VANCOUVER, Jan. 28, 2021 /CNW/ - Group Eleven Resources
Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or
the "Company") is pleased to announce plans for follow-up
drilling at the Carrickittle prospect ("Carrickittle") at
its 100% interest PG West project ("PG West") and provide a
general update on exploration at its zinc-lead and copper-silver
projects in the Republic of
Ireland.
Highlights - Carrickittle:
- A silver zone encountered in G11-2840-11 (736 g/t silver
over 1.0 metres; see news release dated December 9th, 2020) has been further
studied and found to consist of a narrower (20-centimetre) interval
averaging 3,961 g/t silver – to management's knowledge, one
of the highest silver grades ever attained in Ireland
- Next phase of follow-up drilling is expected to start in
mid-February 2021 and total
approximately 400 metres, focussing on Zone 2 (an area with
significant historical intercepts, including 4.9 metres of 11.4%
zinc and 1.4% lead)
- For the remainder of 2021, management expect to be able to
drill approximately 5,000 metres (fully funded) with the
majority of this focussed on Carrickittle
- A trial induced polarization ("IP") survey was recently
completed over Zones 1 and 2 and appears to respond in areas of
known mineralization
- To confirm the above preliminary results, a more fulsome
IP survey is currently underway, focussing on Zones 1-4 (to
be completed in the next few weeks)
- If successful, IP surveys could significantly help exploration
efforts focussed on searching for additional massive sulphide at
Carrickittle
Highlights – Other:
- To keep core ground in good standing and continue building
a pipeline of exciting targets, exploration is continuing on other
prospects within the Company's 100%-interest PG West project
- This work mainly consists of small drill programs at the
Gortdrum (copper-silver), Denison (copper-silver), Croom
(zinc-lead-silver) and Ballywire (zinc-lead-silver) prospects
"We are impressed by the strength of the high-grade silver zone
at Carrickittle and look forward to the start of the next phase of
drilling at Zone 2," stated Bart
Jaworski, CEO. "It is very encouraging that mineralization
at Carrickittle appears to respond to IP geophysical techniques.
These surveys should increase our chances of finding more massive
sulphide mineralization as we progress exploration at Carrickittle
over the coming months."
Next Steps at Carrickittle
As previously announced (see news release dated December 9th, 2020), a silver-rich
zone (736 g/t silver over 1.0 metres, starting at 71.0
metres hole depth) was encountered at Carrickittle in hole
G11-2840-11. Further inspection of the zone identified a narrower
(20-centimetre) interval consisting of pale-grey Waulsortian
limestone with veinlets of sphalerite and galena, with possible
finely disseminated silver-grey sulphides and/or native silver.
Point X-Ray Fluorescence (pXRF) analysis over this zone
yielded a grade of 3,961 g/t silver (averaged from 20
pXRF sample points over 20 centimetres) with negligible silver in
the surrounding host rock. These high silver levels are consistent
with grades implied by back-calculating the above assayed sample
for the narrower interval.
Further investigation is underway, consisting of thin section
(microscope) analysis aimed at confirming the mineral species
hosting silver. To management's knowledge, the above narrow
interval represents one of the highest silver grades ever attained
in Ireland.
The upcoming follow-up drilling at Carrickittle will focus on
Zone 2 and is expected to start mid-February 2021, totalling approximately
400 metres. A larger subsequent drill
program focussing on Zones 3 and 4, as well as, the
one-kilometre strike extent to the north, is currently in planning
stages and will be announced in due course. Once drilling starts in
mid-February, management aims to drill continuously for the
remainder of 2021 with total metreage expected to be approximately
5,000 metres. This anticipated level of drilling is fully
funded and would represent by far the highest level of drilling
at PG West since inception of the Company. Some of this year's
drilling will include prospects outside of Carrickittle (as
discussed below).
Over the last few weeks, a trial induced polarization
("IP") survey was completed over Zones 1 and 2 at
Carrickittle. This trial appears to have detected massive
sulphides at each zone (yielding chargeability-high anomalies
coincident with both known mineralization and mineralization
projected along strike). To confirm and build upon the above
preliminary results, a more comprehensive IP survey is currently
underway, focussing on Zones 1-4 (totalling 2,400 metres within
four lines spaced 50 metres apart and with 25-metre station
spacing; to be completed in the next few weeks). IP surveys could
significantly help exploration efforts aimed at discovering more
massive sulphide at Carrickittle.
Other Exploration
To keep core ground in good standing and continue building a
pipeline of exciting targets, exploration is ongoing on the
Company's other prospects (see Exhibit 1) within the
100%-interest PG West project. The work sequence is expected
to be as follows:
- Gortdrum (copper-silver prospect) - two short holes (totalling
375 metres) have recently been drilled along a major fault which
extends for 3-kilometres beyond the historic Gortdrum mine (results
to be announced once laboratory results are ready over the coming
few weeks)
- Denison (copper-silver prospect) – approx. 300 meters of
drilling is expected, starting in March
- Croom (zinc prospect) – two short holes (totalling 300 metres)
are expected, starting in March
- Ballywire (a prospect with similarities to Carrickittle) - a
hole (250 metres) is planned during early Q2
Importantly, the above projected exploration activities are
subject to Covid-19 restrictions in Ireland. While the Company's recent work
programs have been relatively unimpeded, there is a risk that
tighter restrictions may impact the Company's ability to conduct
fieldwork.
In line with the Company's more-focussed exploration strategy
announced on April 21st,
2020, the Group Eleven has surrendered more non-core ground,
including the western-most part of the PG West property (see
Exhibit 1). This portion of the PG West property was the
most early-stage of the package and deemed to be least
prospective.
Exhibit 1. Regional Map of Limerick Region, Showing Recently
Surrendered Ground at PG West
Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore
and is reported in accordance with JORC Code on Mineral Resources
and Reserves; (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.
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.
Neither TSX Venture Exchange nor its Regulation Services
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.
SOURCE Group Eleven Resources Corp.