Ironbark upgrades Citronen

THE DRILL SERGEANT: Greenland-focused Ironbark Zinc has announced a resource upgrade in both grade and in the company’s confidence in its wholly-owned, Citronen base metals project.

The company said the latest resource upgrade has been based on recent drilling conducted during 2011.

Ironbark has completed over 60,000 metres of diamond drilling at Citronen.

According to the company’s ASX announcement the resource remains open in almost every direction and highlights that exploration at Citronen has resulted in resource expansion every year.

Highlights of 2012 resource include:

–    A 53 per cent increase in resources within the Indicated and Measured category;

–    An 11 per cent increase in total contained metal inventory;

–    A 10 per cent increase in zinc + lead grade; and

–    A Resource upgrade calculated using more conservative Ordinary Kriging method.

“The global resource at Citronen now stands at 13.1 billion pounds of zinc and lead,” Ironbark Zinc said in its announcement.

“This is for material reported above a 2.0 per cent zinc cutoff and represents an increase of 11 per cent on the previous reported estimate of 132.6 million tonnes at 4.0 per cent zinc and lead for 11 billion pounds of zinc and lead.”
 
Ironbark said there has been no material change in the global tonnage of material at the 2 per cent cutoff grade due to the predominantly infill nature of the drilling it has carried out during 2011.

However, greater continuity of higher grade material has resulted in a better understanding of mineralisation, resulting in an increased resource category, and honouring of higher grade material.

The company said the increase in medium grade tonnage at the 3.5 per cent zinc cutoff is a result of the positive movements in the grade-tonnage-curve.