With Glencore and Michael Gentile as the two largest shareholders, Group Eleven Resources (TSXV:ZNG) offers lucrative investment opportunities through zinc exploration in Ireland. The company's project portfolio encompasses the PG West and Stonepark projects. PG West and Stonepark are contiguous, forming the largest exploration position in the Limerick region, renowned for its zinc potential. Group Evelen's Ballywire discovery, a significant new finding in 2022, has demonstrated the presence of a high-grade mineralized system making it a potentially transformative asset for the company.
The close alignment with Glencore provides Group Eleven with both industry expertise and a collaborative advantage, further enhanced by Glencore's presence on Group Eleven’s board. This strategic partnership reflects confidence in Group Eleven’s potential within Ireland’s prolific zinc landscape.
The PG West and Stonepark projects together span an extensive ground area, creating a formidable position in the Limerick region. This strategic region features the Limerick Volcanic Complex, hosting the second largest zinc deposit discovered to date in Ireland, Glencore’s Pallas Green deposit.
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Group Eleven Resources’ new high-grade zinc discovery, its strong shareholders, and infrastructure-rich jurisdiction present a compelling investment case. With Glencore and Michael Gentile as the two largest shareholders, the company is well-positioned to leverage its discoveries into high-return opportunities.
Group Eleven Resources (TSXV:ZNG) is a Canadian mineral exploration company highly regarded for its focus on zinc exploration in Ireland. Group Eleven’s current project portfolio encompasses two principal assets: the PG West and Stonepark projects. PG West and Stonepark are contiguous, forming the largest exploration position in the Limerick region, renowned for its zinc potential. In addition, the company’s Ballywire discovery, a significant new finding in 2022, has demonstrated the presence of a high-grade mineralized system making it a potentially transformative asset for the company.
Zinc is a critical metal for the modern economy, used extensively for galvanizing in infrastructure projects, green technologies and increasingly in grid-scale energy storage. Amid global shifts toward renewable energy, zinc demand is projected to surge due to its applications in battery technology, particularly zinc-air and zinc-ion batteries, which are emerging as viable alternatives to lithium-based solutions for large-scale energy storage. This advantage in energy storage could significantly drive demand for zinc in the coming years, especially as nations accelerate infrastructure investments and seek energy security through diversified, sustainable technologies. With global refined zinc inventories at historical lows, prices are expected to remain buoyant, providing favorable conditions for new projects like Group Eleven’s portfolio in Ireland.
Ireland has a robust track record spanning over 60 years of successful zinc production, which has made it a prime destination for global mining investment. The country ranks as one of the most mineral-rich areas for zinc worldwide, housing some of the world’s largest deposits, such as the Tara mine, which has been operational for more than five decades. Ireland also ranks high on the Fraser Institute's Mining Survey, noted for its favorable policies for mining investment. This standing makes the country not only a strategic base for Group Eleven but also a point of attraction for global mining giants like Glencore, which holds a 17.1 percent stake in Group Eleven, as well as South32, Teck and Boliden.
The close alignment with Glencore provides Group Eleven with both industry expertise and a collaborative advantage, further enhanced by Glencore's presence on Group Eleven’s board. This strategic partnership reflects confidence in Group Eleven’s potential within Ireland’s prolific zinc landscape.
The PG West and Stonepark projects together span an extensive ground area, creating a formidable position in the Limerick region. This strategic region features the Limerick Volcanic Complex, hosting the second largest zinc deposit discovered to date in Ireland, Glencore’s Pallas Green deposit.
PG West holds substantial promise driven by the Ballywire discovery in 2022, which introduced a new high-grade zinc-lead-silver find contained within a 6 km by 2 km prospective area. The drill results have identified robust mineralization extending over a significant distance of 2.6 kilometres to date, with assays reporting high-grade values up to 40.8 percent zinc, 1,440 grams per tonne (g/t) silver, marking it as one of the most impactful findings in Irish zinc exploration in over a decade.
PG West’s Ballywire discovery marks an inflection point for the company. The discovery hole was announced in September 2022, characterized by massive sulphide zinc-lead-silver mineralization over substantial widths. Drilling efforts have identified multiple intercepts with notable thicknesses and grades. Located only 20 kilometers from the Pallas Green deposit, Ballywire has potential for not only significant tonnage and grade but also extensive synergy value.
Discovery at Ballywire showed high-grade massive sulphides including 6.9 m of 15.4 percent zinc and lead and 160 g/t silver within; a more recent hole drilled approximately 500 m along strike intersected 29.6 m of 10.6 percent zinc and lead and 78 g/t silver.
