VANCOUVER, BC, March 22, 2021 /CNW/ - Group Eleven
Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group
Eleven" or the "Company") is pleased to announce results
from exploration drilling at the Gortdrum copper-silver prospect
("Gortdrum") at its 100%-owned PG West project ("PG
West"), Republic of
Ireland.
Highlights:
- Two holes (totalling 380.85 metres) were drilled 1.0 km and 2.2
km, respectively, from the old Gortdrum copper mine, along the main
mineralizing structure - the "Gortdrum Fault Zone"
- G11-4498-01 intersected 14.4 metres of 0.221% Cu and 2.1 g/t
Ag (0.240% CuEq), including 0.80 metres of 0.620% Cu and 4.4 g/t Ag
(0.660% CuEq) and including 0.90 metres of 0.387% Cu and 3.1 Ag
(0.416% CuEq) at shallow depths (46.2 metres downhole; true
width estimated at 60%)
- G11-350-01 intersected a broad zone of highly anomalous copper
(31.7 metres of 0.080% Cu and 1.6 g/t Ag), including 1.6 meters
of 0.532% Cu and 22.3 g/t Ag (0.736% CuEq) and 2.9 metres
of 0.151% Cu and 0.5 g/t Ag (0.156% CuEq) starting at shallow
depths (32.35 metres downhole; true width estimated at 60%)
- Results represent the first drilling at Gortdrum since 1975 and
provide evidence for, not one – but a series, of parallel
faults across several hundred metres and a strike of
three kilometres
"We are encouraged that Group Eleven's first-ever drill campaign
at Gortdrum has been successful in demonstrating the potential
scale and tenor of this impressive copper-silver prospect," stated
Bart Jaworski, CEO. "Gortdrum was
the first asset acquired by the Company and, after being
effectively off-the-market for over 40 years previously, it is
great to see this prospect finally get the attention it deserves.
Gortdrum is integral to our flagship PG West zinc project in the
Limerick Basin and is thought to represent the copper-rich 'roots'
of the zinc prospects in the area."
"Now that detailed data-compilation has been completed, we've
been pleasantly surprised at just how extensive and continuous the
zone of shallow copper mineralization appears to be. We see a lot
of scope for a step-change at Gortdrum given most historic
holes were drilled vertically (on very steep structures), very few
historic intercepts were assayed for silver and prospective
NW-trending splay faults do not appear to have yet been
explored."
Drill Program at Gortdrum (100%-interest PG West
Project)
Two diamond drill holes were completed at the Gortdrum Cu-Ag
prospect: G11-4498-01 (176.3 metres depth, azimuth
148°, dip -45°) and G11-350-01 (204.6 metres, azimuth
of 125° and dip -45°). Key assay results are shown in Exhibit
1. The holes were located approximately 1.0 km and 2.2 km,
respectively, from the old Gortdrum mine, along the
3-kilometre-long Gortdrum Fault Zone (see Exhibit 2).
|
Exhibit 1. Key
Results from Recent Drilling at Gortdrum Prospect, PG West Project,
Ireland
|
|
Hole
ID
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Ag
(g/t)
|
CuEq
(%)
|
m x %
(CuEq)
|
|
G11-4498-01
|
|
46.20
|
60.60
|
14.40
|
0.221
|
2.1
|
0.240
|
3.46
|
|
"
|
Incl.
|
50.00
|
50.80
|
0.80
|
0.620
|
4.4
|
0.660
|
0.53
|
|
"
|
Incl.
|
56.30
|
57.20
|
0.90
|
0.387
|
3.1
|
0.415
|
0.37
|
|
G11-350-01
|
|
32.35
|
64.05
|
31.70
|
0.080
|
1.6
|
0.095
|
3.00
|
|
"
|
Incl.
|
33.75
|
35.35
|
1.60
|
0.532
|
22.3
|
0.735
|
1.18
|
|
"
|
Incl.
