Group Eleven Resources Commences Preliminary Drilling at Stonepark Zinc-Lead Project in Ireland
TSX VENTURE: ZNG
VANCOUVER, Oct. 24, 2018 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF; FRA: 3GE) ("Group Eleven" or the "Company") announces the commencement of preliminary drilling at the Company's 76.56% owned Stonepark zinc-lead project ("Stonepark") in the Republic of Ireland. The primary aim of the program is to advance the Company's ongoing 'Big Think' exploration strategy by providing important 3D geological information ahead of Group Eleven's 'Big Drill' exploration program in 2019. Preliminary drilling is expected to total 1,500-2,000 metres and focus entirely outside the existing Mineral Resource Estimate footprint (see news release dated April 17, 2018).
"We are excited to embark on this important next stage of exploration in the Limerick basin. Despite being relatively new and underexplored, this zinc camp is already the most metal-endowed region in Ireland, outside Boliden's Navan zinc deposit" stated Bart Jaworski, CEO. "Mineralization discovered to date in this area includes Glencore's Pallas Green deposit1, our neighbouring Stonepark deposit2, our Carrickittle and Oola occurrences3, as well as, our five regional prospects identified by the previous operator. Our Gortdrum4 prospect – an open-pit copper mine from the 1960s - is also in the area and postulated as a feeder system for zinc mineralization in the district."
"The above deposits and occurrences are located in a roughly concentric pattern around the Limerick Volcanic Complex. Recent academic work suggests these volcanics may play a significant role in the emplacement of zinc mineralization. One of the exciting ideas being developed by Group Eleven as part of the 'Big Think' is that known mineralization represents merely the outer edges of the system - with its heart located towards the centre of the volcanics. With that in mind, it will be very interesting to combine geological information from this preliminary drilling with results from the ongoing Tellus airborne survey to produce high-priority drill targets for next year's 'Big Drill' program."
What is 'Big Think'? Group Eleven's 'Big Think' exploration is an open-minded and methodical search for tier-one zinc deposits in the Irish Zinc District through comprehensive re-evaluation of over 70 years of exploration data, combined with cutting edge geophysical and geochemical techniques. The Company believes no other zinc-focused junior or major company is currently exploring on such a broad and deep scale in Ireland. Please see our 'Q&A' discussion on the 'Big Think' for further information. For more information on the Tellus survey, see news release dated September 27th, 2018. Maps of the Limerick basin are shown on www.groupelevenresources.com.
1 Pallas Green hosts 44.2 million tonnes of 7.2% Zn + 1.2% Pb in the Inferred Category (Glencore; Dec 31, 2017).
2 Stonepark hosts 5.1 million tonnes of 8.7% Zn + 2.6% Pb in the Inferred Category (Group Eleven; June 18, 2018).
3 Carrickittle prospect hosts historic drilling with up to 5.8 metres of 10.7% Zn and 1.7% Pb; Oola prospect hosts extensive medieval silver-lead workings (Group Eleven intersected 0.45m of 107 g/t Ag + 4.9% Pb; Dec 31, 2017).
4 Gortdrum, mined from 1967-1975, contained an historic estimate of 4.2 million tonnes of 1.2% Cu + 23 g/t Ag.
EurGeol John Barry MSc., M.B.A., P.Geo, Vice President of Exploration Strategy and Director of Group Eleven's Irish subsidiary, is the qualified person at Group Eleven Resources, as defined by NI 43-101. Mr. Barry has worked for extended periods on Irish-style zinc deposits over much of the last 30 years and is a professional member of the Institute of Geologists of Ireland and a member of the European Federation of Geologists. Mr. Barry is responsible for the scientific and technical information that forms the basis for this news release.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; FRA: 3GE and OTC: GRLVF) is focused on zinc exploration in Ireland. The Company's large land package (99 prospecting licenses totalling 3,200 square kilometres) allows Group Eleven to leverage new geological thinking and geophysical technology to systematically rethink key aspects of the Irish zinc district. Key projects include Ballinalack (with Joint Venture partner Nonfemet), Stonepark (with Joint Venture partner Connemara Mining), Silvermines (100%) and Tralee (100%). The Company's team includes accomplished mining professionals with direct experience in finding mines, building companies and exploring Irish zinc deposits.
Additional information about the Company is available at www.groupelevenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer
Cautionary Note Regarding Adjacent Property Information
This press release contains statements regarding the Pallas Green Mineral Resource estimate by Glencore plc. Such statements are obtained from publicly available sources and are provided for informational purposes only. The results within the report referenced are not meant to be indicative of the results and findings of the Company's Stonepark property.
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties, and particularly the technical report entitled "NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland" with an effective date of April 26, 2018 by Paul Gordon, John Kelly and Belinda van Lente (SLR Consulting Ireland) with respect to the Stonepark Project."