The company has relinquished seven exploration licences in Greenland that had a minimum annual required expenditure commitment of $3.95 million.
This means Ironbark can refocus these funds towards developing the Citronen Project.
Following the relinquishment of these seven licences, Ironbark retains a single Greenland licence covering Citronen and three licences in New South Wales.
Ironbark’s managing director Michael Jardine said: “These relinquishments further confirm the new Board’s focus on the development of the company’s flagship Citronen Zinc-Lead Project, in terms of both directing overall project expenditure toward areas that will be most effective in rebuilding value and aligning management time with that goal.
“The company has also materially reduced its annual cash commitments, which will give Ironbark more time to enact the current turnaround plan.”
During November 2019, Ironbark flagged a number of work programs that will be underway over December to February including:
- HeliSam survey results – Captains Flat, NSW (Dec 2019)
- Mining Optimisation – Citronen, Greenland (Dec 2019)
- Exploration Assessments – Captains Flat, Mestersvig (Jan 2019)
- 1Mtpa Scoping Study – Citronen, Greenland (Feb 2019)