- Follow-up drill program at the Ballywire discovery, consisting of five holes totalling approximately 1,500m (see news release dated
Nov 22, 2022 ) is ongoing at a steady pace - To date, three holes (totalling 972m) have been completed, with a fourth hole in progress
- Drill results from these initial three holes are expected in 4-6 weeks, pending assay results
- One or two additional holes (200-300m each) may also be added to the current drill program
- Completion of the planned drill program is expected around end of Q1 2023, with results to be reported thereafter, upon receipt of assay results
- Step-out distances to range from 60m to 120m from discovery hole G11-468-03, which intersected one of the best mineralized intervals in
Ireland in recent years: 66.00m of mineralization, including (i) 6.85m of 15.4% Zn+Pb (11.1% Zn, 4.3% Pb) and 160 g/t Ag, (ii) 1.71m of 12.2% Zn+Pb (10.3% Zn and 1.9% Pb) and 38 g/t Ag and (iii) 5.00m of 8.3% Zn+Pb (6.2% Zn and 2.1% Pb) and 107 g/t Ag (true widths 80-100% of intercepted width; see news release datedSept 6, 2022 ) - Ballywire discovery area remains open for 3km to the ENE, 1.5km to the W and at least 500m to the NNW
- At Carrickittle West prospect ("Carrickittle West";
Stonepark Project ; see news release datedJune 16, 2022 ), drill applications have now been submitted and drilling is expected to start later this year (specific timing subject to receipt of permits, progress at Ballywire, etc) - Drilling on the Company's regional prospects within Stonepark and PG West has now been completed with results summarized below
- Key takeaway from regional drilling is that the major fault recently discovered at Carrickittle West is now hypothesized to extend another 10-20km to the SW and at least 30km to the NE, demonstrating the extent of the structural trend and increased prospectivity at Carrickittle West
"We are pleased with progress thus far at Ballywire and look forward to learning a great deal more about this exciting prospect as drilling progresses over the coming weeks," stated
Group Eleven completed 6,596m of drilling (27 holes in total) in 2022, including 4,117m at its
Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore (see Glencore's Resources and Reserves Report dated
At Stonepark, the first three holes (totalling 1,812m) of the drill campaign, were previously released (see news release dated
Note: Iapetus Suture is a fault zone marking a collision (400 mln years ago) between northern and southern parts of |
Drill holes G11-449-01 and -02 (drilled 100m apart) intersected trace mineralization (cm-scale blebs of sphalerite and 4.0m of 0.24% Zn+Pb, respectively). This was unusual given the holes did not intersect the target horizon (Waulsortian limestone), instead encountering sub-Waulsortian lithologies and a mineralized intrusive dyke. This hydrothermal activity can be interpreted as evidence of a fault structure nearby. Together with re-assessed historic drilling and outcrop geology, the presence of a major structure in the area is now an emerging hypothesis. This structure may represent a SW continuation of the Coonagh Castle Fault (see 'Hypothesized CCF Extension' in Exhibit 2).
In the northern part of the Stonepark property, two other holes also provided useful information supporting the presence of a 10km-long prospective trend starting at the Stonepark zinc deposit1 and extending to the SW (see Exhibit 2). G11-2927-01 intersected a small fault with an associated mineralized zone (0.36m of 1.30% Zn+Pb). This mineralized fault confirms tectonic and hydrothermal activity in the area, corroborating geophysical evidence (gravity and airborne magnetics) suggesting the presence of a large uplifted ('horst') feature present along most of this trend. G11-3367-01 intersected strong alteration, suggesting large fault structures nearby. Importantly, a potential vector (extensive pyritic black-matrix-breccia or 'BMB'), occurs nearby.
_____________________________ |
1 Stonepark MRE totals 5.1 million tonnes grading 8.7% Zn and 2.6% Pb (Technical Report dated |
At PG West, 11 regional holes (totalling 1,999m) were drilled in 2022 (see Exhibit 3). Most interestingly, G11-3267-01 intersected 20m of trace sphalerite (including 0.65m of 0.23% Zn) and trace chalcopyrite (0.15m of 0.27% Cu). This locality hosts a strong, generally NE-trending zinc-in-soil anomaly (approx. 4km long), with a number of float rock samples along a 2km distance, containing visible sphalerite, galena, chalcopyrite, chalcocite and tetrahedrite. A portion of this anomaly is underlain by an extensive shear zone. Re-assessing this area from a regional perspective, and taking into account the Company's recent drilling at Stonepark, suggests this area may host the further SW-extension on the Coonagh Castle Fault.
Drill holes G11-1584-02 and G11-3366-02 also returned interesting results. G11-1584-02 intersected mineralized boulders (0.09m of 2.9% Zn+Pb; and 15cm of 0.55% Zn+Pb) within the overburden, corroborating an extensive 2-3km long zinc-in-soil anomaly in the area. Both holes intersected stratigraphy dipping steeply to the south, towards an interpreted fault. Based on the 2022 drill hole data, together with historic holes, the implied offset of the fault system appears to be over 300m. This interpreted fault system appears to be roughly on-trend with the above-described prospective trend identified at Stonepark.
Drill hole G11-2835-02, drilled in the northern licenses, intersected the best mineralization to date at this locality, returning 3.60m of 0.79% Zn+Pb, including 0.60m of 1.37% Zn+Pb. The mineralization was intersected in a partially-dolomitic breccia (i.e. potentially approaching classic BMB), adding encouragement. Further drilling is warranted to the south, where mineralization appears to be increasing towards an interpreted fault zone.
The last hole of note is G11-3782-01, drilled approximately 7km E and generally along-strike of the Company's Ballywire discovery. The hole intersected minor faulting and local trace zinc mineralization. This hole, plus several nearby historic holes which also intersected minor faulting and trace sphalerite, all suggest that this area is distal to any major mineralized zone (notionally the Ballywire discovery). The fact mineralization is still seen at least 7km from the Ballywire discovery may be indicative of the overall size of the mineralizing system.
The remaining six holes at PG West returned useful information, however, represent much earlier-stage prospects. At Silvermines, a reconnaissance hole was drilled at the Cooleen prospect, located about 1km E from the historic Silvermines zinc mine. The hole attempted to test a prospective newly-modelled fault, however, encountered bad ground (numerous cavities) and was abandoned. A second attempt nearby encountered similar problems. The cavities likely corroborate evidence of a nearby fault structure, with additional drilling warranted in future.
Note: Iapetus Suture is a fault zone marking a collision (400 mln years ago) between northern and southern parts of |
Technical information in this news release has been approved by Professor
Group Eleven inserts certified reference materials ("CRMs" or "Standards") as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514
Neither
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.
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