Canadian North Resources Receives Total Proceeds of $9,186,597 From Exercise of Warrants

Canadian North Resources Receives Total Proceeds of $9,186,597 From Exercise of Warrants

Canadian North Resources Inc. ("the Company," TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) announces the completion of the redemption of its outstanding purchase Warrants (each a "Warrant" to purchase one share at $1.50). The Warrants were issued in connection with the Company's offering of units completed prior to listing and expired on December 29, 2023.

The Company has received total proceeds of $9,186,597 from the exercise of 6,124,398 warrants between January 1, 2023 and December 29, 2023. With the exercise of these Warrants, there are no remaining outstanding Warrants.

Insiders exercised 2,874,394 share purchase warrants (each a "Warrant" to purchase one share at $1.50) for aggregate proceeds of $4,311,591. Warrants were issued in connection with the Company's offering of units completed prior to listing.

"We would like to thank our long-time shareholders for such a strong vote of confidence in Canadian North Resources," said Sophy Cesar, Head of Corporate Development. "The results from the warrant exercises are a strong sign of support for CNRI's strategy to demonstrate that the Ferguson Lake project is a world-class deposit."

About Canadian North Resources

Canadian North Resources Inc. is an exploration and development company focusing on the critical metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project that covers an area of 253.8 km 2 of mining leases (96.9 km 2 ) and surrounding exploration claims (156.9 km 2 ) in the Kivalliq Region of Nunavut, Canada.

The Ferguson Lake mining property contains substantial resources in compliance with NI43-101 standards, which include Indicated Mineral Resources of 24.3 million tonnes containing 455 million pounds (Mlb) copper at 0.85%, 321Mlb nickel at 0.60%, 37.5Mlb cobalt at 0.07%, 1.08 million ounces (Moz) palladium at 1.38gpt and 0.18Moz platinum at 0.23gpt; Inferred Mineral Resources of 47.2 million tonnes containing 947Mlb copper at 0.91%, 551.5Mlb nickel at 0.53%, 62.4Mlb cobalt at 0.06%, 2.12Moz palladium at 1.4gpt and 0.38Moz platinum at 0.25gpt. The resource model indicates significant potential for resource expansion along strike and at depth over the 15 km long mineralized belt. (Refer to "Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada, Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd" filed by the Company to Sedar.com on July 13, 2022). In addition, the Company has identified the pegmatites with lithium potential at the Ferguson Lake project.

Sophy Cesar, Head of Corporate Development

Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)

Email: info@cnresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

base metals investingcnri:catsxv:cnriBase Metals Investing
CNRI:CA
The Conversation (0)
Canadian North Resources Inc. Announces Results of Annual General Meeting

Canadian North Resources Inc. Announces Results of Annual General Meeting

Canadian North Resources Inc. ("CNRI" or "the Company," TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce the voting results for the election of its Board of Directors at its Annual and Special Meeting of Shareholders held on June 18, 2024, in Mississauga, Ontario. A total of 75,369,669 common shares were voted at the Meeting, representing 65.81% of the common shares outstanding (114,527,617).

Shareholders approved the re-election of all Directors as listed in the Management Information Circular dated May 28, 2024, and the reappointment of MNP LLP, Chartered Professional Accountants, as auditors of the Company at a remuneration to be fixed by the directors. In addition, the resolution to ratify and approve the Company's Stock Option Plan was passed.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian North Resources Inc. Reports Financial Results and Operational Update for the First Quarter Ended March 31, 2024

Canadian North Resources Inc. Reports Financial Results and Operational Update for the First Quarter Ended March 31, 2024

Highlights:

  • Filed the Mineral Resources Statement in compliance with the National Instrument 43-101 Standards that defines the large and high-grade Mineral Resources at the Ferguson Lake Project (Figure 1 and 2). 80% of the Indicated Mineral Resource is Open Pit, which   provides a solid Mineral Resource base for the initial development of a potential large mine.
  • Identified new targets with significant resource upside potential along strike and down dip of the 15 km long main mineralized horizon and on additional zones including M-Zone, A51-Zone, A51 Zone Extension, Small Island and Lake Zone, West Zone South and South Discovery Zone (Figure 1).
  • Planned new metallurgical tests, economic evaluation and infrastructure and environmental studies for low-carbon footprint mine development at the Ferguson Lake Project.

