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.
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1 Pallas
Green hosts 44.2 million tonnes of 7.2% Zn + 1.2% Pb in the
Inferred Category (Glencore; Dec 31, 2017).
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2
Stonepark hosts 5.1 million tonnes of 8.7% Zn + 2.6% Pb in the
Inferred Category (Group Eleven; June 18, 2018).
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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).
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4
Gortdrum, mined from 1967-1975, contained an historic estimate of
4.2 million tonnes of 1.2% Cu + 23 g/t Ag.
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Qualified Person
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."
SOURCE Group Eleven Resources Corp.