To date, 37 holes have been drilled at Ballywire, all mineralized, over a strike of 2.6 kilometres. As the company keeps stepping out towards the northeast, it has been finding increasing intensity of grades and thicknesses in the form of flat lying zinc-rich massive sulphide horizons. The company has two rigs turning on Ballywire and ample cash to continue drilling for months to come. Four gravity high anomalies exist along a six-kilometre trend at Ballywire and the above drilling has only tested one of them. With three more gravity anomalies remaining to test, this prospective six-kilometre trend is increasingly looking like the next major discovery in Ireland.
Outside of Ballywire, the company is focussed on one other big target. The Carrickittle West prospect, spanning about 11 kilometres, is located predominantly within the 76.56%-owned Stonepark project, and to a small degree, at its contiguous 100%-owned PG West project. The company is targeting a ‘Pallas Green lookalike’ located only a few kilometres away from Glencore’s Pallas Green deposit. The target is located on the opposite side of an oval-shaped volcanic complex which hosts the Pallas Green deposit on its north side. Pallas Green deposit represents one of the largest undeveloped zinc deposits in the world, hosting an inferred 45 million tonnes at an average grade of 8.4 percent combined zinc and lead. Adjacent to Pallas Green, the company’s Stonepark deposit hosts an inferred resource of 5.1 million tonnes at an average of 11.3 percent zinc and lead. Similar to Ballywire, any exploration success at Carrickittle West would have immediate synergy potential in the camp.
Bart Jaworski, based in Ireland, has been the chief executive officer and a director of Group Eleven Resources since incorporation in 2015. He has over 25 years’ experience in the mining industry, commencing his career as an exploration geologist for over six years followed by 12 years as a mining analyst at Raymond James in Vancouver and then J & E Davy in Dublin. During his time as an exploration geologist, he was involved in properties located in Canada, Russia and Costa Rica, and was associated with the early stages of the Coffee Creek gold discovery in the Yukon. Jaworski has a Bachelor of Science (Hons) in Geology from the University of British Columbia.
Michael Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant top five ownership stakes in over 20 small-cap mining companies. He is currently a director of Northern Superior Resources, OnGold, Radisson Mining Resources, Roscan Gold, and Solstice Gold. He is a strategic advisor to Northisle Copper and Gold. He co-founded Bastion Asset Management in January 2022, a rapidly growing money management firm in Montreal with over $425 million in assets under management, focused on small to mid-cap equities in the USA and Canada. Gentile was previously a vice-president and senior portfolio manager with Formula Growth, where he worked from 2002 to 2018.
Gatlin Smeijers is Glencore’s appointee to the Group Eleven Resources board. He is a corporate and regulatory lawyer and member in good standing of the Law Society of Ontario. Prior to joining Glencore in 2022, Smeijers practiced law for 10 years at leading Canadian law firms. He holds a Juris Doctor from Queen’s University and a Bachelor of Applied Science in Geological Engineering from the University of Waterloo, where he currently teaches Engineering Law and Ethics.
Dr. Mark Holdstock is a professional geologist with over 30 years exploration experience including in Noranda, Billiton, Outokumpu, Boliden and Tara Mines. At Tara, he led the team that discovered the 20+ Mt SWEX extension to the world class Navan zinc-lead ore body in Ireland. Holdstock has published a number of academic papers on carbonate-hosted zinc deposits. Prior to joining Group Eleven Resources in 2018, Holdstock was managing director at Ireland-based Aurum Exploration Services, a position he held since 2005.
Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce the latest germanium assays from recent drilling at the Company's 100%-owned Ballywire zinc-lead-silver discovery ("Ballywire"), PG West Project ("PG West"), Republic of Ireland.
New Germanium Assays
Germanium (Ge) grades including 71.7 g/t, 41.2 g/t and 27.8 g/t returned from five (5) holes in northeastern portion of Ballywire discovery (Ge price is approx. US$75/oz or US$2.40/gram1)
Elevated Ge is now demonstrated over a strike length of 1.25km (from 890m previously)
Highest Ge grades correlate well with the highest Zn grades (suggesting Ge occurs with sphalerite)
Ge analyses over the other mineralized areas are ongoing, to be released periodically
Drill Update
After the Christmas break, drilling at Ballywire reconvened on January 6th with two drill rigs
In 2024, the Company drilled over 8,100m at Ballywire compared to 4,800m and 1,950m in 2023 and 2022, respectively
In total, over 16,100m have been drilled at Ballywire by Group Eleven to the end of 2024, including six (6) holes (totalling over 1,520m) expected to be released as assays become available
At the Carrickittle West prospect, spanning the Stonepark and PG West Projects, drilling has been completed according to plan with results expected mid-late Q1 2025
"We are excited to start our third consecutive year of intensive exploration at Ballywire. Last year was transformative for us given the exceptional drill results attained, both in terms of grades and widths, as well as shallowing depths of high-grade massive sulphide horizons. The continuation of elevated germanium along the entire main trend of our discovery to date is also highly encouraging. Germanium is approx. 2.5x more valuable than silver and is a key metal for the highly competitive AI semiconductor industry.
