Ironbark Zinc Limited ('Ironbark', 'the Company' or 'IBG') is pleased to update its shareholders with respect to the status of its 100% owned Fiery Creek Gold Project in NSW (recently renewed until October 2021).

Project Highlights

EL 6925 is located 5km along strike from the historic Cowarra Gold Mine, which produced 35,000 ounces averaging 7.6 g/t Au (Thompson, 1989), and hosts seven strike kilometres with 650 recorded historic workings.

Significant historic drill intercepts include: FCR039: 3.0m @ 6.7g/t Au from 6.0m, including 1.0m @ 16.25g.t Au from 6.0m

FCR095: 4.0m @ 4.0g/t Au from 16.0m (hole ended in mineralisation) and FCR125: 1.0m @ 7.2g/t Au from 9.0m1

Extensive rock chip sampling completed: best surface samples 253g/t Au (FR032) and 15.25% Cu (FC01).

Last drilled in 1989 by Horizon Resources N.L. when the gold price was AUD550/oz

2020 review by Peter Leaman Geological Services has confirmed that mineralisation remains underexplored at depth and exploration along the strike of the workings is incomplete

High quality existing data set, includingmagnetics, soil geochemistry, drilling and geological maps, will allow for rapid identification of drill targets.

IBG Managing Director Michael Jardine commented: 'For the past decade, Ironbark has focused on progressing its flagship Citronen Zinc-Lead Project. With a clear pathway towards a financial investment decision in 2021 nowwell advanced, the Board has resolved to commence the preparatory work necessary to unlock the value of its Australian exploration assets.

The very strong rally in the Australian dollar gold price over the last six months has prompted an overdue reassessment of the gold exploration potential at Fiery Creek. The Project hosts high grade gold mineralisation over a strike length of seven kilometres. The tenement is littered with old workings in addition to possessing an existing extensive dataset. It is anticipated that a modest investment in further investigative work will form the basis for an exploration drilling program. As previously noted, the Company continues to assess other domestic exploration opportunities that would complement this Fiery Creek work program.'

Background

The Fiery Creek Gold Project (EL 6925) is located approximately 90km south, south-east of Canberra in New South Wales, approximately 5km along strike of the historic Cowarra Gold Mine. While Ironbark has held EL 6925 since 2007, it has received relatively little attention in recent years. With the recent tenement renewal application successful however, and the continued strong upwards movement in the AUD gold price over 2020, the Ironbark Board has resolved to revisit the copper and gold potential on EL 6925 with respect to a prospective new exploration program.

Geology & Mineralisation

The Fiery Creek prospect consists of anNNW-SSE elongated system of quartz-vein hosted copper and gold mineralisation. The system extends for approximately 11 kilometres to the north and includes the similar Macanally system. Extensive small-scaleworkings define the strike extent of both sets of workings, which are located along the same regional shear which hosts the Cowarra gold mine, located some 12 kms further to the north.

The NNW-SSE structure is considered to be a shear system hosting mineralisation which is very similar to that at the Cowarra mine. Geological field mapping and logging of limited diamond drill holes has determined that the controls on gold mineralisation at Fiery Creek are similar to those at Cowarra, with an anastomising shear zone the main controlling structure.

Ironbark Exploration

Since grant of the exploration licence, Ironbark has taken 61 rock chip samples which have returned extremely high gold grades including 253 g/t Au (FR032), 49.9 g/t Au (FR006) and 53.4 g/t Au (FR049); high copper grades including 15.25% Cu (FC01) and 14.85 % (FR053). Sample FR053 also returned 9.25 g/t gold and 137.0 g/t silver. Full details of the rock chip sampling are contained in the appendices (these results were previously released on the ASX platform on 1 May 2013).

Contact:

Mr. Michael Jardine

Tel: +61 424 615 047

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