VANCOUVER, BC, Jan. 11,
2024 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG)
(OTCBB: GRLVF) (FRA: 3GE) ("Group Eleven" or the
"Company") is pleased to announce that a two-rig drill
program has begun at the Company's 100%-owned Ballywire
zinc-lead-silver discovery ("Ballywire"), PG West Project
("PG West"), Republic of
Ireland.
Highlights
- Two drill rigs have been mobilized to Ballywire with drilling
to commence over the next few days
- Drilling will focus on the gravity-high anomalies along strike
from the discovery area at Ballywire (see news release dated
Nov 21, 2023 for more information),
spanning a strike-length of approximately 2.9km
- Drilling is planned to also include step-outs from recently
reported high-grade intersections
"We are excited to hit the ground running and kick-off the 2024
drill program at Ballywire," stated Bart
Jaworski, CEO. "Building off the success at Ballywire last
year, we are about to test key target areas which have a
geophysical signature similar to that of the discovery area. The
strike-length of high-grade mineralization drilled to date recently
increased by 29% or 160m from 550m
to 710m. Including a massive sulphide
intercept from 1997, we now have 1.7 kilometres of
strike-length over which robust mineralization has been
intercepted. The current phase of drilling aims to test
gravity-high anomalies on either side of the discovery
area, over a distance of 2.9 kilometres. Additionally, we
have a further two gravity-high anomalies, also untested, giving us
a total prospective trend of about 6 kilometres."
Background Information on
Ballywire Discovery
Ballywire is located in the SE portion of the Company's
100%-owned PG West Project, Republic of
Ireland. PG West, including the nearby Tullacondra prospect,
covers an area of 650km2 and is contiguous with the
Company's Stonepark project (covering 184km2; 76.56%
interest). Ballywire is located approximately 20km SE of Glencore's
Pallas Green deposit1 and approximately 50km SW of the
historic Lisheen zinc mine (closed in 2015).
Geologically, Ballywire is situated at the intersection of the
SW projection of the Rathdowney Trend, hosting the past-producing
Lisheen and Galmoy zinc mines, and the Pallas Green Corridor, which
hosts the undeveloped Pallas Green deposit1. Historic
drilling at the Ballywire prospect was sparse, last being worked by
operators in 2008. Group Eleven staked the prospect in 2016 and
announced the discovery in September
2022.
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.
About Group Eleven
Resources
Group Eleven Resources Corp. (TSX.V: ZNG; Pink: GRLVF and FRA:
3GE) is a mineral exploration company focused on advanced stage
zinc exploration in the Republic of
Ireland. Group Eleven announced the Ballywire discovery in
September 2022. Key intercepts to
date include: (i) 3.3m of 12.5% Zn+Pb
and 48 g/t Ag (G11-468-01), (ii) 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03);
(iii) 10.1m of 8.6% Zn+Pb and 46 g/t
Ag (G11-468-06); (iv) 10.5m of 14.7%
Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12) and (v) 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03).
The Company's two largest shareholders are Glencore Canada Corp.
(18.2% interest) and Michael Gentile
(15.0%). 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
E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514
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.
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1 Pallas Green Mineral Resource Estimate (MRE): 45 mln tonnes
of 7.2% Zn and 1.2% Pb, Inferred (Glencore, 31-Dec-2022)
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SOURCE Group Eleven Resources Corp.