Canadian North Resources Inc. ("Canadian North" or the "Company") (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report its operational and financial results for the first quarter ended March 31, 2024.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Ferguson Lake Project in Nunavut, Canada

Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Ferguson Lake Project in Nunavut, Canada

Highlights:

  • Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t.
  • 80% of the Indicated Mineral Resources are Open Pit comprising 52.7Mt at 0.65% Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt.
  • Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t.
  • The Mineral Resources are estimated only for the West, Central and East Zone of the 15km long main mineralized horizon. The potential to identify additional Mineral Resources exists along the strike and down dip of the currently defined Mineral Resources and on satellite zones including M-Zone, A51-Zone, A51 Far Side Zone, West Zone South and South Discovery Zone.

Canadian North Resources Inc. ("Canadian North" or the "Company") (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce that following the release of the Mineral Resource estimate on March 19, 2024, it has filed its National Instrument 43-101 Technical Report on its 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and platinum-group metals ("PGM", palladium and platinum) Project ("the Ferguson Lake Project" or "the Project"), entitled "Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada ("the Technical Report")", prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, on SEDAR at http:www.sedar+.com . The Technical Report has also been posted on the Company's website at www.cnresources.com .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian North Resources Inc. Reports Operational and Financial Results for the Year Ended December 31, 2023

Canadian North Resources Inc. Reports Operational and Financial Results for the Year Ended December 31, 2023

2023 Operational and Project Highlights:

  • The Company raised over $17 million for exploration, with cash and cash equivalents of $5,540,312 at the year end
  • Completed aggressive exploration programs with 21,126 meters in 47 holes drilled in 2023.
  • Adding results of 39,270 meters in 145 holes of new diamond drilling to the project database for the updated Mineral Resources estimation reported in Q1 2024, which includes:

    • A 172% increase of Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t.
    • 80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt.
    • Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t.

Canadian North Resources Inc. ("the Company", TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce the operational and financial results for the year ended December 31, 2023.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian North Resources Inc. Announces Normal Course Issuer Bid Share

Canadian North Resources Inc. Announces Normal Course Issuer Bid Share

Canadian North Resources Inc. ("CNRI" or "the Company," TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) announces that it has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") which is proposed to commence on April 10, 2024 and terminate on April 9, 2025 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased.

In the opinion of the Board of Directors of the Company, the market price of the Common Shares does not accurately reflect the value of those shares. As a result, the Company intends to repurchase CNRI's Common Shares that may become available for purchase at prices, which make them an appropriate use of funds of the Company.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
FPX Nickel Publishes Scoping Study Report for North America's Largest Nickel Sulphate Refinery

FPX Nickel Publishes Scoping Study Report for North America's Largest Nickel Sulphate Refinery

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") announces that further to its news release dated February 24, 2025 it has published the Report for the Awaruite Refinery Scoping Study (the " Study ") on its website at https:fpxnickel.comprojects-overviewawaruite-refinery .

FPX Nickel logo (CNW Group/FPX Nickel Corp.)

The Study demonstrates a compelling business case for the development of a standalone refinery (the " Refinery ") to refine awaruite concentrate into battery-grade nickel sulphate for the electric vehicle (" EV ") industry, along with producing valuable cobalt, copper, and ammonium sulphate by-products. The Study has been prepared by Wood Canada Limited and all amounts are in US Dollars unless otherwise indicated.

