Market Overview

Group Eleven Intersects Significant New Mineralization Along Pallas Green Corridor and Doubles Potential Strike at Stonepark PG West Zinc Project, Ireland

Share:

VANCOUVER, May 7, 2019 /CNW/ - Group Eleven Resources Corp. ((TSX.V: ZNG, OTCQB:GRLVF, FRA: 3GE)) ("Group Eleven" or the "Company") is pleased to report results from its preliminary 2,700-metre drill program at the Stonepark zinc-lead project ("Stonepark"; 76.56% interest) and the adjacent PG West project ("PG West"; 100% interest), collectively the "Stonepark PG West" project, in the Limerick region of the Republic of Ireland. Stonepark is a joint venture with Arkle Resources plc (23.44% interest). The project hosts an Inferred Mineral Resource Estimate1 and is adjacent to Glencore's Pallas Green zinc-lead deposit2.

Group Eleven Intersects Significant New Mineralization Along Pallas Green Corridor & Doubles Potential Strike at Stonepark PG West Zinc Project, Ireland (CNW Group/Group Eleven Resources Corp.)

Highlights – New Mineralized Zone at Ballywire (PG West)

  • Intersects 36.5 metres (true widths 60-70%) of intermittent, high-grade zinc mineralization including:
    • 0.75 metres of 13.1% zinc and lead and 39 g/t silver
    • 0.90 metres of 5.8% zinc and lead and 8 g/t silver and
    • 0.20 metres of 35.1% zinc and lead and 93 g/t silver
  • Mineralization extended by nearly 70% to 650 metres and open in all directions
  • Located 20 kilometres southeast of Glencore's Pallas Green deposit, along the Pallas Green Corridor

Highlights – New Periphery Zone at Kilteely (Stonepark)

  • Discovers outer margin of potential new Irish-Type zinc system
  • Located 10 kilometres southeast of Glencore's Pallas Green deposit, along the Pallas Green Corridor
  • Periphery zone appears extensive – at least 1.6 kilometres laterally and 230 metres vertically
  • Consists of strong hydrothermal activity, including abundant pyrite (+/- marcasite), elevated zinc

"We are very pleased with our recent drill program" stated Bart Jaworski, CEO. "At Ballywire, we are excited to have transformed this early-stage prospect to a high-priority target. Drilling has returned the best results to date in the area and we look forward to advancing even closer to the potential feeder structure during the next phase of work. Ballywire effectively doubles the strike of the Pallas Green corridor to 20 kilometres."

"At Kilteely, the breadth of the new hydrothermal system is significant, being on-trend and in a similar geological environment as Glencore's Pallas Green zinc-lead deposit. This is our first hole into the southern half of the 'Limerick Volcanic Complex' and the area remains virtually unexplored. Exploration upside is wide open."

___________________________

1 

Stonepark hosts 5.1 million tonnes of 8.7% Zn + 2.6% Pb in the Inferred Category (Group Eleven; April 17, 2018).

2

Pallas Green hosts 45.1 million tonnes of 7% Zn + 1% Pb in the Inferred Category (Glencore; Dec 31, 2018).

 

Preliminary Drill Program - Summary

Five diamond drill holes, totalling approximately 2,700 metres, were completed on the Stonepark and adjoining PG West properties from November 2018 to April 2019 (see Exhibit 1 below and Exhibit 2). As per Group Eleven's news release dated October 24, 2018, the primary aim of this drill program was to advance the Company's ongoing 'Big Think' exploration strategy by providing important 3D geological information ahead of the Company's 'Big Drill' exploration program later this year.

New Zinc Mineralization (Ballywire – PG West Project, 100% interest)

The Ballywire prospect consists of two historic holes (see Exhibit 3 and 4). Hole 00-468-5 (drilled in 2000) intersected 0.20 metres of 10.2% zinc + lead and 1.0 metre of 218 g/t silver and 0.87% copper, including 0.15 metres of 430 g/t silver and 1.80% copper; see Exhibit 5). In 2008, a 350-metre step-out hole (FM-2654-1) intersected 0.30 metres of 13.2% zinc + lead) within a wider (1.55 metre) intercept.

The Company's hole G11-2654-01 was a 260-metre step-out from FM-2654-1. The aim was to extend mineralization further towards a postulated feeder fault structure towards the southeast. The hole intersected three mineralized zones over a 36.5 metre interval at the base of the Waulsortian limestone, including: 0.75 metres of 13.1% zinc + lead and 39.1 g/t silver; 0.20 metres of 35.1% zinc + lead and 93.1 g/t silver; and 0.90 metres of 5.77% zinc + lead and 8.3 g/t silver (see Exhibit 6, below).

Exhibit 6. Summary of Assays from hole G11-2654-01 from Ballywire

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Item

From

To

Interval

Zn

Pb

Zn + Pb

Ag


m

m

m

%

%

%

g/t

-

692.00

692.90

0.90

1.85

0.00

1.85

4.1

And

692.90

693.80

0.90

5.75

0.02

5.77

8.3

And

693.80

694.75

0.95

1.92

0.00

1.92

3.8

Total

692.00

694.75

2.75

3.15

0.01

3.16

5.4









-

718.70

719.65

0.95

1.03

0.15

1.18

5.0

And

719.65

719.85

0.20

29.90

5.16

35.06

93.1

And

719.85

721.10

1.25

1.40

0.31

1.71

5.1

Total

719.65

721.10

1.45

5.33

0.98

6.31

17.2









-

726.60

727.70

1.10

1.33

0.52

1.85

11.1

And

727.70

728.45

0.75

10.55

2.54

13.09

39.1

1 ABEO, REGN: 25 Stocks Moving in Tuesday's Pre-Market Session
2 ITRM, CHH: 32 Stocks Moving In Wednesday's Pre-Market Session
3 FIT, PLNT: Citron Thinks Peloton's Stock Is Going To $5, C...
4 AAPL, ADI: Large Option Traders Dumping Apple Puts Ahe...
5 CORV: Correvio Pharma In The Spotlight Amid B...
6 GME, HDS: 8 Stocks To Watch For December...
7 FRAN, CORV: Benzinga Pro's T...