Ironbark Zinc Limited ('Ironbark', 'the Company' or 'IBG') is pleased to update its shareholders with respect to ongoing geological review work at its 100% owned Fiery Creek Copper Gold Project in NSW ('Fiery Creek').

Fiery Creek is located on EL6925, approximately 5km along strike from the historic Cowarra Gold Mine, in the southern Lachlan Fold Belt. This recent study was completed by E J Cowan PhD FAusIMM & E Grunsky PhD PGeo (BC) and built upon the work announced to the ASX on 14 October 2020.

Highlights

Two major structural features were identified as likely controlling the Au mineralisation, with the Fiery Creek structural setting appearing to be analogous to the Ballarat East deposit in the Victorian Goldfields.

Principal Component Analysis (PCA) was conducted on historic soil survey data comprising of arsenic, copper, lead and zinc assays. The highest arsenic and copper grades occur closest to the historic workings and may assist with drill target identification.

Historic field work by Horizon Resources was confirmed as high quality. Further structural mapping is required however to determine fold plunges across the property with a view to determining the longrange mineralisation continuities.

Five initial high priority drill targets were identified from this preliminary review. All are proximal to historic workings (and coincide with high arsenic values) but are either undrilled or have only seen shallow (20m) drilling to date.

IBG Managing Director Michael Jardine: 'Fiery Creek continues to excite as a gold play and is developing as a large-scale, yet underexplored, exploration opportunity.

Alongside continuing to assess a variety of funding routes, including options to bring in partners at a project level, Ironbark intends to kick start the exploration process immediately by applying for approvals to conduct non disturbing activities across the tenement (this is likely to include structural mapping and an aerial geophysical survey) and concurrently for disturbing activities potentially including soil sampling, rock chip analysis and drilling both inside and outside the Macanally Conservation Area.

The indicative timeline for the non-disturbing work program completion is early Quarter 1 2021. Upon completion, Ironbark expects to have one or more walk-up drill targets identified outside the Macanally Conservation Area which can be tested promptly thereafter. The data collection and approval process for disturbing activities within the Macanally Conservation Area are expected to take at least six months, suggesting H2 2021 as the likely timing for any such work.

Following the continuing tight focus on overhead expenditure throughout the current year, Ironbark is comfortable advancing the Fiery Creek exploration program outlined above from within its current cash reserves.

Structural Controls at Fiery Creek

The tectonic grain at Fiery Creek generally trends North-South, consistent with the Lachlan Fold Beltmore generally. However there appear to be subtle NE-NNE trending discontinuities that crosscut the tectonic grain in the region of EL6925 and these are interpreted to be late-stage low displacement events that accommodated the strain during late-stage folding.

In the Victorian goldfieldsstructurally controlled orogenic - style gold mineralisation is synchronous with these late-stage faults that cross-cut the fold hinges developed in the Ordovician turbidites, giving rise to the Ballarat East gold mineralisation analogue.

Contact:

Tel: +61 8 6146 5325

Email: admin@ironbark.gl

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