VANCOUVER, Jan. 24, 2019 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF; FRA: 3GE) ("Group Eleven" or the "Company") is pleased to provide an update on its ongoing exploration drill program at the Stonepark zinc-lead project ("Stonepark"; 76.56% interest) and the adjacent PG West project ("PG West"; 100% interest) in the Limerick region of the Republic of Ireland. Stonepark is a joint venture with Connemara Mining Company plc (23.44% interest). The primary aim of this preliminary drill program is to advance the Company's ongoing 'Big Think' exploration strategy by providing important 3D geological information for a new evolving exploration model in preparation of the Company's 'Big Drill' exploration program later this year.
Drilling continues on schedule with analysis and interpretation expected by the end of Q1 2019
A fifth hole (to be drilled on PG West) has been added to the campaign (the original four holes are located at Stonepark); total meterage is now expected to be 2,300 metres (from previous guidance of 1,500-2,000 metres)
The Tellus Airborne Geophysics Survey over the Limerick and Silvermines Basins is now 81% complete with flying to be completed by March or April, depending on weather; data is expected to be publicly released in Q2/Q3
An updated NI 43-101 technical report on the Ballinalack project incorporating the current resource (see news release dated November 28, 2018) was published on SEDAR on January 14th, 2019
"We are pleased with the progress on our exploration program thus far and look forward to updating the market over the next several weeks when the remainder of our expanded drill program is completed" stated Bart Jaworski, CEO. "We are also looking forward to combining this preliminary drilling with Tellus airborne data to identify strong targets ahead of our 'Big Drill' campaign in this highly prospective region. The Limerick basin already hosts the second largest deposit in Ireland – Glencore's Pallas Green zinc deposit1 – and our adjacent Stonepark deposit2."
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 the Company's 'Q&A' discussion on the 'Big Think' for further information. For more information on the Tellus survey, see news release dated September 27th, 2018. Maps of the Limerick basin are shown on www.groupelevenresources.com.
Pallas Green hosts 44.2 million tonnes of 7.2% Zn + 1.2% Pb in the Inferred Category (Glencore; Dec 31, 2017).
Stonepark hosts 5.1 million tonnes of 8.7% Zn + 2.6% Pb in the Inferred Category (Group Eleven; June 18, 2018).
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 at Group Eleven Resources, as defined by NI 43-101. Mr. Barry has worked for extended periods on Irish-style zinc deposits over 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 and Tralee. 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, and particularly the technical report entitled ""NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland" with an effective date of April 26th, 2018 by Paul Gordon, John Kelly and Belinda van Lente (SLR Consulting Ireland) with respect to the Stonepark Project."
SOURCE Group Eleven Resources Corp.
For further information: Spiros Cacos, MA, Vice President, Investor Relations, E: [email protected], T: +1 604 630 8839