With 42 holes drilled and announced, plus robust mineralization pierced over a 2.6km long trend, we have a strong foundation from which to build further shareholder value at Ballywire in 2025. With two rigs turning for the foreseeable future, the key drill targets for Ballywire include the remainder of our 6km prospective trend, hypothesized mineralization parallel to the discovery trend and a deeper horizon highly prospective for copper and silver."
Ongoing Drilling at Ballywire Discovery
The Ballywire prospect at the Company's 100%-owned PG West Project in the Republic of Ireland, is a new zinc-lead-silver discovery (first announced Sept-2022). To date, 42 holes (totalling 14,549m) have been drilled and reported by Group Eleven.
Exhibit 1. Plan Map Showing New and Previously Released Germanium Assays at Ballywire
Note: Ge assays above denote the highest single Ge assay within each hole (see full assays in Exhibits 4 and 5 and Appendices); 'Other Mineralization' and 'Massive Sulphide Zone' denote robust Zn-Pb-Ag mineralization
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Exhibit 2. Drill Hole Plan Map Showing Mineralized Intercepts and Pending Drill Holes
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In total, over 16,100m have been drilled at Ballywire by Group Eleven to the end of 2024, including six (6) holes (totalling over 1,520m) located in the northeastern portion of the discovery area (see G11-3552-24 to -29 in Exhibit 2). Results from these holes are expected to be released as assays become available. Exhibit 2 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 1) of significantly mineralized drill intercepts (open in all directions).
Germanium Analyses
To attain accurate germanium (Ge) assays, the Company engages with ALS Global (Loughrea, Co. Galway, Ireland) to re-analyse previous sample pulps using an assay technique specifically suited for germanium, gallium and indium detection (lithium borate fusion). The process of re-analysing intervals which are well mineralized with zinc and lead is well advanced, however, still incomplete. Further Ge analyses are ongoing and will continue to be released periodically.
Given re-sampling is focussed only on the highest-grade mineralized intervals, coverage is often non-continuous and hence difficult to compare between drill holes. Therefore, the approach taken in Exhibit 1 focusses on the highest grading single Ge sample from each hole as a preliminary illustration of the Ge distribution across the Ballywire discovery trend.
Background Information on Germanium
Due to its application in high-tech industries and its scarcity on the Earth's crust, the element germanium (Ge) has been on the European Union List of Critical Raw Materials since 2010. Other countries that designate Ge as a critical element include US, China, Australia and Canada. The American Physical Society categorizes Ge as one of the 'Energy Critical Elements'. China produces 60-80% of global supply of Ge and as of 2019, "no trade agreements existed between China and EU regarding germanium trade," according to the European Commission. The primary use of germanium is in fibre optics and high-end solar panel technologies, and increasingly, in high-end (AI capable) semiconductors (computer chips).
Ge currently trades at approximately US$75/oz (US$2.40/gram), or about 2.5 times the price of silver (US$30/oz). Germanium prices are sourced from Trading Economics and converted from Chinese Yuan per kilogram (see Exhibit 3).
Exhibit 3. Seven Year Chart of Germanium Prices (CNY/kg)
Source: Trading Economics
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Globally, Ge does not occur as primary deposits, instead occurs only as a by-product in some zinc or coal deposits. According to the USGS2, the most significant carbonate-hosted zinc-lead-copper deposit that contains notable amounts of germanium is the Kipushi deposit in the Democratic Republic of Congo. USGS states that Kipushi contains an average grade of 68 g/t Ge. This is in line with Ivanhoe's recent announcement on Kipushi noting its Mineral Resource Estimate (Measured & Indicated; dated June 14, 2018) hosting 11.8mt of 35.3% Zn, 0.80% Cu, 1.1% Pb, 23 g/t Ag, 13 g/t Co and 64 g/t Ge (see Ivanhoe Mines news release dated Feb 14, 2022). Similarly, the Ballywire results above rank as some of the highest grades of Ge within zinc deposits in Ireland.
