Ironbark Zinc Limited (ASX:IBG) held $1.05 million cash on hand with no debt at the end of the March quarter having spent $664,000 on exploration and evaluation work.
This work included completing a HeliSAM electromagnetic (EM) survey over the large Jerangle prospect at the Captains Flat Base Metal Project in New South Wales, which identified anomalies in several adjacent loops indicating the presence of a large bedrock anomaly.
The interpretation of the data is ongoing with a final report with drill targets expected shortly.
Ironbark and NSW Base Metals, the joint venture partner have had exploration success with significant base metal intercepts and look forward to continuing work on this significant and underexplored high-grade base metals province.
The geophysical survey is hoped to better identify and detail the location, scale and geometry of the identified mineralisation.
At its flagship world-class Citronen Zinc Project in Greenland, Ironbark is working hard to secure finance to develop the project by pursuing long-term debt provided by major international banks, private equity financing and export credit agencies with a debt target of US$300 million.
The company is working with several groups interested in forming part of the financing package with the possibility of additional streaming financing.
Equipment financing has potential to provide about US$150 million towards the total financing package.
The company hopes that forming a strategic partnership or financing package will also support a stronger share price to assist in acquiring the equity component.