A review of Ironbark Zinc’s Citronen Zinc-Lead Project in Greenland resulted in additional 90,000mt delivery of zinc in the first six years of production, the company said in a statement.
Citronen is a high-grade metal project located approximately 2,100km north of Nuuk in northern Greenland.
The company said that the review confirmed a 3.3mn mt per annum operation as the optimum scale of the project, with the initial mine life of 14 years.
The underground access to the main ore bodies would now be undertaken via twin declines to increase initial development costs and improve mining productivity and enhance safety. It would increase metal recovery in the first six years of run-rate production, with an additional 90,000 mt of zinc being extracted from the mine, the company said.
With the current trend of rising zinc prices, the mining review confirms that the project serves an outstanding development opportunity due to its long mine life and considerable exploration prospects.
The project is positioned as one of the next top zinc investment projects globally if given a mining license in a stable jurisdiction and continuous support from Glencore and Trafigura. The off-take deal with Glencore and Trafigura promises to produce approximately 70pc of the concentrate in Citronen, the statement added.