Highlights

  • Strong Economics: After-tax NPV 8% of $445 million and IRR of 20% at $8.50 /lb Ni
  • Large-Scale, Long Life : 40-year operating life producing 32,000 tpa of nickel contained in battery-grade nickel sulphate
  • Valuable Products: Production of battery-grade nickel sulphate for the EV industry, and by-products including cobalt, copper, and ammonium sulphate, a valuable fertilizer product for the agricultural sector
  • Low Cost: Total estimated operating costs of $1,598 /t Ni, or $133 /t Ni ( $0.06 /lb Ni) on a by-product basis for refining awaruite concentrate to battery-grade nickel sulphate, resulting in total all-in production costs of $8,290 /t Ni ( $3.76 /lb Ni) for nickel sulphate generated from awaruite mineralization (inclusive of mining, processing, refining, on a by-product basis), with both figures ranking in the lowest decile of the respective global nickel sulphate cost curves
  • Low Carbon : A carbon intensity of 0.2 tCO2/t Ni for refining operations, resulting in a total all-in carbon intensity of 1.4 t CO2/t Ni for nickel sulphate generated from awaruite mineralization, which is magnitudes lower than current nickel sulphate production routes

The Study reinforces the opportunity for the development of an integrated, made-in- Canada solution from mine-to-battery, utilizing awaruite concentrate as a lynchpin source of nickel, with conventional refining steps underpinning low-cost, low-carbon nickel production for use in domestic and allied country EV battery supply chains. The Study is described more fully in the FPX news release dated February 24, 2025 , and incorporates the flowsheet advancements outlined in the Company's previously reported pilot-scale hydrometallurgical testwork results (see the FPX news release dated October 15, 2024 ).

Andrew Osterloh , P.Eng., FPX's Senior Vice President, Projects and Operations, has reviewed and approved the content of this news release.

About FPX Nickel Corp.

FPX Nickel Corp.  is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron mineralization known as awaruite.  For more information, please view the Company's website at https://fpxnickel.com/ .

On behalf of FPX Nickel Corp.

"Martin Turenne"
Martin Turenne , President, CEO and Director

Forward-Looking Statements
Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws, including those which relate to the proposed development of the Refinery, the intended processing of commercially available awaruite concentrate at the Refinery and the ability to obtain same; the projected economics of the Refinery, including capital cost; operating costs; NPV; IRR; carbon intensity; processing life; growth of the EV market; marketability of the concentrate; growth of demand for nickel sulphate and pricing therefor; and all other statements, other than statements of historical facts. These statements address future events and conditions and actual results could differ from those currently projected.  The Company does not assume the obligation to update any forward-looking statement.

Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the public reports and filings for FPX, filed on SEDAR+ at www.sedarplus.com . Although FPX believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, FPX disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2025/31/c8434.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Vertex Minerals Limited Shares Commence Trading on US OTC Market

Vertex Minerals Limited Shares Commence Trading on US OTC Market

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce that its Ordinary Shares have been approved to trade on the OTCQB Venture Market ("OTCQB") in the United States of America (the "U.S.") and have commenced trading under the ticker VTXXF.

HIGHLIGHTS

- Trading commences on OTCQB under the ticker VTXXF.

- OTCQB recognised as an Established Public Market by the SEC.

- Offers enhanced investor benefits, including streamlined trading access for U.S.- based investors to VTX.

- Enables engagement with a network of U.S. investors, data distributions and media partners.

- ASX compliance qualifies for exemption under US regulations, minimising additional costs.

- There is no change to issued capital as part of the quotation on the OTCQB market and Vertex's primary listing remains the Australian Securities Exchange ("ASX") listing.

- No new shares in Vertex have been issued as part of the quotation on the OTCQX Market in the USA.

