Group Eleven Intersects Significant New Mineralization Along Pallas Green Corridor and Doubles Potential Strike at Stonepark PG West Zinc Project, Ireland
Vancouver, Canada, May 7, 2019 – 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.
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.”
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
|Item||From||To||Interval||Zn||Pb||Zn + Pb||Ag|
Note: True widths are estimated at 60-70% of the downhole interval.
The Ballywire zone is now 650 metres long down-dip, is open in all directions and appears to occupy a block bounded by the postulated Southern Ireland Lineament to the north, the Kilross fault to the south and a cross-fault to the east (see Exhibit 3). Future work will focus on exploring the neighbouring fault blocks. Of particular interest is the area up-dip and to the north of 00-468-5, given its shallow depth and relatively high-grade silver and copper, typically seen as a strong indicator for proximity to a feeder zone.
Periphery Zone (Kilteely – Stonepark Project, 76.56% interest)
Group Eleven’s G11-450-02 hole aimed at testing an area 1.4 kilometres northwest of known high-grade zinc mineralization at the Company’s Carrickittle prospect (e.g. historic intercept of 2.4 metres of 26.8% zinc + lead and 61 g/t silver; see Exhibit 7, 8 and 9), along the Pallas Green Corridor.
The hole intersected a vertically extensive (230 metre) zone (downhole depth of 200-430 metres) containing varying amounts of extensive iron-sulfide (pyrite and possible marcasite), chert (suspected to be either volcanogenic and/or hydrothermal) and brecciation (mostly hydrothermal) – within a package of predominantly flat-flying and interlayered volcanics and limestones. Black cherts near the top of the Waulsortian unit contain local elevated zinc and other metals. This sequence is interpreted to represent the peripheral part of a hydrothermal system typical of southern Irish-Type zinc deposits (see Exhibit 10).
A historic (1998) hole drilled 1.6 kilometres to the east-northeast, reported similar stratigraphy, brecciation and widespread iron-sulfide mineralization. The significance of this hole was not recognized at the time, given it was drilled years before the discovery of the Pallas Green zinc deposit (2002). This hole and G11-450-02, suggest a hydrothermal system which may be at least 1.6 kilometres in areal extent.
The Company drilled three other holes within the Stonepark project. Each of these provided strong vectors towards further exploration within the Limerick basin. A full discussion on these and the above described holes is shown on the Company’s website under Supplemental Information.
Agreement with VRIFY
The Company also announces that it has entered into two separate shares-for-services agreements (the “Agreements”) with VRIFY Technology Inc. (“VRIFY”) pursuant to the provisions of TSX Venture Exchange (the “Exchange”) Policy 4.3. Pursuant to both Agreements, VRIFY, which provides technology services (the “Services”) to the Company, will receive its fees by way of the issuance of common shares (the “Shares”) of the Company. The Shares will be issued at a deemed price per Share equal to the Discounted Market Price (as defined in TSXV policies) of the Shares as traded on the Exchange on the first trading date following the date the Services are provided to the Company. The Agreements are subject to Exchange acceptance.
About VRIFY: VRIFY’s technology communicates a company’s value with presentation tools that simplify information and translate tough to digest data into compelling content. The platform allows companies to showcase project data with interactive 3D models, host global site visits of remote assets using virtual tours, and present content to any device, anytime, anywhere in the world. See for yourself at VRIFY.com.
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.
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-AES Package (48 Elements). Analytical accuracy and precision are monitored by the submission of four standards inserted into the sample train of 228 samples by Group Eleven personnel. No duplicate samples were sent to the lab. ALS ran 18 blanks and 10 duplicates as part of their internal QC procedures.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; FRA: 3GE and OTC: GRLVF) is a mineral exploration company focused on advanced stage zinc exploration in Ireland. The Company’s large land package allows Group Eleven to leverage new geological approach and geophysical technology to systematically rethink key aspects of the Irish zinc district. The Company’s two key projects in Ireland include: a 60% interest in the Ballinalack project (joint ventured with Nonfemet - one of the largest zinc producers in China), located in north-east Ireland, hosting potential Navan Bed mineralization in the Pale Beds; and a 75.56% interest in the Stonepark project (joint ventured with Arkle Resources plc), located near Limerick, next to one of the world’s largest undeveloped zinc deposits: Glencore’s Pallas Green deposit. The Company’s team includes accomplished mining professionals with direct experience in finding mines, building companies and exploring Irish zinc deposits.
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
For more information, please contact:
Spiros Cacos, MA
Vice President, Investor Relations
E: firstname.lastname@example.org | T: +1 604 630 8839
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 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).