VANCOUVER, Sept. 27, 2018 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF; FRA: 3GE) ("Group Eleven" or "Company") is pleased to announce the recent commencement of the Geological Survey of Ireland's airborne geophysical ('Tellus') survey covering 2,500 square kilometres of Group Eleven's exploration ground in the highly prospective Limerick and Silvermines Basins. Integrating the results of this Tellus survey into the Company's ongoing 'Big Think' regional exploration program is expected to materially advance high-quality near-term drill targets in this very prospective region.
"We are delighted to participate in the latest phase of the Tellus survey. Our team looks forward to seeing how the subsurface geology the survey reveals helps answer some of the biggest questions still lurking in this very under-explored portion of the Irish Zinc-Lead District," stated Bart Jaworski, CEO of Group Eleven. "We are particularly interested in where hidden mineralizing mega-structures may lie in relation to the known mineralization at Stonepark, Pallas Green, Gortdrum, Carrickittle and Silvermines; and most importantly, what it tells us about where to drill next."
What is 'Big Think'? Group Eleven's 'Big Think' exploration is an open-minded and methodical search for tier-one zinc deposits in the Irish Zinc District through comprehensive re-evaluation of over 70 years of exploration data, combined with cutting edge geophysical and geochemical techniques. The Company believes no other zinc-focused junior or major company is currently exploring on such a broad and deep scale in Ireland. Please see our "Question-and-Answer" discussion on 'Big Think' for further information.
Timeline to the 'Big Drill'? Compelling drill targets have already emerged from the Company's 'Big Think' process. However, the upcoming Tellus data has potential to greatly enhance targeting. This information is intended to support Group Eleven's extensive drilling program or 'Big Drill' in 2019.
How does Tellus help exploration? This high-quality airborne geophysical survey is designed to 'sense' hidden geological features not apparent through surface mapping or shallow geophysical techniques. It attempts to 'see through' Ireland's often deep glacial deposits and extensive peat and soil cover. The results are expected to provide geologists with important clues to the location of hidden zinc deposits.
What is Tellus? The Tellus survey, now in its seventh year, is a nationwide geochemical and geophysical data programme undertaken by the Geological Survey of Ireland and funded by the Department of Communications, Climate Action and Environment ("DCCAE"). Its aim is to benefit the mineral, agricultural and environmental sectors in the country.
What does it cost and entail? Group Eleven has committed approximately €120,000 of the total cost of the Limerick and Silvermines portion of the airborne survey. This survey is expected to consist of 24,700 line kilometres of Magnetics, EM and Radiometrics data. Flying is expected to continue through at least the rest of 2018, with data publicly available several weeks thereafter.
For further information about the Tellus survey, see DCCAE's announcement dated August 9th 2018.
Why explore for zinc in Ireland? Zinc is the fourth most consumed metal after iron, aluminum and copper. Presently, global inventories of zinc stand at less than nine (9) days of global consumption – a multi-year low. Ireland is one of the largest zinc producers in Europe and host to some of the largest zinc deposits in the world. The zinc deposits discovered in the Irish Zinc District over the last 70 years occur within a relatively small area measuring roughly the size of Belgium. While most of the outcropping and near-surface zinc deposits are thought to be found, Group Eleven believes new major deposits remain to be discovered through comprehensive re-evaluation of the region's geology coupled with new exploration techniques such as airborne geophysical surveys, ground-based seismic surveys and ionic leach soil sampling.
EurGeol John Barry MSc., M.B.A., P.Geo, Vice President of Exploration Strategy and Director of Group Eleven's Irish subsidiary, is the qualified person Group Eleven Resources, as defined by NI 43-101. Mr. Barry has worked for extended periods on Irish-style zinc deposits for much of the last 30 years and is a professional member of the Institute of Geologists of Ireland and a member of the European Federation of Geologists. Mr. Barry is responsible for the scientific and technical information that forms the basis for this news release.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG, FRA: 3GE and OTC: GRLVF) is focused on zinc exploration in Ireland. The Company's large land package (99 prospecting licenses totalling 3,200 square kilometres) allows Group Eleven to leverage new geological thinking and geophysical technology to systematically rethink key aspects of the Irish zinc district. Key projects include Ballinalack (with Joint Venture partner Nonfemet), Stonepark (with Joint Venture partner Connemara Mining), Silvermines (100%) and Tralee (100%). The Company's team includes accomplished mining professionals with direct experience in finding mines, building companies and exploring Irish zinc deposits.
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.
SOURCE Group Eleven Resources Corp.
For further information: Spiros Cacos, MA, Vice President, Investor Relations, E: [email protected] | T: +1 604 630 8839