Exhibit 4. New Germanium Assays from G11-3552-12
| From (m) | To (m) | Int (m) | Zn % | Pb % | Zn+Pb % | Ag g/t | Ge g/t |
| G11-3552-12 | |||||||
| 283.44 | 284.26 | 0.82 | 4.39 | 0.99 | 5.38 | 13.9 | 14.2 |
| 284.26 | 285.16 | 0.90 | 13.15 | 2.22 | 15.37 | 33.8 | 27.8 |
| 285.16 | 285.30 | 0.14 | 0.37 | 1.46 | 1.82 | 16.0 | NYA |
| 285.30 | 285.90 | 0.60 | 7.09 | 2.25 | 9.34 | 25.6 | 15.4 |
| 285.90 | 286.27 | 0.37 | 4.42 | 5.13 | 9.55 | 22.6 | 11.8 |
| 293.44 | 293.80 | 0.36 | 5.94 | 17.70 | 23.64 | 68.8 | 4.9 |
| 293.80 | 294.12 | 0.32 | 1.29 | 8.89 | 10.18 | 37.3 | 1.1 |
| 294.12 | 294.78 | 0.66 | 3.18 | 38.30 | 41.48 | 127.0 | 1.9 |
| 294.78 | 295.66 | 0.88 | 1.96 | 19.80 | 21.76 | 70.6 | 1.2 |
| 295.66 | 296.34 | 0.68 | 3.68 | 17.45 | 21.13 | 77.4 | 2.7 |
| 296.34 | 297.25 | 0.91 | 2.55 | 18.90 | 21.45 | 66.3 | 2.7 |
| 297.25 | 298.21 | 0.96 | 2.50 | 29.70 | 32.20 | 96.2 | 2.2 |
| 298.21 | 298.55 | 0.34 | 13.05 | 3.17 | 16.22 | 63.4 | 13.1 |
| 298.55 | 299.08 | 0.53 | 1.98 | 0.80 | 2.78 | 10.8 | 3.0 |
| 299.08 | 299.34 | 0.26 | 14.25 | 10.85 | 25.10 | 70.1 | 9.2 |
| 299.34 | 299.63 | 0.29 | 2.30 | 0.77 | 3.07 | 8.0 | 3.4 |
| 299.63 | 300.07 | 0.44 | 21.80 | 4.65 | 26.45 | 88.3 | 19.9 |
| 300.07 | 301.12 | 1.05 | 0.57 | 0.22 | 0.79 | 8.2 | 1.2 |
| 301.12 | 302.24 | 1.12 | 3.45 | 2.19 | 5.64 | 84.4 | 3.3 |
| 302.24 | 303.10 | 0.86 | 10.20 | 11.15 | 21.35 | 353.0 | 5.5 |
| 303.10 | 303.93 | 0.83 | 17.10 | 7.15 | 24.25 | 319.0 | 15.3 |
| 306.77 | 307.26 | 0.49 | 7.94 | 4.32 | 12.26 | 172.0 | 7.3 |
| 308.19 | 308.66 | 0.47 | 4.18 | 3.79 | 7.97 | 571.0 | 3.3 |
| 283.44 | 286.27 | 2.83 | 7.55 | 2.21 | 9.77 | 24.0 | 17.8 |
| 298.21 | 303.93 | 5.72 | 8.20 | 4.33 | 12.53 | 132.5 | 7.1 |
| 298.21 | 300.07 | 1.86 | 10.46 | 3.54 | 14.00 | 46.6 | 9.8 |
| Note: continuous intervals shown as shaded meterage; 'NYA' means not yet assayed, assumed nil; all other data (Zn, Pb, Ag) previously announced | |||||||
Exhibit 5. New Germanium Assays from G11-3552-16, -17, -18 and -19
| From (m) | To (m) | Int (m) | Zn % | Pb % | Zn+Pb % | Ag g/t | Ge g/t |
| G11-3552-16 | |||||||
| 255.52 | 256.16 | 0.64 | 28.00 | 5.96 | 33.96 | 106.0 | 22.9 |
| | |||||||
| G11-3552-17 | |||||||
| 144.46 | 145.04 | 0.58 | 23.70 | 4.70 | 28.40 | 209.0 | 15.2 |
| 150.15 | 150.39 | 0.24 | 19.55 | 5.09 | 24.64 | 257.0 | 71.7 |
| 151.85 | 152.81 | 0.96 | 27.10 | 2.49 | 29.59 | 326.0 | 25.5 |
| 167.78 | 168.11 | 0.33 | 28.90 | 5.40 | 34.30 | 147.0 | 66.1 |
| 210.02 | 210.44 | 0.42 | 14.15 | 0.12 | 14.27 | 35.5 | 21.4 |
| 210.44 | 211.38 | 0.94 | 14.35 | 0.12 | 14.47 | 25.5 | 8.4 |
| 211.38 | 212.33 | 0.95 | 11.90 | 0.06 | 11.96 | 28.9 | NYA |
| 212.33 | 213.31 | 0.98 | 19.40 | 2.88 | 22.28 | 33.5 | 34.1 |
| 210.02 | 213.31 | 3.29 | 15.12 | 0.92 | 16.05 | 30.1 | 15.3 |
| | |||||||
| G11-3552-18 | |||||||
| 255.59 | 255.82 | 0.23 | 18.55 | 8.59 | 27.14 | 48.1 | 41.2 |
| 257.50 | 258.56 | 1.06 | 17.85 | 18.25 | 36.10 | 218.0 | 17.5 |
| 258.84 | 259.26 | 0.42 | 19.25 | 14.00 | 33.25 | 188.0 | 22.7 |
| 263.22 | 263.45 | 0.23 | 27.10 | 5.23 | 32.33 | 110.0 | 38.9 |
| | |||||||
| G11-3552-19 | |||||||
| 199.69 | 200.40 | 0.71 | 13.95 | 1.65 | 15.60 | 31.6 | 25.3 |
| 200.40 | 201.15 | 0.75 | 5.32 | 0.14 | 5.46 | 26.0 | 4.9 |
| 201.15 | 201.73 | 0.58 | 5.35 | 0.31 | 5.66 | 18.6 | 12.0 |
| 201.73 | 202.55 | 0.82 | 20.50 | 0.53 | 21.03 | 60.4 | 25.1 |