"The US market will take a keen interest in Vertex, an Australian gold company which will be recognised for its high-grade, future free cash generation, exploration upside, and its Australian dollar market value. The OTCQB quotation makes Vertex more readily accessible to a wider audience at a time when the US market is bullish gold and witnessing record Gold prices". Roger Jackson Executive Chairman

The dual-listing of the Company's ordinary shares on the OTCQB offers key advantages for investors, such as improved trading accessibility for U.S.- based investors and increased liquidity driven by a wider geographic reach of potential shareholders. This platform enables the Company to connect with U.S. capital markets, data providers, and media outlets, ensuring that U.S. investors have access to the same high-quality information and disclosures available to Australian investors, delivered through U.S.-focused platforms. Furthermore, the OTCQB listing allows U.S. investors to trade VTX's ordinary shares in U.S. dollars during U.S. market hours, providing a more cost-effective alternative to trading via the ASX platform.

The ability to trade in the Company's existing ordinary shares on the ASX will not be affected by having the OTCQB facility and no new ordinary shares have been issued. VTX will continue to make announcements and disclosures to the Australian Securities Exchange through the Market Operating Rules and Listing Rule requirements.

The OTCQB is acknowledged by the SEC as an Established Public Market and serves as a prominent platform for U.S. and international companies in the entrepreneurial and growth stages. Eligibility requires companies to maintain up-to-date financial reporting (in line with ASX listing rule obligations), meet a minimum bid price requirement, and complete an annual verification and management certification process. As a trusted and transparent marketplace with streamlined access to U.S. investors, the OTCQB supports companies in building shareholder value, enhancing liquidity, and achieving fair market valuation.

The Company would like to thank David Batista of Viriathus Capital who have acted as Sponsor for the Company's application to commence cross-trading on the OTCQB.



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
Anteros Completes 3D Modelling and Identifies New Critical Mineral Targets at Havens Steady VMS Deposit, Newfoundland

Anteros Completes 3D Modelling and Identifies New Critical Mineral Targets at Havens Steady VMS Deposit, Newfoundland

Anteros Metals Inc. (CSE: ANT) ("Anteros" or the "Company") is pleased to announce the completion of 3D geological modelling of its 100% owned, road-accessible Havens Steady VMS Property (the "Property") in central Newfoundland. The Property is located approximately 40 kilometres southeast of Buchans and 17 kilometres from the past-producing Duck Pond Mine. The inaugural 3D model integrates over 8,000 metres of historical drilling, surface geochemistry, and geophysical data into a unified geological framework. Interpretation was supported by AI-assisted workflows to enhance target confidence and reduce interpretive bias. The model defines a laterally extensive polymetallic volcanogenic massive sulphide ("VMS") system characterized by zinc-lead-silver ± copper-gold mineralization. It confirms a steeply southeast-dipping mineralized zone trending 057°, with over 700 metres of drilled strike length along the main mineralized zone ("MMZ"), as depicted in Figure 1, and identifies multiple untested vectors remaining open along strike and at depth.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Horne 5 Project Update

Horne 5 Project Update

Falco Resources Ltd. (TSX.V: FPC) (" Falco " or the " Corporation ") announced today that since its March 3 rd press release (the " March 3 rd Press Release "), the Corporation has received complementary correspondence (the " Complementary Correspondence ") from the Direction de l'évaluation environnementale des projets industriels et minières, at the Ministère de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (the " Ministry "), which aims to clarify the Ministry's position regarding the ongoing process regarding the Horne 5 Project (the " Project ").

The Complementary Correspondence confirms, among other things, that the list of comments and questions previously received and discussed in the March 3 rd Press Release (the " Additional Questions ") is part of the standard process and that at this stage of the process, as with any other project, no conclusions can be drawn, whether regarding the acceptability or otherwise of the Project or the recommendation that may subsequently be made to the Minister.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Questcorp Mining Plans IP Survey at North Island Copper

Questcorp Mining Plans IP Survey at North Island Copper

Questcorp Mining Inc. (CSE: QQQ) (OTCQB: QQCMF) (FSE: D910) (the "Company" or "Questcorp") is pleased to announce permitting is under way for a 10 to 15 line km induced polarization (IP) survey at the Company's 1,168 hectare North Island Copper project near Port Hardy on Vancouver Island, British Columbia.

