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Ironbark Zinc Ltd.
Summary
| Project: | Citronen | |
|---|---|---|
| Deposit: | Citronen | |
| Location: | Greenland | |
| Commodities: | Zinc-Lead | |
| Date: | 9/12/2017 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 12-9-2017: Ironbark Zinc Ltd. announces a Feasibility Study report for its Citronen deposit at the Citronen project. Feasibility Study results incl. Post tax NPV (8%) of $1,034M, IRR of 36%. The Citronen Feasibility Study is the culmination of a vast amou | |
| Resources: | (Resource, Total): 70.8Mt @ 5.7% Zn+Pb at Citronen | |
| CP/QP: | [Resources]: Jonathan Downes, Elizabeth Laursen (Internal) | |
| ABSTRACT: | The Citronen Feasibility Study is the culmination of a vast amount of work, the main body of which has been derived from the work released to the ASX in 2013 and from additional costing, engineering, metallurgical and design evaluation which is ongoing. The Feasibility Study Update (2017) is based on the original Feasibility Study but has incorporated a recent review of capital and operating costs. Major changes that have been highly favourable include improved global benchmark smelter treatment terms, lower fuel prices, representing one of Ironbark’s largest forecast costs of operation, and the long-anticipated recovery in the zinc metal price. Over the same period there have also be some cost increases including wages and some materials. The result is a far more robust project than ever before and it is well positioned on the starting blocks to become a major new zinc producer. Further metallurgical test work will commence shortly to target feasibility-level engineering confidence in the highest levels of recovery achieved in earlier work (up to 90%) and also test a two stage DMS upgrade. Any improved recoveries will be reported in due course. Commenting on the results of the updated cost evaluation of the Feasibility Study Ironbark Managing Director Jonathan Downes said: “We are extremely pleased with the confluence of a strong zinc price, which is widely forecast to continue to strengthen, low fuel prices and strongly improved smelter treatment charges. This has sharpened up the project economics and now has the project NPV exceeding US$1B at spot metal prices and using 5 year Wood McKenzie zinc forecasts. Giving real significance to this is the recent grant of a 30 year Mining Licence finally allowing a rapid progression towards financing and production. The Citronen Project shows a highly profitable base metal development potential of global significance. Citronen’s mine life of at least 14 years is defined only by the limits of drilling to date. As such, one of the Project’s most exciting aspects remains its exceptional exploration potential with identified mineralisation remaining open in almost every direction.” | |
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