VANCOUVER, BC, Nov. 22,
2022 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG)
(OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the
"Company") is pleased to announce the commencement of a
follow-up drill program stepping out from the recently announced
discovery hole at its Ballywire zinc prospect ("Ballywire"),
PG West Project ("PG West", 100%-interest), Republic of Ireland.
Highlights - Ballywire:
- Mobilization has begun on the previously-announced (see news
release dated Sept 27, 2022)
follow-up program at Ballywire, consisting of an initial five
(5) holes totalling approx. 1,500m
- Step-out distances are planned to range from 80m to 220m
from discovery hole G11-468-03
- For reference, G11-468-03 was a 410m step-out exploration hole which intersected
one of the best holes drilled in Ireland over recent years: 66.0m of mineralization including (i)
6.85m of 15.4% Zn+Pb (11.1% Zn,
4.3% Pb) and 160 g/t Ag, (ii) 1.71m of 12.2% Zn+Pb (10.3% Zn and 1.9% Pb) and
38 g/t Ag and (iii) 5.00m of
8.3% Zn+Pb (6.2% Zn and 2.1% Pb) and 107 g/t Ag (true widths
80-100% of intercepted width; see news release dated Sept 6, 2022)
- One drill rig will be used for the follow-up program, with
results expected in early Q1 2023
- Ballywire discovery area remains open along strike for
3km to the ENE and 1.5km to the W, as well as, up-dip
to the NNW for at least 500m
- Separately, to test for Energy Critical Metals which may occur
in Irish-Type zinc deposits, the Company re-assayed high-grade
portions of the Ballywire discovery hole
- Assays show significantly elevated germanium (currently
trading at approx. US$31/oz,
40% higher than silver at US$22/oz),
with the majority of grades between 23 g/t Ge and 79 g/t
Ge
- The above results represent some of the highest Ge grades known
in Ireland and compare favourably
to grades at Ivanhoe's Kipushi zinc project in DRC (64 g/t
Ge), stated by the USGS to be the most significant
carbonate-hosted Zn-Pb-Cu system containing notable amounts of
Ge
Highlights - Other
- At the Carrickittle West target (Stonepark Project; see news
release dated June 16, 2022),
drilling is expected to begin upon receipt of permitting approvals
and as logistical considerations allow
- As previously stated, both follow-up programs at Ballywire and
Carrickittle West are expected to be funded from the Company's
existing treasury
- Drilling on the Company's regional targets at the PG West and
Stonepark projects have now been completed; results expected in due
course; the Company has, to date, drilled 6,042m in 2022
"We are excited to begin this very important follow-up drill
program at Ballywire," stated Bart
Jaworski, CEO. "Results from this program should go a long
way towards determining the potential for Ballywire to be a
Lisheen-scale zinc system in terms of size and grade. It's regional
location at the cross-roads of two mineralized trends (the
Rathdowney Trend and the Pallas Green Corridor), its three holes of
robust mineralization over 1.5km strike-length and its proximity to
Glencore's Pallas Green zinc-lead deposit, all bode well for the
discovery potential of this area. The presence of elevated
germanium is also a potentially significant sweetener that we will,
no doubt, investigate further."
Drill Program at Ballywire, PG
West Project (100%-interest), Ireland
The 2022 follow-up drill program at Ballywire is planned to
consist of five step-out holes totalling approximately 1,500m (see blue dots in Exhibit 1). These
holes are designed to individually step-out between 80 and
220m from discovery hole G11-468-03
(see news release dated September 6th,
2022). Specific hole locations reflect optimal concentric
coverage around the discovery hole, while taking into account local
logistical considerations. Note, hole locations are indicative-only
and may change as the program evolves.
