Location

The Captains Flat Projects is located within EL 6381. Ironbark is earning up to 75% of the project through meeting statutory exploration expenditure and has the ability to progress the project to mining should a positive feasibility study be produced. The license is held by Monaro Mining N.L.

The Project area covers an area of approximately 239 square kilometres surrounding the old mining town of Captains Flat, which is located about 60 kilometres southwest of Canberra (Figures 1 and 2).

Mining History

The Lake George Mine was first worked during the period of 1882 to 1899 for a recorded production of 26.7 tonnes of silver, 16,100 ounces of gold and 3,841 tonnes of copper from 114,560 tonnes of ore. Minor production from the Federal Mine and from the Vanderbilt Hill workings are probably included with that of the Lake George Mine. The Lake George Mine was reopened in 1937 and up to the date of its closure in 1962 produced 406,418 tonnes of zinc, 243,851 tonnes of lead, 27,230 tonnes of copper, 7.4 million ounces of silver and 220,000 ounces of gold from over four million tonnes of ore.

Mineralisation and Exploration Targets

The Kohinoor Volcanics host the Lake George Mine. At this mine, three elongated lode shoots that are conformable with the Elliots, Central and Keatings shale lenses were mined. The base-metal lodes reportedly had a total outcropping strike length of approximately 800 metres, extended to a depth of 600 metres and were up to 20 metres thick. They consisted of massive banded pyrite, sphalerite, galena and chalcopyrite, in decreasing order of abundance, with minor tennantite, arsenopyrite and gold. Laterally, the mineralisation passed into a peripheral zone of dolomite, chert and jasper. Stratigraphically beneath the lodes to the west, there is an altered zone with silica and stringer mineralisation of vein and disseminated pyrite and minor chalcopyrite with gold.
Within the project area high priority exploration prospects include the Jerangle, Lake George and Vanderbilt Hill prospects where previous explorers have returned high grade copper and zinc drill intercepts.

Jerangle

The Jerangle Prospect is located at the southern end of the project area and drilling over a strike length of 1.5 kilometres has returned drill intercepts such as:

JR3:                1.05m from 113.45m @ 4.3% Cu, 7 g/t Ag
2.25m from 227.5m @ 5.25% Cu, 19 g/t Ag
1.55m from 244.75m @ 3.66% Zn

JR4:                1.0m from 218m @ 2.8% Cu, 9 g/t Ag
29.4m @ 0.5% Cu, 2.17% Zn, 8 g/t Ag
 – including 1.9m @ 4.89% Cu, 6.3% Zn, 17 g/t Ag

Lake George Mine

The high-grade Lake George Mine produced approximately 4Mt of ore at 0.7% Cu, 6% Pb, 10% Zn and 55 g/t Ag and remains prospective for remnant ore at current base metal prices as well as at depth where results such as 1.22m @ 12.4% Zn, 5.4% Pb were returned over a strike length of at least 300 metres. Mineralisation is open at depth and may represent possible repeats of the historically mined areas.

Vanderbilt Hill

The Vanderbilt Hill prospect is located to the east of the Lake George Mine and drilling has returned results such as 3.9m @ 10% Zn, 5.3% Pb, 0.1% Cu.
 
Farm-in Terms

Consideration for the acquisition was an initial $50,000 payment followed by a progressive Farmin agreement in which Ironbark manages exploration. Monaro Mining NL will be free carried by Ironbark culminating in Ironbark earning a 75% interest in the project on a Decision to Mine. In addition Ironbark is required to keep the project in good standing by meeting all statutory expenditure requirements for at least two years.