Ironbark Zinc confirms Captains Flat Project prospectivity following HeliSAM survey

Ironbark Zinc Limited (ASX:IBG) has confirmed the prospectivity of the Captains Flat Project in New South Wales after completing a helicopter-borne sub-audio magnetic (HeliSAM) survey.

Captains Flat is a base metals project in NSW, southeast of Canberra, that is jointly held by IBG and NSW Base Metals, a wholly-owned subsidiary of Glencore PLC (LON:GLEN).

The historical high-grade Lake George Mine, which produced around 4 million tonnes of ore at 10% zinc, 6% lead, 0.7% copper, 1.8 g/t gold and 55 g/t silver, is on the tenement, together with a number of other prospects.

Ironbark’s board of directors considers Captains Flat to be an important asset given it is proven to host high-grade base metals mineralisation, is accessible year-round and offers another avenue for Ironbark to work with Glencore, one of the world’s largest base metals mining and trading companies.

The survey resolved a weak-moderate conductive EM anomaly response associated with the northern parts of known sulphide mineralisation in the Jerangle prospect area.

This conductive response is attributed to the presence of semi-massive to massive sulphide mineralisation and means the conductive sulphide mineralisation could extend away from the current drill intersections along strike to the north and south.

The survey also found a region of sulphide mineralisation intersected by drill holes in the southern part of the Jerangle prospect area that is not associated with a conductive HeliSAM TFEM response and is likely due to increased non-conductive sphalerite content.

 All significant sulphide intersections at Jerangle appear to be associated with an elevated magnetic anomaly expression (+80nT), likely related to magnetite alteration. 

The ground magnetic inversion result has also highlighted a prospective 400-metre gap between two drill tested zones at the Jerangle prospect and this requires drill testing to confirm the continuation of non-conductive sulphide mineralisation.

Ironbark was advised by Resource Potentials Consulting Group in processing these results.