VANCOUVER, Aug. 6, 2019 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF; FRA: 3GE) ("Group Eleven" or the "Company") is pleased to report that diamond drilling has begun on the Ballinalack zinc project ("Ballinalack") located in the Republic of Ireland, focussing on the prospective Navan Beds located several hundred metres below the existing Ballinalack zinc deposit (see details below). Ballinalack is a joint venture between Group Eleven (60%-interest) and Shenzhen Zhongjin Lingnan Nonfemet Company Limited ("Nonfemet", 40%-interest), one of the largest zinc producers in China. Nonfemet is a contributing joint venture partner. Ballinalack is located 50 kilometres from Boliden's substantial Navan (Tara) zinc mine, considered to be one of the largest zinc deposits in the world and hosted in the Navan Beds.
"It has long been postulated that a second horizon of mineralization may exist beneath the current resource, however, this target remained impeded by geological complexity which we have only recently started to decipher with today's powerful 3D visualization software," stated Bart Jaworski, CEO. "We very much look forward to the start of testing this exciting target."
Details of the Target
The aim of the drill program is to explore for zinc-lead-silver mineralization with the prospective Navan Beds located several hundred metres below the existing Ballinalack zinc deposit. The Ballinalack mineral resource estimate ("MRE" or "deposit") is located near-surface (with depths ranging from 10 to 300 metres) and consists of 5.4 million tonnes grading 7.6% zinc and 1.1% lead within the inferred category (see news release dated November 28, 2018). The deposit averages 9.0 g/t silver, based on partial silver assays from historic work (i.e. all intervals which were not assayed historically were assumed to be 0.25 g/t silver, representing half of the historic detection limit).
The drill program will be rolled out in consecutive stages with each stage contingent on the results from the prior phase. The program has commenced with an approximately 700 metre deep hole, to test the target area in the area immediately north-west of the Ballinalack deposit.
3D Geological Model
In order for investors and stakeholders to better visualize the targets underneath and proximal to the Ballinlalack deposit, Group Eleven has published its three-dimensional (3D) interactive model of the deposit area on the VRIFY platform (click link here).
Pursuant to the terms of the Company's agreement with VRIFY as initially disclosed in the news release dated May 10, 2019, this completes the second part of the planned program. As consideration for these services, the Company will issue shares equivalent to $6,000, to be priced the day subsequent to this news release. The final number of shares will be contingent on the closing price on that day and subject to TSX-V approval.
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.
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; 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
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, and particularly the technical report entitled "NI 43-101 Independent Report on a Base Metal Exploration Project at Ballinalack, Co. Westmeath, Ireland" with an effective date of January 11, 2019 by Paul Gordon and John Kelly (SLR Consulting Ireland) and Dr Belinda van Lente (CSA Global), with respect to the Ballinalack project.
SOURCE Group Eleven Resources Corp.
For further information: Spiros Cacos, MA, Vice President, Investor Relations, E: [email protected] | T: +1 604 630 8839