Ironbark Zinc's (ASX: IBG) joint venture partner NSW Base Metals, a subsidiary of Glencore International AG, has identified extensive and strong bedrock conductors at the Jerangle prospect, part of the Captains Flat Base Metal Project in New South Wales.
NSW Base Metals discovered the conductors via fixed-loop transient electromagnetic and ground magnetic surveys which are now complete.
The most recent drill hole was strongly mineralised near the top of the modelled electromagnetic conductor, highlighting the potential for considerably deeper mineralisation at Jerangle.
Drilling of the conductor is expected to begin as soon as possible, pending New South Wales statutory approvals.
The Captains Flat Project covers a strike length of 39 kilometres of a highly endowed volcanic massive sulphide horizon that hosts numerous historic mineral occurrences and mines including the Lake George Mine that produced 4 million tonnes of high grade ore until closure in 1962.
The mine was at one time Australia's second largest producer of copper.
Within the project area prospects also include the Lake George, Vanderbilt Hill and Anembo prospects where previous explorers have returned high grade copper and zinc drill intercepts.
The high grade Lake George Mine produced around 4 million tonnes at 10% zinc, 6% lead, 0.7% copper, 1.8 grams per tonne (g/t) gold and 55g/t silver and remains prospective for additional ore.
Diamond drill results beneath historical workings indicate mineralisation over a strike length of at least 300 metres and includes 1.22 metres at 12.4% zinc and 5.4% lead.
Mineralisation is open at depth and may represent possible repeats of the historically mined areas.
The Vanderbilt Hill prospect is located to the east of the Lake George Mine and drilling has returned results such as 3.9 metres at 10% zinc and 5.3% lead.
The prospect is considered to be highly prospective with open ended historic high grade drill results yet to be followed up.
The Anembo Prospect lies 12 kilometres north of Jerangle and historic drilling returned a best intercept of 3 metres at 6.9% zinc, 5.5% lead, 21g/t silver and 2g/t gold from 163 metres.
Ironbark and NSW Base Metals are currently entitled to a 51% joint venture interest on an equal basis, and are currently jointly funding exploration to earn an additional 24% combined joint Venture interest from Forge Resources (ASX: FRG).
Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.