Exhibit 1. Plan View of New
Drilling at Ballywire Prospect, PG West Project (100% interest),
Ireland
High-grade zinc-lead mineralization at Ballywire is currently
pierced by three holes over approximately 1.5km (see 97-468-02,
G11-468-01 and G11-468-03 in Exhibit 1):
- 97-468-02 (1997): 2.50m
of 6.2% Zn+Pb (3.0% Zn and 3.2% Pb), including 0.50m of 20.3% Zn+Pb (9.6% Zn + 10.7%
Pb)
- G11-468-01 (2021): 3.30m of 12.5% Zn+Pb (10.1% Zn + 2.4% Pb) and
48.3 g/t Ag, including 0.40m
of 25.5% Zn+Pb (20.1% Zn and 5.4% Pb) and 92.2 g/t
Ag
- G11-468-03 (2022): 6.85m of 15.4% Zn+Pb (11.1% Zn and 4.3% Pb)
and 160.3 g/t Ag, including 2.05m of 40.8% Zn+Pb (30.5% Zn and 10.3%
Pb) and 384.7 g/t Ag
The discovery area around G11-468-03 currently remains
open and untested along strike for approximately 3km to
the ENE and 1.5km to the W, as well as, up-dip to the NNW
for at least 500m (see Exhibit
1). Notably, the next nearest historic hole testing the target
horizon to the ENE (99-3552-05) is 3km away and intersected
5.00m of 1.6% Zn+Pb.
Drilling to date at Ballywire consistently shows mineralized
zones to be generally bedding-parallel along the base of the
Waulsortian limestone, similar to the morphology of classic
Irish-type zinc deposits. The base of the Waulsortian limestone at
Ballywire dips to the SSE, shallowing to the NNW.
Germanium Potential at
Ballywire
Due to its application in high-tech industries and its scarcity
on the Earth's crust, the element germanium (Ge) has been on the
European Union List of Critical Raw Materials since 2010. Other
counties that designate Ge as a critical element include US,
China, Australia and Canada. The American Physical Society
categorizes Ge as one of the 'Energy Critical Elements'.
China produces 80% of global
supply of Ge and as of 2019, "no trade agreements existed between
China and EU regarding germanium
trade," according to the European Commission. The primary use of
germanium is in fibre optics and high-end solar panel technologies.
Ge currently trades at approximately US$1,000/kg or US$31/oz (about 40% above the price of
silver at US$21/oz).
Outside of some coal deposits, Ge is known to occur in trace
quantities within some zinc deposits, including Mississippi Valley
Type (MVT) zinc-lead deposits which are present in Ireland. To test this potential, Group Eleven
chose nine core samples (each representing a downhole length
between 0.29m and 1.17m) of high-grade massive sulphide
mineralization from discovery hole G11-468-03. These previous
sample pulps were re-analysed using an assay technique specifically
suited for gallium, germanium and indium (lithium borate fusion).
Results are shown in Exhibit 2.
Exhibit 2. Germanium Results from
High-Grade Core of G11-468-03 at Ballywire Prospect, Ireland
From
(m)
|
To
(m)
|
Int
(m)
|
Description
|
Zn
(%)
|
Pb
(%)
|
Zn+Pb
(%)
|
Ag
(g/t)
|
Ge
(g/t)
|
228.20
|
228.57
|
0.37
|
MS pebbles
|
21.40
|
3.76
|
25.16
|
171.0
|
26.2
|
229.31
|
229.87
|
0.56
|
MS lens Sph &
Gal
|
32.70
|
13.70
|
46.40
|
632.0
|
63.2
|
251.65
|
252.82
|
1.17
|
MS - mainly Py
(Gal)
|
5.35
|
1.09
|
6.44
|
106.0
|
14.5
|
252.82
|
253.82
|
1.00
|
MS - mainly Py (Gal +
Sph)
|
3.54
|
4.56
|
8.10
|
113.0
|
6.5
|
253.82
|
254.60
|
0.78
|
MS - Py more (Sph +
Gal)
|
4.17
|
3.47
|
7.64
|
89.7
|
8.8
|
256.45
|
257.00
|
0.55
|
MS -
Sph/Gal/Py
|
32.70
|
19.70
|
52.40
|
540.0
|
55.1
|
257.00
|
257.81
|
0.81
|
MS -
Sph/Gal/Py
|
32.10
|
10.40
|
42.50
|
339.0
|
38.4
|
257.81
|
258.10
|
0.29
|
MS -
Sph/Gal/Py
|
44.30
|
3.35
|
47.65
|
496.0
|
79.2
|
258.10
|
258.50
|
0.40
|
MS -
Sph/Gal/Py
|
14.35
|
2.00
|
16.35
|
183.0
|
33.9
|
268.88
|
269.72
|
0.84
|
BNL - Sph cemented
Bx
|
17.35
|
1.99
|
19.34
|
55.2
|
23.2
|
Note: 'MS' = massive
