VANCOUVER, BC, Feb. 22, 2021 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") is pleased to announce the commencement of the next phase of drilling, and the results from an induced polarization ("IP") geophysical survey, at the Carrickittle prospect ("Carrickittle") at its 100%-owned PG West zinc project ("PG West"), Republic of Ireland.
Exhibit 1. Oblique View - Chargeability Profiles with Interpreted Faults and Historic Drilling (Carrickittle) (CNW Group/Group Eleven Resources Corp.)
Exhibit 2. Oblique View – Resistivity Profiles with Interpreted Faults and Historic Drilling (Carrickittle) (CNW Group/Group Eleven Resources Corp.)
Exhibit 3. Plan View of Carrickittle Showing Chargeability Anomalies and Historic Drilling (CNW Group/Group Eleven Resources Corp.)
Exhibit 4. Regional Map of Limerick Region, Showing Recently Surrendered Ground at PG West (CNW Group/Group Eleven Resources Corp.)
Mobilization for drilling at Carrickittle commenced on Friday (February 19th) with a total of approximately 400 metres of drilling planned at Zone 2 (an area with significant historical intercepts, including 4.9 metres of 11.4% zinc and 1.4% lead)
As previously stated, management expect approximately 5,000 metres of drilling (fully funded) in 2021, primarily focussed on Carrickittle
An IP survey focussing on Zones 1-3 at Carrickittle was recently completed and appears to show several key fault structures along with a strong chargeability-high anomaly at Zone 2
Drill results are expected to be announced in early-mid Q2 (once drilling from this phase is completed, assays are received and interpretations are completed)
"We are encouraged that the IP data seems to show a set of distinct fault structures parallel to known areas of mineralization," stated Bart Jaworski, CEO. "Specifically, the chargeability-high anomaly at Zone 2 is compelling given its strength and its extent beyond areas of historic drilling. We look forward to an exciting next phase of drilling."
Drill Program at Carrickittle (100%-interest PG West Project)
Mobilization for drilling at Carrickittle commenced on Friday (February 19th) with a total of approximately 400 metres expected to be drilled at Zone 2. A larger subsequent drill program focussing on Zones 3 and 4, as well as, the one-kilometre strike extent to the north, is currently in planning stages and will be announced in due course. As previously stated, management aims to drill continuously for the remainder of 2021 with total metreage expected to be approximately 5,000 metres (fully funded), primarily at Carrickittle.
For reference, the Company's drilling in 2020 at Carrickittle (at Zone 1) returned 10.3 metres of 14.6% zinc, 5.0% lead (19.6% combined) and 43 g/t silver in hole G11-2840-04 and 7.24 metres of 23.9% zinc, 6.6% lead (30.5% combined), 108 g/t silver and 0.12% copper in hole G11-2840-09 (see news releases dated July 6, 2020 and December 9, 2020, respectively).
IP Survey at Carrickittle
As previously announced, a recent trial IP survey at Carrickittle was followed up by a more comprehensive IP survey, focussing on Zones 1-3 (totalling 2,400 metres within four lines spaced approximately 50 metres apart and with 25-metre station spacing). This survey has now been completed and the 2D pseudo-sections have been inverted to allow interpretation.
Inverted resistivity and chargeability profiles (see Exhibit 1 and 2, respectively) have been interpreted by an independent consultant (Hernan Ugalde) and appear to show a number of distinct fault structures, generally trending in a north-west orientation along known areas of mineralization (Zones 1-4, respectively). Additionally, a chargeability-high anomaly on Line 1 appears to correspond with high-grade mineralization in Zone 1 and a more extensive chargeability-high anomaly on Lines 2-4 appears to correspond with Zone 2 (see Exhibit 1 and 3).
Drilling will start testing in the vicinity of three historic holes which define Zone 2 (P4, P25 and P24, with intercepts of 4.88 metres of 11.4% zinc and 1.4% lead; 0.82 metres of 8.7% zinc and 2.4% lead; and 0.91 metres of 2.7% zinc and 3.9% lead, respectively). Step-outs from this area will then be guided by drill results and the above IP data (see Exhibit 1-3).
Note, chargeability-high anomalies may represent a number of geological features, including pyrite-bearing massive sulphides (high-grade zinc, lead and silver) or various non-mineralized features such as graphite, clay or surficial water features.
* Faults interpreted from chargeability and resistivity data
Background Information on Carrickittle Prospect
Carrickittle is hosted within the Company's 100%-owned PG West project in southwestern Ireland. PG West is situated within the Limerick basin, a geological feature which also hosts the Company's contiguous 76.56%-owned Stonepark project and Glencore's adjacent Pallas Green project (hosting the Pallas Green zinc-lead deposit1; see Exhibit 4). Carrickittle is situated along the 25-kilometre long 'Pallas Green Corridor', with the Kilteely prospect to the northwest and the Ballywire and Denison prospects to the southeast.
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1 Resources and Reserves Report (Glencore, December 31, 2019) – 45.4 million tonnes of 7% Zn + 1% Pb (Inferred)
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.
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.
ON BEHALF OF THE BOARD OF DIRECTORS: Bart Jaworski, P.Geo. Chief Executive Officer
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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