While Questcorp's North Island Copper project hosts 8 targets across the property, the main target is the historic Marisa Zone, a porphyry copper target last explored in the 1990's. Surface sampling and a preliminary 12.3-line km Induced Polarization (IP) survey identified an interesting chargeability anomaly that was followed up by a five hole, 376.43 diamond drilling program. Two of the five holes hit interesting copper values including down hole intervals of 0.078% copper over 56.39 metres in DDH92-01 and 0.041% copper over 70.71 metres in DDH92-03 in an altered quartz diorite. Copper grades were increasing with depth in DDH92-03. The Company plans to follow up these historic results.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Group Eleven Intersects 7.5m of 20.1% Zn+Pb and 51 g/t Ag, incl. 2.2m of 37.5% Zn+Pb and 72 g/t Ag at Ballywire in Step-Out Drilling; Upcoming Drilling at Cu-Ag Target and 'D' Gravity Anomaly

Group Eleven Intersects 7.5m of 20.1% Zn+Pb and 51 g/t Ag, incl. 2.2m of 37.5% Zn+Pb and 72 g/t Ag at Ballywire in Step-Out Drilling; Upcoming Drilling at Cu-Ag Target and 'D' Gravity Anomaly

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce assay results from four new holes (and additional assays from a previously announced hole) from the ongoing drill program at the Company's 100%-owned Ballywire zinc-lead-silver discovery ("Ballywire"), PG West Project ("PG West"), Republic of Ireland.

Highlights:

  • G11-3552-29 intersected (from 189.3m):
    • 130.7m of 2.3% Zn+Pb (2.0% Zn and 0.3% Pb) and 13 g/t Ag, including
    • 7.5m of 20.1% Zn+Pb (19.1% Zn and 1.0% Pb) and 51 g/t Ag, including
    • 5.7m of 24.1% Zn+Pb (23.2% Zn and 1.0% Pb) and 60 g/t Ag, including
    • 2.2m of 37.5% Zn+Pb (36.9% Zn and 0.7% Pb) and 72 g/t Ag
    • Represents a 55m step-out down-dip from G11-3552-27
  • G11-3552-271 intersected (from 201.5m):
    • 70.5m of 3.4% Zn+Pb (2.2% Zn and 1.2% Pb) and 41 g/t Ag, including
    • 25.7m of 7.9% Zn+Pb (5.7% Zn and 2.2% Pb), 78 g/t Ag and 0.12% Cu and
    • 4.2m of 2.0% Zn+Pb (0.4% Zn and 1.6% Pb), 172 g/t Ag and 0.66% Cu, including
    • 0.9m of 3.6% Zn+Pb (0.9% Zn and 2.6% Pb), 511 g/t Ag and 2.01% Cu
    • Located 50m down-dip from G11-3552-25 (announced 06-Feb-2025)
  • G11-3552-29 expands the footprint of the recently announced 360m long, flat-lying zone of zinc-rich massive sulphide lenses by at least 50m down-dip, to a total of at least 125m down-dip
  • Drilling continues at Ballywire with two rigs testing further down-dip of the two holes released today, plus the NE extension; assay results are expected in due course
  • In several weeks, drilling will also begin testing (a) a Cu-Ag target below the Zn-Pb-Ag discovery horizon; and (b) a step-out target 1.3km to the ENE of the Ballywire discovery testing in the vicinity of the prospective 'D' gravity-high anomaly, at a locality with abundant calcite similar to the calcite typically observed immediately above high-grade mineralization along the discovery trend

"We are very pleased to see the NE massive sulphide zone expanded by a ninth consecutive high-grade hole," stated Bart Jaworski, CEO. "Additional excellent Ag and Cu values also continue to point to a stratigraphically deeper Cu-Ag horizon, which we are aiming to start drill testing for the very first time over the next few weeks. We also look forward to stepping out 1.3km ENE towards a very prospective area near the 'D' gravity high anomaly. This locality hosts abundant calcite bodies, commonly seen above high-grade mineralization at Ballywire. A nearby historic hole is also mineralized. With the Cu-Ag target, continued drilling to the NE and larger step outs along our prospective 6km trend, 2025 promises to be an exciting year of exploration for Group Eleven."

