VANCOUVER, BC, Nov. 3, 2020 /CNW/ - Group Eleven Resources Corp.
(TSX.V: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the
"Company") is pleased to announce results from regional
drilling at the Company's 100%-interest PG West zinc project
("PG West") in the Republic of
Ireland. The Company also notes that drilling at the
Carrickittle prospect at PG West is proceeding on schedule and
results are expected over the coming weeks.
Highlights:
- Five holes (totalling 1,053 metres) were completed on
early-stage regional targets at PG West, with the last holes
finished in September 2020
- Drilling was done in part to fulfil licence expenditure
requirements, but also to grow the Company's pipeline of refined
prospects across the Limerick Basin
- Three prospects have been significantly advanced by the latest
round of drilling
- At Kilteely (located 1.1 kilometres from the Carrickittle
prospect), a major fault structure (prospective for zinc) has been
identified
- At Corcamore, a thick, highly anomalous zone of mineralization
was intersected, with near-term follow-up drilling being
warranted
- At Kilmallock, drilling appears to have identified a new
sub-basin, which may have at least some genetic-links to historic
high-grade mineralization in the vicinity
"This latest batch of drilling was largely reconnaissance in
nature, and yet still managed to add significant evidence of
prospectivity to three regional targets within our PG West
project," stated Bart Jaworski, CEO.
"The drilling at Kilteely has the most immediate impact given the
newly identified fault may have positive implications for our
exploration efforts along the Carrickittle-Kilteely section of the
Pallas Green Corridor."
PG West Zinc Project, Ireland
PG West is situated within the Limerick basin, a geological
feature which also hosts the Company's contiguous 76.56%-owned
Stonepark project and Glencore's adjacent Pallas Green project
(containing the Pallas Green zinc-lead deposit[1]; see Exhibit
1). PG West also hosts the Carrickittle prospect.
Five holes (totalling 1,053 metres) were completed on
early-stage regional targets within PG West. Drilling was conducted
in part to fulfil licence expenditure requirements (i.e. to keep
the ground in good standing) but also to grow the Company's
pipeline of refined prospects across the Limerick Basin.
Exhibit 1. Location of New Drill Holes (Black Labels) at the
100%-owned PG West Project, Ireland
Notes to Exhibit 1: (a) Pallas Green MRE is
owned by Glencore; (b) The historic estimate at
Denison was reported by Westland Exploration Limited in
1988, the historic estimate at Tullacondra was reported
by Munster Base Metals Ltd in 1973 and the historic estimate at
Gortdrum was reported by G.M. Steed in 1986; these three
historic estimates have not been verified as current mineral
resources; none of the key assumptions, parameters and methods used
to prepare the historic estimates were reported and no resource
categories were used; significant data compilation, re-drilling and
data verification may be required by a Qualified Person before the
historic estimates can be verified and upgraded to be compliant
with current NI 43-101 standards; a Qualified Person has not done
sufficient work to classify them as a current mineral resource and
the Company is not treating the historic estimates as current
mineral resources.
Kilteely Zinc Prospect at PG West Project, Ireland
One drill hole (G11-2840-03) was drilled at the Kilteely
prospect, located approximately 250 metres to the southwest of
Group Eleven's initial Kilteely hole drilled in 2019 (G11-450-02;
see Exhibit 2). G11-2840-03 was drilled to a depth of 393
metres, testing the lithology and structure beneath the Limerick
Volcanic Complex. Importantly, the hole encountered a
significant amount of dissolution breccia within the
entire target horizon (Waulsortian Limestone), providing compelling
evidence for the presence of a large fault structure near-by (see
Exhibit 2). Coupled with evidence of similarly disturbed
lithologies in hole G11-450-02 and specifically, the down-drop of
the Waulsortian limestone, the fault structure (or at least one of
the fault structures) is believed to be located
between the two holes.
Exhibit 2. Cross-Section of G11-2840-03, along
Kilteely-Carrickittle part of Pallas Green Corridor
Note: 'sph' = sphalerite (zinc-bearing mineral), 'gal' = galena
(lead-bearing mineral); 'py' = pyrite (iron sulphide);
* G11-2840-04 – 10.3m of 19.6% Zn+Pb
and 43 g/t Ag (news release dated July
6th, 2020)
G11-2840-03 is located 1.1 kilometres north-northwest of the
Company's Carrickittle prospect. The Carrickittle-Kilteely section
is part of the larger (25-kilometre-long) Pallas Green Corridor,
extending from Glencore's Pallas Green zinc deposit1 to
the Group Eleven's Denison copper-silver prospect (see Exhibit
1). The Company's hypothesis is that mineralization from the
Carrickittle prospect extends northwards towards the Limerick
Volcanic Complex along multiple parallel trends oriented in a
possible north-west or north-northwest direction. Detailed drilling
at Carrickittle is ongoing in order to determine the specific
geometry and orientation of mineralization, with a view to
extending those trends northward.
