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Vancouver, B.C. / TheNewswire / January 18, 2018 - Group Eleven Resources Corp. ("Group Eleven" or the "Company"), is pleased to announce the results from an initial re-interpretation of existing seismic data ("the Study") at the Ballinalack zinc-lead project in Ireland ("the Project"). The Project is a joint venture between Group Eleven (60% equity interest) and Shenzhen Zhongjin Lingnan Nonfemet Company Limited ("Nonfemet"; 40% equity interest), a China-based mining and processing company, representing one of the largest zinc producers in the world.
The Study has led to a new interpretation of the regional structure of the Ballinalack property, specifically in the vicinity of the historical estimate (7.7 million tonnes grading 7.3% Zn+Pb1).
Highlights of the Study:
-In addition to the Ballinalack fault, which is adjacent to the historical estimate and dips to the NW, there appears to also exist a seemingly larger, hitherto unrecognized structure ("New Fault") that dips to the SE (i.e. opposite dip to the Ballinalack fault);
-This new interpretation places known Ballinalack mineralization in the footwall of the New Fault rather than its hanging wall;
-Given the best mineralization in Ireland is most commonly found in the hanging wall of major faults, the re-interpretation has potentially significant implications for further exploration at the Project, especially SE of the historic estimate (now the postulated hanging wall);
-The author of the Study, Dr Alastair Beach, was a key contributor on the seismic interpretations that led to the recent discovery of the Tara Deeps at the Tara (Navan) Mine, 50 km from Ballinalack.
"We are very pleased to see such exciting results come from the very first steps in our on-going program to leverage the latest geological thinking and geophysical technology towards systematically rethinking key aspects of the Irish zinc district" stated Bart Jaworski, CEO.
"While at a preliminary stage, the new seismic re-interpretation is a radical rethink of the structural framework of the Ballinalack area and could be transformational for the Project. Importantly, the Study has potential to add high-priority drill targets which would complement our already exciting suite of targets along strike and at depth from the historical estimate. We look forward to the start of our upcoming drill program, as well as, the continuation of our regional rethink on the balance of our 320,000-hectare land package across the historically overlooked part of the camp in south-western Ireland."
Drill Program to commence:
Group Eleven's Phase 1 drill program at Ballinalack (totalling approximately 3,700 metres) is scheduled to commence over the next few weeks. Drilling will focus on:
-Confirmatory drilling at the historic estimate
-Step-out drilling from the boundary of the historic estimate
-Pale Beds target (Navan-analogue) below the historic estimate; and
-New Fault and the SE area (once targets are confirmed)
Details on the Study:
The Study was conducted by Alastair Beach, Ph.D., who aimed to provide a preliminary independent view of the structural setting of the Ballinalack occurrence with the view to present a framework for further evaluation.
Dr Beach is a renowned expert on seismic interpretation and structural geology. Importantly, Dr Beach was a key contributor (along with Dave Coller) to the seismic interpretation at Boliden's Tara (Navan) mine in Ireland, which led to the recent (2012) 'Tara Deeps' discovery (currently hosting an inferred resource totalling 10 million tonnes grading 8.5% Zn and 1.8% Pb; Boliden, Annual Report, 2016).
The previous operator of Ballinalack (Teck Ireland Ltd.) conducted 63 line kilometres of 2D seismic on the Project from 2010 to 2013. Of this, two seismic lines (see Figure 1) totalling 12.6 km were interpreted as part of the Study:
-Line 1 (a merge of IM-10-01 and IM-11-04) - with a total length of 5.3 km and
-Line 2 (a merge of IM-10-02 and IM-11-03) - with a total length of 7.3 km
Figure 1. Location of seismic lines re-interpreted as part of study, Ballinalack Project, Ireland
Click Image To View Full Size
Source: Group Eleven
The previous interpretation at Ballinalack shows the main fault in the region as the Ballinalack fault, dipping to the NW (see bottom of Figure 2).
Figure 2. Previous interpretation of Seismic Data (Line 1) at the Ballinalack Project, Ireland
Click Image To View Full Size
Source: de Morton, et. al., 2015, modified by Group Eleven (Note: 'Navan Group' hosts the Pale Beds horizon)
The Study shows that there appears to also exist a larger structure (the "New Fault") with dip and down-throw to the SE (Figure 3). The New Fault and possible rifting has not been previously recognized.
Figure 3. Preliminary new interpretation of Seismic Data (Line 1) at Ballinalack Project, Ireland
Click Image To View Full Size
Source: Alastair Beach, labels by Group Eleven
Specific implications of the above re-interpretation include:
-Prospectivity to the immediate (approximate 2km) area SE of the historical estimate (i.e. in the newly hypothesized hanging wall; Figure 3) could be much higher than previously believed
This SE region is relatively unexplored with only 14 holes drilled historically (some shallow)
-One of these, hole 92-BL-1 intersected 4.6 m grading 5.2% Zn+Pb in the Pale Beds (see top of Figure 2)
-In light of the above seismic interpretation, hole 92-BL-1 may be more significant than previously believed and may require follow-up.
Appointments - Corporate Secretary
The Company is pleased to announce the appointment of Sheryl Dhillon as Corporate Secretary. Ms. Dhillon has over 10 years of corporate secretarial and securities regulation experience is a highly experienced corporate secretary with over ten years of experience. She has extensive knowledge of corporate governance, as well as, strong management and corporate communications skills. Ms. Dhillon acts as Corporate Secretary for several TSX, TSXV and CSE listed companies.
Other Matters
The Company has also, subject to regulatory approval, retained Venture Liquidity Providers Inc. (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company. The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on issuers listed on the TSX Venture Exchange. For its services, the Company has agreed to pay $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the corporation or VLP. The corporation and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the Company to VLP is for services only.
Qualified Person
EurGeol, P. Geo. John Barry, a Qualified Person as defined by NI 43-101 and the Vice President, Exploration Strategy of the Company, has reviewed and approved the scientific and technical information set out in this news release.
About Group Eleven Resources
Group Eleven Resources Corp. (TSXV-ZNG) is focused on zinc exploration in Ireland. Key projects include Ballinalack (with Joint Venture partner Nonfemet), Stonepark (with Joint Venture partner Connemara Mining), Silvermines and Tralee. The Company's large land package (99 prospecting licenses totalling 3,200 square kilometres) allows Group Eleven to leverage new geological thinking and geophysical technology to systematically rethink key aspects of the Irish zinc district. The Company's team is comprised of accomplished mining executives with direct experience in finding mines, building companies and exploring Irish zinc deposits.
Additional information about the Company is available at www.groupelevenresources.com.
For more information, please contact:
Group Eleven Resources
Chief Executive Officer & Director
E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news 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, and particularly the technical report entitled "NI 43-101 Independent Report on a Base Metal Exploration Project at Ballinalack, Co. Westmeath, Ireland" with an effective date of November 20, 2017 by John Kelly and Paul Gordon (SLR Consulting Ireland) with respect to the Ballinalack Property.
1 Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before this historical estimate can be classified as a current resource. A qualified person has not yet undertaken sufficient work to classify this historical estimate as a current resource and the Company is not treating the historical estimate as a current resource. ("Independent Report on a Base Metal Exploration Project at Ballinalack, Co. Westmeath, Ireland" by SLR Consulting Ireland, dated November 20, 2017).
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