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_002.jpg

Exhibit 1. Cross-Section Showing New Drilling (G11-3552-27, -29 and -31) at Ballywire Discovery

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_002full.jpg

Note: Partial assays from G11-3552-27 previously announced on 06-Feb-25, consisting of 24.8m of 8.1% Zn+Pb, 80 g/t Ag;

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_003.jpg

Exhibit 2. Plan Map Showing New Drilling and Interpreted Cu-Ag 'Feeder' Structure

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_003full.jpg

Note: Partial assays from G11-3552-27 previously announced on 06-Feb-25, consisting of 24.8m of 8.1% Zn+Pb, 80 g/t Ag;

New Step-Out Holes at Ballywire Discovery

The Ballywire prospect at the Company's 100%-owned PG West Project in Republic of Ireland, is a relatively new zinc-lead-silver discovery (first announced Sept-2022). In addition to 44 holes drilled and reported by Group Eleven to date, the most recent four holes (G11-3552-24, -26, -28, and -29) and additional assays for previously announced hole, G11-3552-27, are reported today (see Exhibits 1 to 7).

High-grade mineralization from G11-3552-27 and -29 (see Page 1 and Exhibits 1 to 4) consists predominantly of massive and semi-massive sulphide (sphalerite, galena, pyrite, chalcopyrite and suspected tennantite-tetrahedrite), as well as, disseminated and vein hosted sulphide mineralization. Mineralization occurs along and/or close to the base of the Waulsortian Limestone (see Exhibit 1).

Exhibit 3. Summary of Assays from G11-3552-24, -26, -27, -28 and -29 at Ballywire

ItemFrom
(m)		To
(m)		Int
(m)		Zn
(%)		Pb
(%)		Zn+Pb
(%)		Ag
(g/t)		Cu
(%)
G11-3552-27201.45271.9470.492.221.203.4140.80.09
Incl.212.07237.8125.745.692.217.9077.80.12
Incl.219.42235.0615.648.303.2811.59122.10.19
Incl.218.47222.213.7412.183.0515.2375.3-
And228.51235.066.5511.065.6516.71240.00.42
Incl.230.36233.903.5413.268.0121.27395.10.73
And267.72271.944.220.401.581.97171.60.66
Incl.268.64269.490.850.932.623.55511.02.01
G11-3552-29189.33320.05130.721.990.262.2513.0-
Incl.224.27229.615.344.100.794.8812.5-
And259.03266.567.5319.081.0120.0951.3-
Incl.259.03264.745.7123.160.9524.1160.0-
Incl.259.03261.252.2236.860.6837.5471.7-
And307.91320.0512.140.230.040.2766.20.12
Incl.315.26320.054.790.380.050.42149.40.27
Incl.318.00320.052.050.090.040.12301.00.52
G11-3552-24186.26199.2012.940.150.040.192.1-
Incl.193.76197.313.550.300.100.404.8-
And235.85236.760.910.010.010.0136.10.35
G11-3552-26215.80216.360.560.830.791.6271.5-
Incl.215.80215.970.172.522.254.77190.0-
G11-3552-28157.95174.8116.860.020.580.593.1-
Incl.166.42169.282.860.051.261.319.0-
And172.99174.811.820.072.122.196.8-
And179.67181.491.820.030.170.2064.10.16
And218.66220.501.840.000.000.012.70.26

 

Note: True width of the intervals above as a percentage of the intersected interval is 90% (G11-3552-27), 80-90% (G11-3552-29), 90-100% (G11-3552-24), 80-90% (G11-3552-26) and 90-100% (G11-3552-28)

