Group Eleven Adding Two Advanced Copper-Silver Prospects to its Limerick Ground Position in Ireland
VANCOUVER, April 22, 2020 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF; FRA: 3GE) ("Group Eleven" or the "Company") is pleased to announce that it is adding the Denison and Tullacondra copper-silver prospects ("Denison" and "Tullacondra") to its project pipeline in the Company's flagship Stonepark / PG West zinc-lead project area in Ireland. Following its corporate update announced yesterday, the Company is bolstering its position in the Limerick basin by adding advanced copper-silver prospects, closely linked geologically with zinc mineralization in the region. By exploring these complementary systems in tandem, the Company aims to further increase the chances of large-scale exploration success.
Highlights
- Prospecting licenses ("PLs") covering the Denison and Tullacondra copper-silver prospects in Ireland have been 'granted' and 'offered and accepted'1, respectively
- These PLs recently became available, coinciding with the downturn in the base metal market
- The additions complement the Company's existing Gortdrum and Oola copper-silver prospects at the PG West Project (located in the Limerick basin)
- Denison occurs directly along the Company's Pallas Green Corridor and extends the corridor by approximately five kilometres to the south (for a new corridor length of 25 kilometres)
- Tullacondra is located approximately 15 kilometres south of the Company's PG West licenses
- Denison and Tullacondra host 'historic estimates' of copper-silver mineralization (see below)
- Mineralization is shallow and the properties host significant exploration potential
- Cobalt potential was recently identified at Tullacondra by the previous operator
"Group Eleven remains steadfastly focussed on exploring for zinc, however, copper-silver systems are believed to represent the roots of the zinc-lead systems in the Limerick region," stated Bart Jaworski, CEO. "Exploring these complementary systems in tandem should pay dividends. We have been eyeing the Tullacondra prospect for quite some time and we're delighted to have this and Denison in our project pipeline. Together with our Gortdrum project, these prospects represent all three of the known and sizeable copper-silver systems of their kind in Ireland."
Copper-Silver Prospects with Historic Estimates (and Cobalt Potential)
Group Eleven recently applied and was granted two new PLs adjacent to its Ballywire prospect at the 100%-owned PG West project (see Exhibit 1). The new licenses host the Denison copper-silver 'historic estimate1' ("Denison") totalling 5.4 million tonnes of 0.9% copper and 41 g/t silver, including 2.8 million tonnes of 1.2% copper and 47 g/t silver.
The historic estimate at Denison was report by Westland Exploration Ltd in 1988; the historic estimate has not been verified as a current mineral resource; none of the key assumptions, parameters and methods used to prepare the historic estimate 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 estimate can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify it as a current mineral resource and the Company is not treating the historic estimate as a current mineral resource.
Denison is located six kilometres southeast of the Ballywire zinc prospect, which interestingly also has a historic intercept very elevated in both copper and silver (hole '00-468-5' intersected 1.0 metres of 218 g/t silver and 0.87% copper, including 15 centimetres of 430 g/t silver and 1.80% copper2).
Two additional PLs were applied for by the Company and were recently 'offered and accepted'1 by the regulatory body responsible for mineral exploration in Ireland ('Exploration and Mining Division'). These PLs cover the Tullacondra prospect ("Tullacondra"), located approximately 15 kilometres south of the Company's PG West licenses. Tullacondra hosts an 'historic estimate totalling 3.6 million tonnes grading 0.7% copper and 28 g/t silver2 including a stratiform silver-rich zone of 0.6 million tonnes grading 150 g/t silver and 0.7% copper2.
The historic estimate at Tullacondra was reported by Munster Base Metals Ltd. in 1973; it has not been verified as a current mineral resource; none of the key assumptions, parameters and methods used to prepare the historic estimate 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 estimate can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify it as a current mineral resource and the Company is not treating the historic estimate as a current mineral resource.
Interestingly, the silver-rich zone at Tullacondra is hosted within an extensive haematite (iron oxide) marker horizon which was shown in 2018 by the previous operators to be elevated in cobalt (XRF samples of historic core yielded 8,000 ppm Co and 1,400 ppm Co)2.
Denison and Tullacondra are similar in style and size to the Company's Gortdrum copper-silver project (within the PG West property) which was mined as an open pit in the 1970s. Prior to mining, the historic estimate at Gortdrum totalled 3.8 million tonnes grading 1.2% Cu and 25 g/t Ag.
The historical estimate at Gortdrum was reported in an IAEG (Irish Association for Economic Geology) Paper by Steed in 1986; the historic estimate has not been verified as a current mineral resource; none of the key assumptions, parameters and methods used to prepare the historic estimate 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 estimate can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify it as a current mineral resource and the Company is not treating the historic estimate as a current mineral resource.
Denison, Tullacondra and Gortdrum (all within a 25-kilometre radius) represent the only known and sizeable copper-silver prospects of their kind in Ireland. Each prospect represents relatively shallow mineralization with a close spatial association (or suspected association) with volcanics and/or intrusives. All three prospects have significant exploration upside. Gortdrum, for example, hosts a three-kilometre-long strike-extension along the mineralizing fault where historic drilling has returned up to 7.6 metres of 0.93% copper and 19 g/t silver3.
Also noteworthy is the Oola silver-copper dyke swarm, consisting of 16 historic lodes and located approximately five kilometres northwest of Gortdrum. The Oola area has a long history of silver and copper mining dating back to the 1750's and beyond, however, has never undergone systematic modern exploration. From maps dating back to 1878, Group Eleven successfully located and completed first-ever drilling (in mid-2017) on the most historically-worked dyke (Caunter Lode), intersecting a 24-metre thick andesite dyke with numerous occurrences of galena, pyrite and local chalcopyrite, including a 1.5 metre wide adit (no assays) and an adjacent side-vein returning 0.45 metres of 107 g/t silver, 4.9% lead and 0.34% copper4. Immediate follow up work is warranted.
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. The Company's key project in Ireland is a 76.56% interest in the Stonepark project (joint ventured with Arkle Resources plc) and a 100% interest in the adjacent PG West Project, located near Limerick, next to one of the world's largest undeveloped zinc deposits: Pallas Green deposit.
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
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 Group Eleven expects Tullacondra PLs to transition from 'offered and accepted' to 'granted' in 6-8 weeks |
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2 News release (May 7th, 2019): "Intersects Significant New Mineralization Along Pallas Green Corridor" |
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3 EMD report (September 21st, 1970) by Gortdrum Mines (Ireland) Ltd |
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4 Management Discussion & Analysis (December 31st, 2017) |
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SOURCE Group Eleven Resources Corp.
E: [email protected], T: +353-85-833-2463; E: [email protected], T: +604-630-8839
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