| 202.55 | 203.46 | 0.91 | 21.00 | 6.32 | 27.32 | 62.1 | 14.2 |
| 203.46 | 204.38 | 0.92 | 20.70 | 11.75 | 32.45 | 83.1 | 14.2 |
| 204.38 | 205.33 | 0.95 | 19.35 | 7.31 | 26.66 | 91.9 | 12.8 |
| 205.33 | 206.23 | 0.90 | 29.60 | 7.77 | 37.37 | 95.7 | 12.2 |
| 206.23 | 206.90 | 0.67 | 32.20 | 2.59 | 34.79 | 80.1 | 22.1 |
| 206.90 | 207.72 | 0.82 | 16.05 | 7.19 | 23.24 | 121.0 | 19.6 |
| 207.72 | 208.38 | 0.66 | 17.45 | 6.22 | 23.67 | 269.0 | 6.0 |
| 199.69 | 208.38 | 8.69 | 18.78 | 5.08 | 23.86 | 85.0 | 15.3 |
| Note: continuous intervals shown as shaded meterage; 'NYA' means not yet assayed, assumed nil; all other data (Zn, Pb, Ag) previously announced | |||||||
Exhibit 6. Regional Gravity at Ballywire Showing 6km Long Prospective Trend
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Notes to Exhibit 7: (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.
Exhibit 7. Regional Map of PG West (100% Interest) and Stonepark (76.56% Interest)
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Stonepark Joint Venture
Prior to the start of the 2024 drill program at the Stonepark Project, Arkle Resources PLC (Group Eleven's joint venture partner on the project) elected not to finance their pro-rata share of program costs. As a result, Group Eleven's ownership in the Stonepark project is expected to increase from 76.56% to 77.64%. This increase is expected to be finalized later this year, upon payment of all program costs and subsequent proportional issuance of shares (of TILZ Minerals Limited, Group Eleven's subsidiary which wholly owns the Stonepark project) to Group Eleven.
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.
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) (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
6.1m of 11.4% Zn+Pb, 85 g/t Ag (G11-3552-13)
5.6m of 13.1% Zn+Pb, 116 g/t Ag (G11-3552-17)
11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
8.7m of 23.9% Zn+Pb and 85 g/t Ag (G11-3552-19)
The Company's two largest shareholders are Glencore Canada Corp. (17.1% interest) and Michael Gentile (16.5%). 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.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Appendix 1. Previously Released Germanium Assays from G11-468-01, -03, -06
| From (m) | To (m) | Int (m) | Zn % | Pb % | Zn+Pb % | Ag g/t | Ge g/t |
| G11-468-01 | |||||||
| 312.70 | 313.50 | 0.80 | 13.55 | 3.27 | 16.82 | 67.8 | 40.9 |
| 313.50 | 314.10 | 0.60 | 5.90 | 1.21 | 7.11 | 31.1 | 16.2 |
| 314.10 | 314.85 | 0.75 | 4.46 | 0.54 | 5.00 | 22.3 | 14.5 |
| 314.85 | 315.25 | 0.40 | 20.10 | 5.35 | 25.45 | 92.2 | 38.5 |
| 315.25 | 315.55 | 0.30 | 13.20 | 4.47 | 17.67 | 59.5 | 33.1 |
| 315.55 | 315.80 | 0.25 | 2.91 | 0.41 | 3.32 | 18.7 | 7.4 |
| 315.80 | 316.00 | 0.20 | 14.50 | 2.56 | 17.06 | 52.2 | 35.0 |
| 312.70 | 316.00 | 3.30 | 10.11 | 2.38 | 12.48 | 48.3 | 26.5 |
| | |||||||
| G11-468-03 | |||||||
| 228.20 | 228.57 | 0.37 | 21.40 | 3.76 | 25.16 | 171.0 | 26.2 |
| 229.31 | 229.87 | 0.56 | 32.70 | 13.70 | 46.40 | 632.0 | 63.2 |
| 251.65 | 252.82 | 1.17 | 5.35 | 1.09 | 6.44 | 106.0 | 14.5 |
| 252.82 | 253.82 | 1.00 | 3.54 | 4.56 | 8.10 | 113.0 | 6.5 |
| 253.82 | 254.60 | 0.78 | 4.17 | 3.47 | 7.64 | 89.7 | 8.8 |
| - | - | - | - | - | - | - | - |
| 256.45 | 257.00 | 0.55 | 32.70 | 19.70 | 52.40 | 540.0 | 55.1 |
