VANCOUVER, Nov. 13, 2019 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF; FRA: 3GE) ("Group Eleven" or the "Company") is pleased to announce that data from the Geological Survey of Ireland's 'Tellus' airborne geophysical survey (funded in part by Group Eleven), covering the Company's Stonepark, PG West and Silvermines zinc projects, was publicly released on October 15, 2019. Preliminary analysis of the data by the Company has yielded some large surprises, identifying a number of previously unknown geological features which (i) open up new areas of prospectivity and (ii) add significant refinement to the Company's already established zinc target areas.
- The Limerick Volcanic Complex (LVC) is shown in much clearer detail than on any previous survey (see Exhibit 1)
- Specifically, the Company's key exploration concept ('Pallas Green Corridor' and cross-fault north of Kilteely) remains very much intact and is now better refined
- A number of previously-unknown large circular features appear along the southwestern margin of the LVC, likely representing buried volcanic centres or intrusions – adding significant prospectivity
- Cutting through our recently drilled Ballywire prospect1, a strong east-northeast linear trend confirms and refines the 'Navan-Tipperary line', long considered to be the southwest continuation of the famous 'Rathdowney Trend' (hosting the Lisheen and Galmoy zinc deposits)
- Approximately 20 km to the west of – and sub-parallel to – the Pallas Green Corridor, the data shows a previously-unknown, strong northwest linear trend, at least 40 km long, which appears to represent a corridor of suspected buried volcanic centres or instrusives – adding significant prospectivity
"To have such an extensive, uniform and high-quality data set over the entire 1,200 km2 Stonepark and PG West project is a big step forward for Group Eleven," stated Bart Jaworski, CEO. "We are excited to now use this information to fast-track and refine our plans for what should be an exciting exploration program in 2020 on this project."
Details on the Tellus Survey
The Tellus airborne geophysical survey covered a contiguous area of 4,649 km2 over Group Eleven's Stonepark, PG West and Silvermines zinc projects in Ireland. The Stonepark project (76.56% interest owned by Group Eleven and 23.44% interest owned by Arkle Resources PLC) is approximately 200 km2 in area; and Group Eleven's contiguous and wholly owned PG West project is approximately 1000 km2 in area.
The survey was managed by the Geological Survey of Ireland and flown by Sander Geophysics Ltd (Canada). Group Eleven contributed approximately 25% of the total cost of the survey. The survey was flown during most of 2018 and ended in March 2019.
- Magnetics – single sensor, total magnetic intensity
- Electromagnetics – frequency domain (4 frequencies, in-phase and quadrature EM and resistivity)
- Gamma Ray spectrometry – total-count and potassium, equivalent uranium and equivalent thorium
- Line spacing: 200 metres
- Line direction: azimuth of 345°
- Flight altitude: nominal 60 metres, rising to approximately 300 metres over urban areas
- Line kilometres of data collected: 25,577 line km
Key Areas of Focus
The Tellus airborne survey represents the first and only geophysical survey covering the entire Stonepark and PG West zinc projects. Several geophysical surveys were conducted historically in the project area, however, these were much smaller in coverage and much older in vintage (the most recent being from 1998). Key areas of focus summarized above which have so far emerged from Group Eleven's preliminary 'first-pass' analysis of the dataset are shown below (see Exhibit 1).
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 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: 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.
1 See Group Eleven's news release dated May 7th, 2019
SOURCE Group Eleven Resources Corp.
For further information: Spiros Cacos, MA, Vice President, Investor Relations, E: [email protected] | T: +1 604 630 8839