Ironbark Zinc : Citronen Exploration Target

Ironbark Zinc Limited ('Ironbark', 'the Company' or 'IBG') is pleased to provide a JORC 2012 compliant Exploration Target for the Citronen Project.

Project Highlights

Updated geology model and Exploration Target, completed as part of the ongoing Bankable Feasibility Study refresh, confirms Citronen contains substantial exploration upside beyond current Mineral Resource

The Exploration Target is comprised of six areas; four of which are adjacent to current Esrum, Beach and Discovery Zone orebodies

Substantial systematic multi-year exploration and resource development program, including geophysics, planned to coincide with the beginning of project construction

Ironbark has identified an Exploration Target, in addition to the known Mineral Resource, of 40 Mt to 90 Mt at 5.0% to 7.1% zinc + lead combined. The Exploration Target is based upon review of project drilling, rock chip samples and the limited geophysical data available. A 3D geological model of the project was used to assist in identifying prospective areas.

Disclaimer: The potential quantity and grade of the Exploration Target is conceptual in nature and is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

IBG Managing Director Michael Jardine commented: 'Ironbark has already defined a large Mineral Resource, which includesthe maiden Ore Reserve declared earlier this year, at Citronen but we think this only scratches the surface of the deposit's potential. The ore body is open in essentially every direction and the current Mineral Resource is only constrained by the drilling density to date.

The field exploration program underpinning the existing Mineral Resource took place a decade ago. Since then there have been significant advances in hard rock exploration techniques, especially in geophysics. The potential for further mine life extension via drilling in the targeted areas is considered highly likely. While all the usual caveats exist given this work is exploratory in nature at present, and is not likely to take place until we have successfully mobilised to site, I am confident future exploration work will allow Ironbark to re-assess the base case mine plan released to the market in 2020.'

Background

The Citronen ore body is currently defined as one of the largest undeveloped zinc resources in the world. The mineralisation was first discovered in 1993 from an extensive (+2km) zone of out-cropping sulphide mineralisation now known as the Discovery Zone. From this region, the drilling expanded out with the aid of some minor geophysics. Three hundred diamond drill holes for approximately 66,000m have been completed at the Project to date. The result was the definition of three deposits known as the Discovery, Beach and Esrum zones.

Citronen is a sediment hosted deposit. These deposits have typically been organised into two subgroups - sedimentary exhalative (SEDEX) and Mississippi Valley Type (MVT). Recent studies propose that some deposits previously classified as SEDEX lack evidence of the 'exhalative' component (Taylor, 2009) and therefore, for the purposes of exploration targeting, it is more appropriate to treatthese two deposits types as one.

This approach draws on the relation that ores classified as SEDEX in Leach et al. (2005) are hosted in clasticdominated sedimentary rock sequences in mainly passive margin, continental rifts and sag basins (Taylor et al. 2009). The mineralisation is hosted in multiple deposits in multiple horizons (Emsbo et al., 2016).

The Franklinian Basin which hosts Citronen is considered highly prospective for zinc mineralisation, it was also host to the now exhausted Polaris and Nanisivik mines in Canada and there are numerous other zinc prospects throughout northern Greenland. The Citronen Deposit is open in almost every direction and Ironbark is confident the resource will be expanded with further exploration drilling.

Citronen in Detail

The three known orebodies at Citronen share common metallurgy and orientation with only minor differences in the metal grade and zinc - lead ratios. The orebodies are all primarily zinc deposits with minor accessory lead mineralisation. The orebodies are each centred on a historic sulphide mound that has been covered with sediment in episodic events. In some cases, the mineralising events have reactivated later and created a series of stacked lodes termed Level 1, Level 2 and Level 3. The relatively flat-lying orebodies at Citronen have proven to be continuous with the Beach Zone mineralisation extending uninterrupted over 2,500 metres. Promisingly, it remains open to the south. The confidence level to extend these orebodies laterally is very high with the potential likelihood that further lenses will be discovered beneath the currently defined orebodies (Level 4).

The mineral resources currently defined at Citronen are hosted above the Lower Debris Flow geological unit. Very few holes were drilled through the Lower Debris Flow as drilling was predominantly focused on near surface, lateral extension and increasing the confidence levels (i.e. resources category). However, three holes in 1995 were drilled through the Lower Debris Flow and intersected semi-massive to massive pyrite mineralisation indicating the possibility of a Level 4 sulphide horizon. The peak grade intersected was in hole CF95-56 which returned 0.55m @ 0.3% Zn & 0.21% Pb from 343.35m.

ABOUT IRONBARK

Ironbark is listed on the Australian Securities Exchange and is seeking to become a base metal mining house. Ironbark seeks to build shareholder value through exploration and development of its projects and also seeks to actively expand the project base controlled by Ironbark through acquisition. The management and board of Ironbark have extensive technical and corporate experience in the minerals sector.

The wholly owned Citronen base metal project currently hosts in excess of 13.1 Billion pounds of zinc (Zn) and lead (Pb). For full details refer to ASX announcement 25 November 2014 - Citronen Project Resource Update - JORC 2012 compliant resource. Ironbark is not aware of any new information or data that materially affects the information included in this ASX release, and Ironbark confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the resource estimates in this release continue to apply and have not materially changed.

Forward Looking Statements

The following information is not intended to guide any investment decisions in Ironbark Zinc Limited. This material contains certain forecasts and forward-looking information, including possible or assumed future performance, costs, production levels or rates, reserves and resources, prices and valuations and industry growth and other trends. Such forecasts and information are not a guarantee of future performance and involve many risks and uncertainties, as well as other factors. Actual results and developments may differ materially from those implied or expressed by these statements and are dependent on a variety of factors. The Company believes that it has a reasonable basis for making the forward looking statements in the announcement, based on the information contained in this and previous ASX announcements.

The Citronen Zinc Project is considered to be at an early development stage and will require further regulatory approvals and securing of finance and there is no certainty that these will occur. Nothing in this material should be construed as either an offer to seek a solicitation or as an offer to buy or sell Ironbark securities. Consideration of the technical and financial factors requires skilled analysis and understanding of their context. Ironbark is not aware of any new information or data that materially affects the information included in this ASX release, and Ironbark confirms that, to the best of its knowledge, all material assumptions and technical parameters underpinning the estimates in this release continue to apply and have not materially changed.

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