| 257.00 | 257.81 | 0.81 | 32.10 | 10.40 | 42.50 | 339.0 | 38.4 |
| 257.81 | 258.10 | 0.29 | 44.30 | 3.35 | 47.65 | 496.0 | 79.2 |
| 258.10 | 258.50 | 0.40 | 14.35 | 2.00 | 16.35 | 183.0 | 33.9 |
| 268.88 | 269.72 | 0.84 | 17.35 | 1.99 | 19.34 | 55.2 | 23.2 |
| 251.65 | 254.60 | 2.95 | 4.42 | 2.89 | 7.32 | 104.1 | 10.3 |
| 256.45 | 258.50 | 2.05 | 30.52 | 10.26 | 40.78 | 384.7 | 47.8 |
| | |||||||
| G11-468-06 | |||||||
| 292.00 | 292.28 | 0.28 | 17.80 | 1.76 | 19.56 | 67.6 | 38.0 |
| 292.78 | 292.90 | 0.12 | 13.65 | 1.09 | 14.74 | 39.4 | 26.5 |
| 297.70 | 297.80 | 0.10 | 24.30 | 1.13 | 25.43 | 60.1 | 70.7 |
| 298.15 | 298.55 | 0.40 | 15.95 | 4.83 | 20.78 | 97.0 | 34.3 |
| 304.60 | 305.13 | 0.53 | 45.50 | 20.20 | 65.70 | 421.0 | 47.5 |
| 305.13 | 305.43 | 0.30 | 15.45 | 21.30 | 36.75 | 309.0 | 8.4 |
| 305.43 | 305.90 | 0.47 | 0.12 | 0.06 | 0.18 | 0.8 | 0.3 |
| 305.90 | 305.98 | 0.08 | 33.40 | 3.97 | 37.37 | 136.0 | 37.4 |
| 305.98 | 306.10 | 0.12 | 0.83 | 0.11 | 0.93 | 3.1 | 1.2 |
| 306.10 | 306.25 | 0.15 | 32.20 | 8.77 | 40.97 | 108.0 | 41.2 |
| 306.25 | 306.59 | 0.34 | 0.88 | 0.21 | 1.08 | 4.8 | 2.1 |
| 306.59 | 307.08 | 0.49 | 28.40 | 5.85 | 34.25 | 105.0 | 20.3 |
| 307.08 | 307.78 | 0.70 | 0.18 | 0.98 | 1.16 | 10.7 | 0.5 |
| 346.34 | 346.66 | 0.32 | 2.55 | 40.20 | 42.75 | 187.0 | 3.5 |
| 304.60 | 307.08 | 2.48 | 20.41 | 8.75 | 29.16 | 160.0 | 19.3 |
| Note: continuous intervals shown as shaded meterage; '-' means sample gap; all other data (Zn, Pb, Ag) previously announced | |||||||
Appendix 2. Previously Released Ge Assays (G11-468-10 to -13, -15, G11-3552-03)
| From (m) | To (m) | Int (m) | Zn % | Pb % | Zn+Pb % | Ag g/t | Ge g/t |
| G11-468-10 | |||||||
| 400.17 | 400.46 | 0.29 | 3.07 | 2.40 | 5.47 | 83.0 | 1.7 |
| | |||||||
| G11-468-11 | |||||||
| 258.31 | 259.30 | 0.99 | 0.06 | 0.04 | 0.09 | 15.5 | 0.3 |
| 259.30 | 260.11 | 0.81 | 0.09 | 0.06 | 0.15 | 37.6 | 0.3 |
| 260.11 | 261.30 | 1.19 | 0.02 | 0.05 | 0.07 | 23.1 | 0.3 |
| 258.31 | 261.30 | 2.99 | 0.05 | 0.05 | 0.10 | 24.5 | 0.3 |
| | |||||||
| G11-468-12 | |||||||
| 266.36 | 267.13 | 0.77 | 9.14 | 1.60 | 10.74 | 40.9 | 24.4 |
| 267.13 | 268.10 | 0.97 | 1.16 | 0.02 | 1.18 | 3.2 | 2.0 |
| 268.10 | 269.00 | 0.90 | 0.57 | 0.04 | 0.61 | 4.3 | 2.4 |
| 269.00 | 269.57 | 0.57 | 13.95 | 1.70 | 15.65 | 45.8 | 25.1 |
| 269.57 | 270.10 | 0.53 | 2.19 | 0.40 | 2.59 | 8.0 | 6.8 |
| 270.10 | 270.68 | 0.58 | 10.95 | 19.35 | 30.30 | 990.0 | 22.1 |
| - | - | - | - | - | - | - | - |
| 292.00 | 292.74 | 0.74 | 9.51 | 16.60 | 26.11 | 356.0 | 7.3 |
| 292.74 | 293.46 | 0.72 | 22.30 | 8.33 | 30.63 | 932.0 | 16.6 |
| 293.46 | 294.11 | 0.65 | 14.50 | 21.50 | 36.00 | 912.0 | 16.6 |
| 294.11 | 295.14 | 1.03 | 1.40 | 5.25 | 6.65 | 72.0 | 3.5 |
| 266.36 | 270.68 | 4.32 | 5.59 | 3.17 | 8.76 | 148.8 | 12.4 |
| 292.00 | 295.14 | 3.14 | 10.81 | 11.99 | 22.81 | 510.0 | 10.1 |
| | |||||||
| G11-468-13 | |||||||
| 264.45 | 265.20 | 0.75 | 11.25 | 2.43 | 13.68 | 57.6 | 15.8 |
| 272.05 | 272.80 | 0.75 | 10.05 | 11.65 | 21.70 | 112.0 | 6.0 |
| 272.80 | 273.27 | 0.47 | 11.65 | 11.25 | 22.90 | 101.0 | 9.6 |
| 281.08 | 281.60 | 0.52 | 15.05 | 0.99 | 16.04 | 63.2 | 6.6 |
| 272.05 | 273.27 | 1.22 | 10.67 | 11.50 | 22.16 | 107.8 | 7.4 |
| | |||||||
| G11-468-15 | |||||||
| 272.38 | 272.57 | 0.19 | 11.35 | 10.85 | 22.20 | 199.0 | 11.4 |
