Ironbark Zinc (ASX:IBG) has agreed to acquire an 80% interest in Aeon Metals’ (ASX:AML) two copper-prospective projects in Mt Isa, Queensland.
The Simon and Anderson projects lie 90km north and 30km west-southwest, respectively, of Mt Isa.
Under the agreement, Ironbark will pay Aeon $100,000 for the 80% interest, with $25,000 payable upon signing and the remaining balance payable within 30 days of completing due diligence.
Paladin Energy’s subsidiary Summit Resources will hold the remaining 20% stake in both projects, as well as the exclusive rights to any uranium mineralisation they may contain.
Ironbark Managing Director Michael Jardine says acquiring the projects is a “real coup” for the company in a strong copper market.
“The neighbourhood is excellent and the range and number of targets, some of which present significant upside to the business if they’re successful, open for exploration is very exciting,” he says.
“Queensland is a new market for Ironbark Zinc but we’ve already identified the team to assist and I couldn’t be happier to commence working in one of the world’s most famous mineral provinces.
“We will be on the ground in Mt Isa very soon and I look forward to sharing news from the ground in the near future.”
Subject to satisfying due diligence, Ironbark’s work program will begin with compilation of all historical information and ground truthing where required.
Mapping, rock chip, and soil sampling programs will be conducted over initial target areas. The company notes the historical magnetic data will be reprocessed to help ascertain the depth of magnetic anomalies.
If necessary, additional detailed geophysics will be carried out to delineate drilling targets.
Write to Aaliyah Rogan at Mining.com.au
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