VANCOUVER, BC, July 22, 2021 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") is pleased to announce that mobilization has begun for exploration drilling at Zones 3 and 4 of the Carrickittle zinc prospect ("Carrickittle") at its 100%-owned PG West project ("PG West"), Ireland. In addition, a ground magnetics survey at Carrickittle is nearing completion and a second rig has been added to complete drilling at regional prospects at PG West.
Highlights:
- Company's maiden drill program at Zones 3 and 4 commenced yesterday with results expected to be released by Sep-Oct 2021
- As previously stated, drilling at Carrickittle is expected to total an additional 2,700 metres as part of the Company's fully funded 5,000-metre program for 2021
- A ground magnetics survey was completed over a 1.5 square kilometre area north of and including Zones 1-4 at Carrickittle, with results expected over the next few weeks
- A second drill rig has been added to complete drilling on regional prospects at PG West (Croom, Denison, Ballywire and Oola) with results expected over the coming weeks
"We are excited to start drilling at Zones 3 and 4 given this part of Carrickittle hosts good evidence of prospectivity, namely the largest known fault within the Carrickittle area, associated intense dolomitization and several historic drill holes containing not only zinc and lead, but also copper - which in Ireland, typically suggests proximity to higher-grade zinc mineralization," stated Bart Jaworski, CEO. "Results from the current drill campaign and the ground magnetics survey, should significantly help us select the best drill targets as we start drilling the 1 km extension to the north, later this year."
Exploration Update at 100%-Owned PG West Project, Ireland
Mobilization commenced yesterday for drilling at Zones 3 and 4 of the Carrickittle prospect, PG West project in Ireland (see Exhibit 1). Several diamond drill holes are planned as part of this phase, depending on drill results. In addition, a ground magnetics survey (aimed at identifying prospective faults) was carried out over a 1.5 square kilometre area north of, and including, Zones 1-4 at Carrickittle. Data from the survey is currently being processed, with results and interpretations expected to be released over the next few weeks. Drilling at Zones 3 and 4 plus the ground magnetics survey will be used to select optimal targets within the 1 km northern extension to be drilled later this year.
In order to complete remaining drilling at regional targets and allow timely re-start of drilling at Carrickittle, the Company added a second drill rig. Drilling at Croom and Ballywire has now been completed with the last holes at Denison and Oola currently underway. An update on these regional drill programs is expected over the next few weeks, once assays are received and interpretations are completed.
Exhibit 1. Location of Carrickittle Prospect at the Company's 100%-owned PG West Project, Ireland
Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore; (b) Stonepark MRE: please refer to the NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland, with an effective date of April 26, 2018, as found on SEDAR; (c) the historic estimate at Denison was reported by Westland Exploration Limited in 1988, the historic estimate at Tullacondra was reported by Munster Base Metals Ltd in 1973 and the historic estimate at Gortdrum was reported by G.M. Steed in 1986; these three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources.
Qualified Person
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. 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
E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: s.heinrichs@groupelevenresources.com | T: +604-630-8839
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: 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.
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