VANCOUVER, BC, Jan. 26, 2021 /CNW/ - Group Eleven Resources
Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or
the "Company") is pleased to provide an update on its
step-out drilling program at the Stonepark zinc project in the
Republic of Ireland (76.56% Group
Eleven and 23.44% Arkle Resources PLC). Two holes were drilled
outside the Stonepark mineral resource estimate
("MRE"), which totals 5.1 million tonnes grading 8.7%
zinc and 2.6% lead (11.3% combined)1. The MRE is located
a few kilometres to the west of Glencore's Pallas Green zinc
deposit2.
Highlights:
- G11-2638-04 targeted a 135-metre gap within the
Stonepark North portion of the MRE
- This hole intersected a thick package of brecciation and
low-grade mineralization yielding 17.95 metres of 1.02% zinc
and 0.23% lead (1.25% combined), including two higher-grade
zones:
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- 2.15 metres of 3.39% zinc and 0.92% lead (4.31%
combined), including 0.50 metres of 8.70% zinc and
3.34% lead (12.04% combined) and
- 1.55 metres of 3.46% zinc and 1.04% lead (4.50%
combined), including 0.55 metres of 5.57% zinc and
2.03% lead (7.60% combined)
- The zone is similar to the nearest historic hole TC-2638-038
(located 50 metres away) which also intersected a wide zone of
low-grade mineralization with two narrower higher-grade layers
- Based on the above, management believes the above intercept is
likely to be sufficient to extend the wireframe (mineralized zone)
of the MRE when a full MRE update study is done in future
- G11-2638-05 was drilled 85 metres from the Stonepark
West portion of the MRE
- This hole intersected moderate mineralization (2.0 metres of
1.21% zinc and trace lead or 1.21% combined), extending the
mineralized system and vectoring further exploration for
higher-grade and wider mineralization further east, along trend
towards historic hole TC-2638-068 (0.95 metres of 9.01% zinc and
1.69% lead, or 10.70% combined) located 585 metres to the
southeast
"We are delighted that, despite a modest budget and limited
metres drilled, the step-out drill program at Stonepark has
intersected robust mineralization beyond the boundary of the
current mineral resource estimate," stated Bart Jaworski, CEO. "The two holes drilled at
Stonepark provide us with clear resource expansion potential at
Stonepark North and strong vectors for follow-up work at Stonepark
West. Further expansion drilling is strongly warranted."
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1 NI
43-101 Independent Report on the Zinc-Lead Exploration Project at
Stonepark, County Limerick, Ireland, prepared by EurGeol Paul
Gordon, PGeo MSc, EurGeol Dr John G. Kelly, PhD PGeo MIMMM, and Dr
Belinda van Lente, PhD PrSciNat MGSSA, as filed on SEDAR June 6,
2018
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2 Glencore's Pallas Green zinc
project hosts an Inferred Resource of 45.4 million tonnes grading
7% zinc and 1% lead (Resources and Reserves as at December 31,
2019, reported in accordance with JORC Code on Mineral Resources
and Reserves)
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Details of Expansion Drilling
Two step-out diamond drill holes were completed at the Stonepark
mineral resource estimate ("MRE") which totals 5.1 million
tonnes grading 8.7% zinc and 2.6% lead (11.3%
combined)1. The MRE is located a few kilometres to the
west of Glencore's Pallas Green zinc deposit2 (see
Exhibit 1). The Stonepark Project is a joint venture between
Group Eleven (76.56% interest) and Arkle Resources PLC (23.44%
interest).
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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.
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Note: The wireframe
for the resource was estimated as per a Technical Report dated
April 26,
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2018 (and hence, for
avoidance of doubt, was estimated prior to the drilling of hole
G11-2638-04).
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The two holes were drilled totalling 864 metres.
Hole G11-2638-04 (-85° dip, 053° azimuth;
381-metre hole depth) was drilled within a 135-metre gap between
the northern-most and central wireframes of the Stonepark North
portion of the MRE (see Exhibit 2 and 3). Specifically, the
hole was 107 metres and 50 metres from the nearest holes to
the north and south, respectively. Hole
G11-2638-05 (-80° dip, 360° azimuth, 483-metre hole
depth) was drilled 85 metres south of the southern boundary of
the Stonepark West portion of the MRE, and specifically, 194 metres
from the nearest drillhole within the Stonepark West MRE (see
Exhibit 2).
Hole G11-2638-04 intersected a thick package of brecciation and
low-grade mineralization yielding 17.95 metres of 1.02%
zinc and 0.23% lead (1.25% combined) from 213.05 metres,
including two higher-grade zones:
- 2.15 metres of 3.39% zinc and 0.92% lead (4.31%
combined) from 218.10 metres, including 0.50 metres of
8.70% zinc and 3.34% lead (12.04% combined) and
- 1.55 metres of 3.46% zinc and 1.04% lead (4.50%
combined) from 228.05 metres, including 0.55 metres of
5.57% zinc and 2.03% lead (7.60% combined)
The mineralized intercept in G11-2638-04 is very similar to the
nearest historic hole TC-2638-038 (located 50 metres away)
which also intersected a wide zone of low-grade mineralization with
two narrower high-grade layers: 18.20 metres of 2.35% zinc and
0.28% lead (2.63% combined) from 236.40 metres, including 3.60
metres of 3.89% zinc and 0.11% lead (4.01% combined from 238.10
metres) and 1.80 metres of 5.56% zinc and 0.91% lead (6.56%
combined) from 251.35 metres, (see Exhibit 3).
For reference, the wireframes defining the MRE (as estimated in
the Technical Report on Stonepark dated April 26, 2018; see Exhibit 3) were
constructed using a minimum true thickness of 2.0 metres, at 2.0%
zinc and lead natural cut-off (with average grades calculated using
mineralized blocks at a cut-off of 4.8% zinc equivalent grade).
Mineralized wireframes were extended to a maximum of 100 metres
beyond any drill hole. Based on the above, management believes that
the mineralization in G11-2638-04 and the resulting tightened hole
spacing are likely to be sufficient to extend the wireframe of the
MRE when a full MRE update study is completed at some point in the
future.
The second hole drilled at Stonepark
was G11-2638-05, located near the Stonepark West
portion of the MRE. This hole intersected moderate mineralization
(2.0 metres of 1.21% zinc and trace lead or 1.21% combined from
451.00 metres; and a number of lower grade intercepts elsewhere in
the hole).
The above intercept confirms the presence of the mineralized
system at this locality and suggests the focus of further
exploration for higher-grade and wider mineralization should be
further to the east, along trend towards historic hole TC-2638-068
(0.95 metres of 9.01% zinc and 1.69% lead, or 10.70% combined from
423.80 metres) located 585 metres to the southeast (see red
dotted line in Exhibit 2). Further drilling is strongly
warranted.
Quality Assurance / Quality Control (QA/QC)
Drill-core samples were prepared and assayed in the ALS Minerals
Laboratory in Loughrea, Ireland.
Samples were fine-crushed (CRU-31) to 70% < 2mm and pulverized
and riffle-split to 85% < 75 µm. Zinc, lead and silver assays
were obtained by multi-acid (4-acid) digestion/ICP-MS Package (48
Elements), with ore-grade samples analysed using multi-acid
ICP-AES. Analytical accuracy and precision are monitored by the
submission of 3 standards and t3 blanks inserted into the sample
train of 89 samples by Group Eleven personnel. ALS analysed 10
blanks, 16 duplicates and 29 standards as part of their internal QC
procedures.
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.
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.
SOURCE Group Eleven Resources Corp.
