23 Dec Ironbark Zinc granted permit for huge Greenland zinc project
Australian junior explorer Ironbark Zinc (ASX:IBG) has been granted a mining permit for a ‘world class’ zinc project by the Greenland Government.
The approval grants Ironbark the right to exploit its 100%-owned Citronen zinc-lead project for 30 years and requires a net smelter royalty agreement with the government up to 2.5% on commercial production.
Ironbark will immediately commence the process to advance project development and financing to allow the company to become what it says ‘one of the world’s largest zinc mining companies’.
“We are proud and delighted to have been awarded the mining permit for the world class Citronen zinc-lead project. This is a milestone and achievement of great importance to the company and our plans to develop the project into one of the world’s largest zinc mining operations. We will now move to advance project development and funding without delay,” Ironbark managing director Jonathan Downes said in a statement. The $41 million market-cap company has two other projects in Greenland and three in Australia.
According to a project page, the Citronen zinc-lead Project represents one of the world’s largest undeveloped zinc-lead resources with a resource in excess of 13 billion pounds of contained zinc and lead. Over 67,000 metres of diamond drilling has been completed to date at the deposit located in Northern Greenland.