Holes drilled as 300m step-outs to the NE (G11-3552-24, -26 and -28; see Exhibit 2) returned zones of mineralization narrower and weaker than those at the main discovery trend (see Exhibit 3). Disseminated copper mineralization, as well as, mineralized veins and fractures, however, are strengthening towards the north, suggesting massive sulphide mineralization may be present further north (see northern-most projected mineralized trend in Exhibit 4). A second mineralized trend is also emerging to the south where the interpreted Cu-Ag rich 'feeder' fault pierced by drilled along the main discovery trend (see solid purple line in Exhibits 2 and 4) appears to correlate with mineralization intersected in G11-3552-08 (see Exhibit 2). More drilling is ongoing in the NE area to test the above targets.

Key 2025 Exploration Targets at Ballywire Discovery

Copper-Silver Target

As drilling progresses at Ballywire, it is increasingly evident that there exists an interpreted Cu-Ag 'feeder' fault parallel to and spatially associated with the main Zn-Pb-Ag discovery at Ballywire (see Exhibit 2). This 'feeder' fault hosts mineralization with up to 5.90% Cu and 1,440 g/t Ag, interpreted to have been transported by mineralizing fluids from below by vertical to steeply-dipping structures (see Exhibit 5). Today's results provide further evidence, with grades up to 2.01% Cu and 511 g/t Ag (see Exhibit 3). Meanwhile, the stratigraphy of the region suggests that approximately 100-200m below the discovery horizon (base of the Waulsortian Limestone), is the Lower Limestone Shale horizon, which hosts four well known Cu-Ag historic occurrences in the surrounding area (see Denison, Oola, Gortdrum and Tullacondra in Exhibit 8, located approx. 5km, 9km, 10km and 45km away from Ballywire, respectively).

These historic Cu-Ag occurrences can be interpreted as the eroded remnants of originally more vertically extensive mineralizing systems, likely representing the roots of stratigraphically higher Zn-Pb-Ag mineralization. At Ballywire, there is a chance the mineralizing system is much larger than at the neighbouring deposits (based on relatively large footprint to date), and if it is there, any Cu-Ag mineralization would notionally be intact below the existing Zn-Pb-Ag mineralization.

Given the compelling nature of the above exploration model, Group Eleven aims to begin drilling this deeper Cu-Ag target over the coming several weeks.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_004.jpg

Exhibit 4. Plan Map Showing Interpreted Cu-Ag 'Feeder' and Calcite Body Targets at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_004full.jpg

Note: Calcite bodies occurring at the discovery trend are not shown here (shown in Exhibit 6 instead)

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_005.jpg

Exhibit 5. Cross-Section Showing Hypothesized Location of Cu-Ag Mineralization

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_005full.jpg

Calcite Body Vectors

As drilling progresses at Ballywire, it is increasingly evident that high-grade Zn-Pb-Ag mineralization at Ballywire is spatially associated with steeply dipping bodies of calcite (see Exhibit 6), interpreted to represent the 'exhaust' from the mineralization process below (i.e. dissolved limestone at the mineralized horizon is re-precipitated as calcite bodies immediately above). These calcite bodies may prove to be a strong exploration vector along the undrilled remainder of Ballywire's prospective 6km trend.

Two shallow historic holes, located 1.3km ENE from the current boundary of the Ballywire discovery, intercepted such calcite bodies (see Exhibits 4 and 7), yet were never followed up. This locality is also near the prospective 'D' gravity high anomaly and historic hole, 99-3352-05 (see Exhibit 7), which intersected mineralization of a tenor typically seen peripheral to massive sulphide zones at the discovery trend. Group Eleven aim to test this locality in the coming weeks.

Separately, two historic holes approx. 300m and 600m to the WSW, respectively, from the current boundary of the Ballywire discovery, also intercepted abundant calcite zones (see Exhibits 4 and 7) and were never followed up. Group Eleven aims to test these locations in due course.