sulphide within the Waulsortian Limestone, 'Sph' = sphalerite
(zinc-bearing mineral), 'Gal' = galena (lead-bearing mineral), 'Py'
= pyrite, 'BNL' = Ballynash (below Waulsortian Limestone), 'Bx' =
breccia
|
|
For global context, Ge does not form stand-alone deposits,
instead only occurring as a rare by-product in some zinc or coal
deposits. According to the USGS1, the most significant
carbonate-hosted zinc-lead-copper deposit that contains notable
amounts of germanium is the Kipushi deposit in the Democratic Republic of the Congo. USGS states
that Kipushi contains an average grade of 68 g/t Ge. This is
in line with Ivanhoe's recent announcement on Kipushi noting its
Mineral Resource Estimate (Measured & Indicated; dated
June 14, 2018) hosting 11.8mt of
35.3% Zn, 0.80% Cu, 1.1% Pb, 23 g/t Ag, 13 g/t Co and 64 g/t
Ge (see Ivanhoe Mines news
release dated Feb 14, 2022).
Similarly, the Ballywire results above rank as one of the highest
grades of Ge within the known zinc deposits in Ireland.
________________________________
|
1 US
Geological Survey; Professional Paper 1802-I titled "Germanium and
Indium" (Shanks III et al, 2017)
|
Regional Setting of the Ballywire
Zinc Prospect, PG West Project (100%-interest), Ireland
The Ballywire zinc prospect is located at the intersection of
the south-westerly projection of the Rathdowney Trend (which hosts
the past-producing Lisheen and Galmoy zinc mines) and the Pallas
Green Corridor (see Exhibit 3). Historic drilling at the
Ballywire prospect was sparse, last being worked by operators in
2008. Group Eleven staked the prospect in 2016 based on compelling
results from the two most-recent historic holes.
Exhibit 3. Location of Ballywire
Zinc Prospect, PG West (100% interest) Project, Ireland
Notes to Exhibit 3: (a) Pallas Green MRE is owned by
Glencore (see Glencore's Resources and Reserves Report dated
December 31, 2021); (b) Stonepark
MRE: see the 'NI 43-101 Independent Report on the Zinc-Lead
Exploration Project at Stonepark, County
Limerick, Ireland', by Gordon, Kelly
and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the
historic estimate at Denison was reported by Westland Exploration
Limited in 'Report on Prospecting Licence 464' by Dermot Hughes
dated May, 1988; the historic estimate at Gortdrum was reported in
'The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody' by G.M.
Steed dated 1986; and the historic estimate at Tullacondra was
first reported by Munster Base Metals Ltd in 'Report on Mallow
Property' by David Wilbur, dated December 1973; and later
summarized in 'Cu-Ag Mineralization at Tullacondra, Mallow, Co.
Cork' by Wilbur and Carter in 1986; the above 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. 'Rathdowney Trend' is the south-westerly
projection of the Rathdowney Trend, hosting the historic Lisheen
and Galmoy mines.
Qualified Person
Technical information in this news release has been approved by
Professor Garth Earls, Eur Geol,
P.Geo, FSEG, geological consultant at IGS (International Geoscience
Services) Limited, and independent 'Qualified Person' as defined
under Canadian National Instrument 43-101.
Quality Assurance/Quality Control
(QA/QC) Information
Group Eleven inserts certified reference materials ("CRMs" or
"Standards") as well as blank material, to its sample stream as
part of its industry-standard QA/QC programme. The QC results have
been reviewed by the Qualified Person, who is satisfied that all
the results are within acceptable parameters. The Qualified Person
has validated the sampling and chain of custody protocols used by
Group Eleven.
About Group Eleven
Resources
Group Eleven Resources Corp. (TSXV: 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
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.