Group Eleven Announces Plans for Near-Term Follow-Up Drilling at the Ballywire Discovery and Carrickittle West Target, Ireland
VANCOUVER, BC, Sept. 27, 2022 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") is pleased to announce plans for follow-up drill programs at the Ballywire zinc prospect ("Ballywire"), PG West Project ("PG West", 100% interest) and the Carrickittle West zinc prospect ("Carrickittle West"), Stonepark zinc prospect ("Stonepark" (76.56%-interest), Ireland.
Follow-up drilling at the Ballywire discovery (see news release dated September 6, 2022) is expected to begin in 4-6 weeks (upon permitting approvals) and finish by year-end
This follow up program is planned to consist of an initial five (5) holes totalling 1,500m, drilled at step-out distances ranging from 100m to 250m from discovery hole G11-468-03 (66m of mineralization, hosting several high-grade zones, including 6.9m of 11.1% Zn, 4.3% Pb and 160 g/t Ag, in a 410m step-out; true widths 80-100% of intercepted width)
Subject to encouraging results from the above program, the Company would aim to conduct subsequent drilling to test the wider prospect, which remains open along strike for 3km to the ENE and 1.5km to the W, as well as, up-dip to the NNW for at least 500m
At the Carrickittle West target (see news release dated June 16, 2022), drilling is expected to begin later this year (upon permitting approvals and completion of the remaining holes as part of the Company's ongoing and previously announced 6,000m drill program)
The Carrickittle West program is planned to consist of one hole totalling 700m to 1,100m (depending on actual depth to the target horizon), stepping out 300-500m to the N from hole G11-2531-01 (which pierced a large and prospective fault structure)
The above hole would be in addition to the previously announced 2,300m Stonepark program
Both follow-up programs above are expected to be funded from the Company's existing treasury
"We are excited to soon begin these two very important follow-up drill programs at our Ballywire and Carrickittle West prospects," stated Bart Jaworski, CEO. "Our discovery hole at Ballywire, announced a few weeks ago, marks a clear break-through in our exploration efforts in Ireland. Follow-up drilling will be critical in shedding light on the extent and intensity of mineralization at this discovery area."
"At Carrickittle West, the Company's drilling this summer intercepted a large and prospective fault structure within the Limerick Volcanic Complex, strongly corroborating management's view that this prospect has potential to host zinc mineralization similar in style and scale to Glencore's nearby Pallas Green deposit1. Follow-up drilling at this prospect could have significant positive implications in confirming the potential for large scale mineralized system."
Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent '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: plan, 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 Resources and Reserves Report (Glencore, December 31, 2021) – 45.4 million tonnes of 7% Zn + 1% Pb (Inferred)
SOURCE Group Eleven Resources Corp.
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