| 273.26 | 273.80 | 0.54 | 8.16 | 23.30 | 31.46 | 170.0 | 10.5 |
| | |||||||
| G11-3552-03 | |||||||
| 218.76 | 219.20 | 0.44 | 13.65 | 8.49 | 22.14 | 93.9 | 8.9 |
| 280.56 | 281.29 | 0.73 | 31.40 | 7.25 | 38.65 | 160.0 | 24.4 |
| 285.12 | 286.05 | 0.93 | 8.20 | 8.87 | 17.07 | 81.9 | 6.5 |
| 291.62 | 291.80 | 0.18 | 24.00 | 3.12 | 27.12 | 397.0 | 12.4 |
| Note: continuous intervals shown as shaded meterage; '-' means sample gap; all other data (Zn, Pb, Ag) previously announced | |||||||
________________________
1 Derived from Trading Economics (tradingeconomics.com): CNY 16,950 per kg (13-Jan-2025)
2 US Geological Survey; Professional Paper 1802-I titled "Germanium and Indium" (Shanks III et al, 2017)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237261
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Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) is pleased to announce its participation at the upcoming New Orleans Investment Conference on Saturday, November 23rd at the Hilton New Orleans Riverside. Bart Jaworski, CEO of Group Eleven Resources Corp. will be doing an investor presentation and participating in 1-on-1 meetings with investors at the conference.
The New Orleans Investment Conference gathers some of the world's brightest and most successful analysts and investors. This year's event will highlight all major asset classes, including the zinc market.
About Group Eleven Resources Corp.
Group Eleven has made a significant zinc-lead-silver discovery in Ireland, approximately 12 miles away from Glencore's large and undeveloped Pallas Green zinc deposit. Group Eleven's largest shareholders are Glencore and Michael Gentile.
About The New Orleans Investment Conference
The New Orleans Investment Conference is the one place where the world's most sophisticated investors gather every year to discover new opportunities and strategies, exchange ideas, plan for the coming year and enjoy the camaraderie of like-minded individuals in America's most fascinating and entertaining city.
Headliners at the New Orleans Conference over the last 50 years have included Lady Margaret Thatcher, former President Gerald Ford, novelist Ayn Rand, General H. Norman Schwarzkopf, Nobel Prize-winning economists Milton Friedman and F.A. Hayek, Dr. Henry Kissinger, Senator Barry Goldwater, Admiral Hyman Rickover, Louis Rukeyser, Sir John Templeton, Lord William Rees-Mogg, Charlton Heston, Jeane Kirkpatrick, Robert Bleiberg, Jack Kemp, William F. Buckley, General Colin Powell, Ron Paul and J. Peter Grace, among hundreds of other notables.
This year's speakers line-up includes the likes of James Grant...George Gammon...Rick Rule...Danielle DiMartino Booth...Brent Johnson...Charles C.W. Cooke…Mary Katharine Ham…Jim Iuorio...Peter Boockvar...Jim Bianco...James Lavish...Adrian Day...Dave Collum...Alex Green...Bob Prechter...Tracy Shuchart...Avi Gilburt...Adam Taggart...Lawrence Lepard...Mark Skousen...Doug Casey...Tavi Costa...Peter Schiff…Lyn Alden…
...Chris Powell...Russ Gray...Robert Helms...Nick Hodge...Sean Brodrick...Lobo Tiggre...Scott McKay...Jennifer Shaigec...Mary Anne & Pam Aden...Dana Samuelson...Bill Murphy...David Morgan...Gary Alexander...Jeff Deist...Byron King…Albert Lu...Omar Ayales...Gerardo Del Real...Rich Checkan...Thom Calandra...and more, including Brien Lundin, host of this illustrious event.