Corcamore Zinc Prospect at PG West Project, Ireland
The Corcamore prospect is located approximately 15 kilometres
west-northwest of the Stonepark zinc deposit (5.1 million tonnes of
8.7% zinc and 2.6% lead in the inferred category; see Technical
Report dated April 26th,
2018). Similar to the Stonepark deposit, the Corcamore prospect is
situated proximal to volcanics related to the Limerick Volcanic
Complex (see Exhibit 3).
Exhibit 3. Compilation Map of the Corcamore Prospect (showing
G11-2696-01), PG West, Ireland
Note: 'Zn' = zinc; 'Pb' = lead, 'sph' = sphalerite (zinc-bearing
mineral), 'gal' = galena (lead-bearing mineral), 'py' = pyrite,
'Waulsortian Lmst' = target horizon for zinc in Ireland (limestone), "BMB" = black matrix
breccia (prospective for zinc);
Hole G11-2696-01 was drilled approximately 500 metres south-east
of historic hole 07-2696-04 (drilled by Lundin Mining in 2007)
which intersected 1.3 metres of 1.74% Zn+Pb and an adjacent zone of
semi-massive pyrite over 0.5 metres. G11-2696-01 is located near a
strong zinc-in-soil anomaly and is designed to test the prospective
hangingwall of a large inferred fault structure (see Exhibit
4).
Exhibit 4. Interpreted Cross-Section of G11-2696-01 at the
Corcamore Prospect, PG West, Ireland
Note: 'Zn' = zinc; 'Pb' = lead, 'EOH' = end of hole
G11-2696-01 intersected the top of the target horizon
(Waulsortian Limestone) at a deeper level than 07-2696-04, hence
corroborating the presence of a fault in between the two holes.
Importantly, G11-2696-01 intersected a highly-anomalous zone of
mineralization (6.15 metres of 0.19% Zn + Pb, including 0.95 metres
of 0.82% Zn+Pb) at the top of the Waulsortian unit. This is
encouraging as it confirms the presence of a mineralizing system
and increases the probability of robust mineralization at the
target zone (base of the Waulsortian limestone; see Exhibit
4).
Due to budgetary constraints at the present time, Group Eleven
planned to complete only the first section of the hole (to a depth
of 171.0 metres), as this was sufficient to keep the ground in good
standing. The casing has been left in the hole such that drilling
can resume at a later date. Given the encouraging results thus far,
Group Eleven sees finishing this hole in the near-medium term, as a
high priority.
Remaining Holes at PG West, Ireland
Three other holes were drilled at the PG West project.
G11-2835-01, was drilled to a depth of 159.1 metres in the
Crokerspark townsland, approximately eight kilometres west of
G11-2696-01. This hole encountered trace sphalerite (zinc-bearing
mineral) within the Waulsortian limestone at a shallow depth (5.8
metres). Pyrite was also noted throughout the hole and almost the
entire Waulsortian limestone showed weak to well-developed
dissolution breccias. A historic hole 450 metres to the south,
intersected disseminated zinc over 22 metres and
black-matrix-breccia ("BMB") over 72 metres.
The evidence from both these holes clearly indicates a
significant hydrothermal event has affected the area, which
together with recently interpreted Tellus geophysical data (showing
a number of east-northeast trending structures in the region),
significantly increases the prospectivity of the Crokerspark area.
Future work is strongly warranted.
Two holes were drilled in the Kilmallock area of PG West. The
geology in this area was poorly understood and appeared to be
potentially disturbed by faulting. Both holes aimed to provide a
better geological context to this area. For reference, 2-3
kilometres southeast of the above drilling is Unicorn Minerals'
Kilmallock property which hosts the Bulgaden zinc occurrence (e.g.
historic drill intercept returned 6.0 metres of 10.4% zinc and 1.8%
lead). Also, interpretation of the recent Tellus geophysical data
over PG West shows substantial volcanic/intrusive activity in the
area, adding considerable prospectivity.
G11-1948-01 was drilled to a depth of 249.0 metres and
encountered an unusual lithology not previously encountered by
Group Eleven. This lithology suggests the presence of a localized
sub-basin, likely bounded by significant faulting. Approximately
1.6 kilometres to the southwest, Group Eleven drilled hole
G11-1947-01, to a depth of 81.0 metres. This hole confirmed the
presence of Waulsortian limestone in the area. The above results
warrant further drilling to better define the location of large
fault structures and their possible genetic link to mineralization
to the south and more broadly in the Limerick basin.
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; OTC: GRLVF and FRA:
3GE) is a mineral exploration company focused on advanced stage
zinc exploration in Ireland.
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
E: b.jaworski@groupelevenresources.com | T:
+353-85-833-2463
E: s.heinrichs@groupelevenresources.com | T:
+604-630-8839
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Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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.
1 Resources and Reserves Report (Glencore,
December 31, 2019) – 45.4 million
tonnes of 7% Zn + 1% Pb (Inferred)
SOURCE Group Eleven Resources Corp.