Looking forward, six (6) drill holes (G11-3552-30 to -35; see Exhibit 2) are in progress with results expected in due course. Exhibit 2 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 4) of significantly mineralized drill intercepts. This in turn is hosted within a 6km long prospective trend defined by four gravity high anomalies, only one of which (anomaly 'C') is systematically drilled to date (see Exhibit 7).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_006.jpg

Exhibit 6. Oblique 3D View of Calcite Bodies Spatially Associated with Mineralization at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_006full.jpg

Note: Bodies shown (calcite, Zn-Pb-Ag and Cu-Ag) are not constrained by any grade cut-off and are only meant for illustrative purposes

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/245941_exhibit7_550.jpg

Exhibit 7. Regional Gravity at Ballywire Showing 6km Long Prospective Trend and Calcite Bodies

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/245941_exhibit7.jpg

Notes to Exhibit 8: (a) Pallas Green MRE is owned by Glencore (see Glencore's Resources and Reserves Report dated December 31, 2023); (b) Stonepark MRE: see the 'NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland', by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in 'Report on Prospecting Licence 464' by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in 'The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody' by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in 'Report on Mallow Property' by David Wilbur, dated December 1973; and later summarized in 'Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork' by Wilbur and Carter in 1986; the above 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. 'Rathdowney Trend' is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/245941_figure8_550.jpg

Exhibit 8. Regional Map of Ballywire Discovery and Surrounding Cu-Ag Historic Occurrences

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/245941_figure8.jpg

Qualified Person

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.

Sampling and Analytical Procedures

All core drilled at Ballywire is NQ (47.6mm) and is cut using a rock saw. Sample intervals vary between 0.42m to 1.3m with the majority of samples in the 0.79m to 0.99m range. The half-core samples are bagged, labelled and sealed at Group Elevens core store facility in Limerick, Ireland. Selected sample bags are examined by the Qualified Person. Transport is via an accredited courier service and/or by Group Eleven staff to ALS Laboratories in Loughrea Co. Galway, Ireland. Sample preparation at the ALS facility comprises fine crushing 70%

Quality Assurance/Quality Control (QA/QC) Information

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.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) and (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. Key intercepts to date include:

  • 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
  • 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
  • 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
  • 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
  • 29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
  • 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
  • 15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu (G11-3552-27)

Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit2, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit3. The Company's two largest shareholders are Glencore Canada Corp. (16.1% interest) and Michael Gentile (16.0%). 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: j.webb@groupelevenresources.com | T: 604-644-9514

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.sedarplus.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest News

Latest Press Releases

QIMC Reports Significant Concentrations Exceeding 13,000 ppm (1.3%) Hydrogen at St-Bruno-de-Guigues; Expands Strategic Land Portfolio into Ontario

Blue Lagoon Continues to Strengthen Treasury to Fund Final Preparations of Mine Site and Initial Working Capital to Fund Commencement of Production

Charbone Hydrogene elargit son offre de produits grace a des ententes commerciales avec un producteur de gaz industriels americain de premier niveau

CHARBONE Hydrogen Expands Product Offerings with Commercial Agreements with a Tier One US Industrial Gas Producer

Related News

Oil and Gas Investing

QIMC Reports Significant Concentrations Exceeding 13,000 ppm (1.3%) Hydrogen at St-Bruno-de-Guigues; Expands Strategic Land Portfolio into Ontario

Gold Investing

What Was the Highest Price for Gold?

Gold Investing

Blue Lagoon Continues to Strengthen Treasury to Fund Final Preparations of Mine Site and Initial Working Capital to Fund Commencement of Production

Tech Investing

Charbone Hydrogene elargit son offre de produits grace a des ententes commerciales avec un producteur de gaz industriels americain de premier niveau

Tech Investing

CHARBONE Hydrogen Expands Product Offerings with Commercial Agreements with a Tier One US Industrial Gas Producer

Precious Metals Investing

Heliostar to Commence 15,000m Ana Paula Drill Program

Tech Investing

Westport Reports Fourth Quarter and Full Year 2024 Results

×