|
43.35
|
46.20
|
2.85
|
0.132
|
0.7
|
0.138
|
0.39
|
|
"
|
Incl.
|
54.13
|
54.40
|
0.27
|
0.303
|
1.0
|
0.312
|
0.08
|
|
"
|
Incl.
|
57.00
|
57.15
|
0.15
|
0.590
|
1.4
|
0.603
|
0.09
|
|
"
|
Incl.
|
61.20
|
64.05
|
2.85
|
0.151
|
0.5
|
0.156
|
0.44
|
|
Note: True widths for
both holes is estimated to be approximately 60%; CuEq combines
copper and silver grades into a 'copper equivalent' grade, based on
copper prices of US$4.00/lb and silver prices of
US$25.00/oz
|
|
Note: * Gortdrum is a
historical estimate (see disclosure below); most historical
intercepts were not assayed for silver (it should not be assumed
that such intervals do not contain silver).
|
|
Note: Holes E24, E25
and E26 are off-section to the southwest by 50-100
metres
|
The above results suggest that mineralization is associated with
a series of steeply-dipping and sub-parallel faults within the
Gortdrum Fault Zone (see Exhibit 2, 3 and 4). In general,
mineralization appears to have some stratigraphic control (i.e.
laterally), however, it is locally hosted by steeply-dipping
veinlets and micro-faults, similar to mineralization at the old
Gortdrum mine. Most historic holes were drilled vertically on these
steep structures, suggesting the highest grading zones (adjacent to
faults) may have been missed. It is also noted that very few
historic intercepts were assayed for silver, despite the fact that
grades of up to 30.2 g/t silver have been intersected
(see Exhibit 5). Lastly, NW-trending splay faults which
occur along the Gortdrum Fault Zone, do not appear to have yet been
explored – despite the fact such orientations are clearly
controlling parts of the Gortdrum historic resource (see Exhibit
2).
|
Exhibit 5. Summary
of Historic Drill Results at Gortdrum Fault Zone, PG West Project,
Ireland
|
|
Hole
ID
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Ag
(g/t)
|
CuEq
(%)
|
m x %
(CuEq)
|
|
B30
|
|
22.56
|
28.66
|
6.10
|
0.385
|
n/a
|
n/a
|
2.35
|
|
E19
|
|
35.66
|
37.19
|
1.52
|
0.572
|
30.2
|
0.847
|
1.29
|
|
E20
|
|
42.98
|
46.33
|
3.35
|
0.167
|
n/a
|
n/a
|
0.56
|
|
E21
|
|
27.13
|
34.75
|
7.62
|
0.927
|
19.2
|
1.102
|
8.40
|
|
"
|
Incl.
|
32.31
|
33.53
|
1.22
|
1.220
|
21.2
|
1.413
|
1.72
|
|
E22
|
|
25.30
|
32.00
|
6.71
|
0.476
|
3.5
|
0.508
|
3.41
|
|
"
|
Incl.
|
28.96
|
30.48
|
1.52
|
0.800
|
15.6
|
0.942
|
1.43
|
|
"
|
and
|
50.90
|
54.25
|
3.35
|
0.643
|
n/a
|
n/a
|
2.15
|
|
E23
|
|
45.11
|
48.77
|
3.66
|
0.217
|
n/a
|
n/a
|
0.79
|
|
E24
|
|
22.86
|
27.43
|
4.57
|
0.893
|
n/a
|
n/a
|
4.08
|
|
E25
|
|
40.23
|
53.95
|
13.72
|
0.250
|
n/a
|
n/a
|
3.43
|
|
"
|
Incl.
|
50.29
|
53.34
|
3.05
|
0.430
|
n/a
|
n/a
|
1.31
|
|
E26
|
|
24.38
|
42.98
|
18.59
|
0.338
|
n/a
|
n/a
|
6.28
|
|
"
|
Incl.
|
35.97
|
42.98
|
7.01
|
0.727
|
n/a
|
n/a
|
5.10
|
|
"
|
Incl.
