shareholders and off-takers clearly demonstrates the development ready status of the Project.
“A rising zinc price environment, backed by a completely refreshed and reoptimized Feasibility Study to be completed in early 2021, will be the launching pad for Ironbark to make its long-anticipated transition from explorer to producer.”
Mr Jardine said the 6.3% Zn equivalent Ore Reserve grade at Citronen is favourably positioned given the long-term trend in declining Zn head grades globally.
In terms of location, he said Greenland presents as an eminently safe investment jurisdiction amongst its suite of “Base Case & Probable Project” Project peers, with Citronen also rating favourably on forecast capital intensity (Zn Metal / Capex):
