Announcement • Jul 08
Group Eleven Resources Corp. Reports Assay Results from Four New Holes At Ballywire Discovery
Group Eleven Resources Corp. announced assay results from four new holes at its Ballywire discovery at the 100%-owned PG West Project, Ireland. 26-3552-60 drilled 50m downdip of 26-3552-57, intersected 45.0m of 6.0% Zn+Pb (3.7% Zn and 2.3% Pb) and 28 g/t Ag (from 346m downhole), including 1.9m of 11.5% Zn+Pb (3.4% Zn and 8.1% Pb) and 43 g/t Ag, 3.8m of 9.5% Zn+Pb (1.7% Zn and 7.9% Pb) and 34 g/t Ag, 3.1m of 7.6% Zn+Pb (4.8% Zn and 2.8% Pb) and 41 g/t Ag, and 6.9m of 18.3% Zn+Pb (13.9% Zn and 4.4% Pb) and 86 g/t Ag, including 2.4m of 40.9% Zn+Pb (30.0% Zn and 10.9% Pb) and 185 g/t Ag. Assays from the Deeper Cu-Ag target are pending. 26-3552-54 tested Deeper Cu-Ag target at NE extension of the Ballywire discovery, representing a 275m step-out from nearest such test, intersected several Cu-Ag zones, including 4.7m of 67 g/t Ag, 0.88% Cu and 0.10% Sb, including 2.6m of 95 g/t Ag, 1.35% Cu and 0.16% Sb, including 0.8m (76cm) of 254 g/t Ag, 3.41% Cu and 0.46% Sb. 26-468-23 drilled at SW extension of discovery, 375m away from nearest drill fence, intersected 21.2m of 6.4% Zn+Pb (2.7% Zn and 3.7% Pb), 50 g/t Ag, including 2.8m of 7.7% Zn+Pb (6.2% Zn and 1.5% Pb), 34 g/t Ag and 6.3m of 10.9% Zn+Pb (2.9% Zn and 8.1% Pb), 122 g/t Ag, 0.12% Cu, including 2.6m of 14.2% Zn+Pb (1.9% Zn and 12.3% Pb), 195 g/t Ag, 0.22% Cu. 26-3552-55 represented the first hole drilled at gravity-high anomaly ‘D’, implying a step-out distance of 265m from nearest drilling, returned numerous zones of weaker mineralization prospective for nearby massive sulphide mineralization; follow up drilling expected shortly. Four rigs continue to be active at Ballywire with an additional rig active at the adjacent 77.64%-interest Stonepark Project. The strike length of pierced Deeper Cu-Ag mineralization increases from 430m to approx. 700m. Deeper Cu-Ag mineralization may extend across the entire Ballywire Zn-Pb-Ag discovery, currently known to span 3.2km along a prospective trend of 6km. The company’s $12 million financing in March allows go-forward funded drilling to increase from 20,000m to approx. 67,000-75,000m. True thickness of mineralization as a percentage of the down-hole interval is estimated to be 90-100% for results from 26-3552-60. True thickness of mineralization as a percentage of the down-hole interval is estimated to be 90-100% and 60-80% for Waulsortian-hosted and Deeper Cu-Ag mineralization, respectively, from results from 26-3552-54. True thickness of mineralization as a percentage of the down-hole interval is estimated to be 90-100% for results from 26-468-23. The Ballywire prospect at the Company’s 100%-owned PG West Project in Republic of Ireland represents the most significant mineral discovery in Ireland in over a decade. First announced in September 2022, the discovery has 83 holes drilled and reported by Group Eleven to date, including results from four new holes (26-468-23 and 26-3552-54, -55- and -60). Mineralization intersected by 26-3552-55 included a narrow (25cm) carbonate-barite vein with moderate sphalerite (grading 1.8% Zn) and a narrow (62cm) altered pyritic dyke grading 23 g/t Ag. Mineralization reported consists predominantly of sphalerite, galena and pyrite, with Cu-Ag bearing zones containing chalcopyrite and suspected tennantite-tetrahedrite. Four rigs continue to be actively drilling at Ballywire. Thirteen new holes are completed (and in the process of being logged, sampled and assayed) or in the process of being drilled. Potential for a parallel trend began to emerge earlier this year with several recently announced holes, as further exemplified by results from 26-3552-60. 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. All core drilled at Ballywire is NQ (47.6mm) and is cut using a rock saw. Sample intervals vary between 0.08m (talc sample) to 3.51m with an average (over 511 samples) of 1.07m.