|
41.45
|
42.06
|
0.61
|
1.920
|
n/a
|
n/a
|
1.17
|
|
E27
|
|
19.82
|
21.34
|
1.52
|
0.280
|
n/a
|
n/a
|
0.43
|
|
E39*
|
|
32.61
|
34.14
|
1.52
|
0.500
|
n/a
|
n/a
|
0.76
|
|
E58
|
|
22.94
|
28.35
|
5.41
|
0.488
|
n/a
|
n/a
|
2.64
|
|
E108
|
|
27.74
|
39.33
|
11.59
|
0.152
|
n/a
|
n/a
|
1.76
|
|
"
|
and
|
74.09
|
79.12
|
5.03
|
0.224
|
n/a
|
n/a
|
1.13
|
|
E112
|
|
27.74
|
51.83
|
24.09
|
0.378
|
n/a
|
n/a
|
9.11
|
|
"
|
Incl.
|
39.48
|
41.46
|
1.98
|
1.120
|
n/a
|
n/a
|
2.22
|
|
E118
|
|
38.57
|
41.46
|
2.89
|
0.250
|
n/a
|
n/a
|
0.73
|
|
G74
|
|
17.68
|
28.96
|
11.28
|
0.231
|
n/a
|
n/a
|
2.61
|
|
"
|
and
|
121.65
|
134.45
|
12.80
|
0.519
|
n/a
|
n/a
|
6.64
|
|
G131
|
|
19.51
|
50.00
|
27.44
|
0.333
|
n/a
|
n/a
|
9.14
|
|
G134
|
|
27.44
|
42.99
|
15.55
|
0.149
|
n/a
|
n/a
|
2.32
|
|
"
|
Incl.
|
27.44
|
28.96
|
1.52
|
0.380
|
n/a
|
n/a
|
0.58
|
|
Note: E39 represents
a visual estimate noted in historical drill logs; CuEq combines
copper and silver grades into a 'copper equivalent' grade, based on
copper prices of US$4.00/lb and silver prices of
US$25.00/oz.
|
Background Information on Gortdrum Prospect
Gortdrum is located within the Company's 100%-owned PG West
project in southwestern Ireland.
PG West is situated within the Limerick basin, a geological feature
which also hosts the Company's contiguous 76.56%-owned Stonepark
project and Glencore's adjacent Pallas Green project (hosting the
Pallas Green zinc-lead deposit1; see Exhibit 6).
Gortdrum was Ireland's only
modern, commercial-scale, copper mine. Copper mineralization has a
close spatial association with high-level basic intrusions (similar
to Pallas Green, and the Company's Stonepark and Carrickittle
prospects).
The Gortdrum historical estimate2 was discovered in
1966 and was mined (via open pit) from late-1967 to mid-1975 (7.5
years), producing 38 thousand tonnes of copper and 2.9 million
ounces of silver. Approximately 500,000 tonnes of high-grade copper
remain un-mined on the east-end of open pit (at approx. 100 metres
depth). Exploration drilling ceased in 1975 and the prospect lay
dormant for over four decades as a prospecting licence was not
reinstated over the mine site after mining lease (SML89) expired in
1986. This oversight was identified by Group Eleven in 2014 and the
Gortdrum prospecting licenses were awarded in February 2015. In addition to Gortdrum, Group
Eleven also owns the only other known advanced copper-silver
prospects in Ireland: Denison and
Tullacondra (see Exhibit 6).
|
1 Resources and Reserves Report
(Glencore, December 31, 2019) – 45.4 million tonnes of 7% Zn + 1%
Pb (Inferred)
2 Gortdrum historical estimate totals 3.8
million tonnes of 1.2% copper and 25 g/t silver as reported by
G.M. Steed in 1986. This mineralization was mined out from 1967 to
1975. This historic estimate has 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 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.
|
Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore
and is reported in accordance with JORC Code on Mineral Resources
and Reserves; (b) 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.
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.
