Ironbark Zinc (IBG) has reached an agreement to acquire an 80% interest in two copper mining projects in Queensland from Aeon Metals (AML).
The deal involves the Simon and Anderson projects, located near Mt Isa, for which Ironbark will pay Aeon Metals $100,000.
Under the agreement, Ironbark will pay $25,000 upon signing and the remaining $75,000 after a 30-day due diligence period.
Paladin Energy’s subsidiary, Summit Resources, retains a 20% stake in both projects and exclusive rights to any uranium mineralisation.
Subject to the completion of due diligence, Ironbark’s work programme will commence with the compilation of historical data and ground truthing.
This will be followed by mapping and sampling over the initial target areas, leveraging the year-round accessibility and the proximity to Mt Isa’s robust exploration infrastructure.
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The Simon and Anderson projects are situated 90km north-north-west and 30km west-south-west of Mt Isa, respectively.
The Simon project is adjacent to Austral Resources’ processing facility.
Meanwhile, the Anderson Project is a stand-alone exploration licence, covering a 15km section of the prospective May Downs Fault.
Through a network of sealed and unsealed roads, both properties are easily reachable from Mt Isa, which is highly served by exploration service providers. Year-round research is possible at both locations.
IBG managing director Michael Jardine said: “Acquiring the Simon-Anderson projects is a real coup for Ironbark 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 are successful, open for exploration is very exciting.
“Queensland is a new market for IBG, but we have 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.”
