VANCOUVER, Aug. 6, 2019 /CNW/ - Group Eleven Resources Corp.
(TSX.V: ZNG; OTCQB: GRLVF; FRA: 3GE) ("Group Eleven" or the
"Company") is pleased to report that diamond drilling has
begun on the Ballinalack zinc project ("Ballinalack") located
in the Republic of Ireland,
focussing on the prospective Navan Beds located several hundred
metres below the existing Ballinalack zinc deposit (see details
below). Ballinalack is a joint venture between Group Eleven
(60%-interest) and Shenzhen Zhongjin Lingnan Nonfemet Company
Limited ("Nonfemet", 40%-interest), one of the largest zinc
producers in China. Nonfemet is a
contributing joint venture partner. Ballinalack is located 50
kilometres from Boliden's substantial Navan
(Tara) zinc mine, considered to be one of the largest zinc
deposits in the world and hosted in the Navan Beds.
"It has long been postulated that a second horizon of
mineralization may exist beneath the current resource, however,
this target remained impeded by geological complexity which we have
only recently started to decipher with today's powerful 3D
visualization software," stated Bart
Jaworski, CEO. "We very much look forward to the start of
testing this exciting target."
Details of the Target
The aim of the drill program is to explore for zinc-lead-silver
mineralization with the prospective Navan Beds located several
hundred metres below the existing Ballinalack zinc deposit. The
Ballinalack mineral resource estimate ("MRE" or "deposit") is
located near-surface (with depths ranging from 10 to 300 metres)
and consists of 5.4 million tonnes grading 7.6% zinc and 1.1%
lead within the inferred category (see news release dated
November 28, 2018). The deposit
averages 9.0 g/t silver, based on partial silver assays from
historic work (i.e. all intervals which were not assayed
historically were assumed to be 0.25 g/t silver, representing half
of the historic detection limit).
The drill program will be rolled out in consecutive stages with
each stage contingent on the results from the prior phase. The
program has commenced with an approximately 700 metre deep hole, to
test the target area in the area immediately north-west of the
Ballinalack deposit.
3D Geological Model
In order for investors and stakeholders to better visualize the
targets underneath and proximal to the Ballinlalack deposit, Group
Eleven has published its three-dimensional (3D) interactive model
of the deposit area on the VRIFY platform (click link
here).
Other Matters
Pursuant to the terms of the Company's agreement with VRIFY as
initially disclosed in the news release dated May 10, 2019, this completes the second part of
the planned program. As consideration for these services, the
Company will issue shares equivalent to $6,000, to be priced the day subsequent to this
news release. The final number of shares will be contingent on the
closing price on that day and subject to TSX-V approval.
About VRIFY
VRIFY's technology communicates a company's value with
presentation tools that simplify information and translate tough to
digest data into compelling content. The platform allows companies
to showcase project data with interactive 3D models, host global
site visits of remote assets using virtual tours, and present
content to any device, anytime, anywhere in the world.
Qualified Person
Technical information in this news release has been approved by
David Furlong, P.Geo., Chief
Operating Officer, and 'Qualified Person' as defined under Canadian
National Instrument 43-101.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; FRA: 3GE and OTC:
GRLVF) is a mineral exploration company focused on advanced stage
zinc exploration in Ireland. The
Company's large land package allows Group Eleven to leverage new
geological approach and geophysical technology to systematically
rethink key aspects of the Irish zinc district. The Company's two
key projects in Ireland include: a
60% interest in the Ballinalack project (joint ventured with
Nonfemet - one of the largest zinc producers in China), located in north-east Ireland, hosting potential Navan Bed
mineralization in the Pale Beds; and a 75.56% interest in the
Stonepark project (joint ventured with Arkle Resources plc),
located near Limerick, next to one
of the world's largest undeveloped zinc deposits: Glencore's Pallas
Green deposit. 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 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 a Base Metal
Exploration Project at Ballinalack, Co.
Westmeath, Ireland" with an effective date of January 11, 2019 by Paul
Gordon and John Kelly (SLR
Consulting Ireland) and Dr Belinda van
Lente (CSA Global), with respect to the Ballinalack
project.
SOURCE Group Eleven Resources Corp.