Don't miss out. Register for the 50th Annual New Orleans Investment Conference by clicking here.
For additional information, please contact:
Group Eleven Resources Corp.
Bart Jaworski
0858332463
b.jaworski@groupelevenresources.com
www.groupelevenresources.com
News Provided by Newsfile via QuoteMedia
Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce results from latest five step-out holes of the 2024 drill program at the Company's 100%-owned Ballywire zinc-lead-silver discovery ("Ballywire"), PG West Project ("PG West"), Republic of Ireland.
Highlights:
"It is exciting to announce G11-3552-19 today as it represents the best hole drilled to date at Ballywire in terms of zinc-dominant massive sulphide," stated Bart Jaworski, CEO. "The hole intersected an interpreted true width of 8.7m of continuous massive sulphide grading an impressive 24% Zn+Pb - and at a relatively shallow depth of 200m. Altogether, today's results significantly expand the emerging flat-lying, zinc-rich massive sulphide zone at Ballywire to at least 360m along strike and 100-150m along dip. The massive sulphide zone is open and appears to be strengthening to the northeast, towards shallowing stratigraphy. Ongoing drilling is testing this area with two rigs. We look forward to providing further results as we continue our step-out drilling within the 2.6km corridor of robust mineralization drilled thus far and along our broader 6km long prospective trend."
Exhibit 1. Cross-Section A-A' of G11-3552-19, -21, -23 (100m Step-Out Distance) at Ballywire
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229885_ex1.jpg
Exhibit 2. Cross-Section B-B' of G11-3552-20 and -22 (50m Step-Out Distance) at Ballywire
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229885_ex2.jpg
Exhibit 3. Plan Map Showing Key New Drilling (G11-3552-19, -20, -21) at Ballywire
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229885_ex3.jpg
Exhibit 4. Emerging Massive Sulphide Zone and Upcoming Drill Results at Ballywire
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229885_79dde47c64f9a9b9_005full.jpg
Recent Holes from 2024 Drill Campaign at Ballywire Discovery
The Ballywire prospect at the Company's 100%-owned PG West Project in Republic of Ireland, is a new zinc-lead-silver discovery (first announced Sept-2022). In addition to 37 holes drilled and reported by Group Eleven to date, the most recent five step-out holes (G11-3552-19 to -23) of the 2024 program are reported today (see Exhibits 1 to 6).
High-grade mineralization from G11-3552-19, -20 and -21 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 and 2).
Overall, recent drilling suggests the emergence of two distinct styles of mineralization. First, relatively flat-lying zinc-rich massive sulphide lenses and second, 'other mineralization', dominated by variably dipping massive sulphides, as well as, vein-hosted and disseminated mineralization (see Exhibits 1-3). Both styles occur at or near the base of the Waulsortian Limestone and offer great exploration opportunities as drilling progresses.
Exhibit 5. Summary of Assays from G11-3552-19 at Ballywire
| Item | From | To | Int | Zn | Pb | Zn+Pb | Ag | Cu |
| G11-3552-19 | 199.69 | 200.40 | 0.71 | 13.95 | 1.65 | 15.60 | 31.6 | - |
| And | 200.40 | 201.15 | 0.75 | 5.32 | 0.14 | 5.46 | 26.0 | - |
| And | 201.15 | 201.73 | 0.58 | 5.35 | 0.31 | 5.66 | 18.6 | - |
| And | 201.73 | 202.55 | 0.82 | 20.50 | 0.53 | 21.03 | 60.4 | - |
| And | 202.55 | 203.46 | 0.91 | 21.00 | 6.32 | 27.32 | 62.1 | - |
| And | 203.46 | 204.38 | 0.92 | 20.70 | 11.75 | 32.45 | 83.1 | - |
| And | 204.38 | 205.33 | 0.95 | 19.35 | 7.31 | 26.66 | 91.9 | - |
| And | 205.33 | 206.23 | 0.90 | 29.60 | 7.77 | 37.37 | 95.7 | - |
| And | 206.23 | 206.90 | 0.67 | 32.20 | 2.59 | 34.79 | 80.1 | - |
| And | 206.90 | 207.72 | 0.82 | 16.05 | 7.19 | 23.24 | 121.0 | - |
| And | 207.72 | 208.38 | 0.66 | 17.45 | 6.22 | 23.67 | 269.0 | 0.26 |
| Weighted Avg | 194.50 | 209.84 | 15.34 | 11.36 | 3.14 | 14.50 | 55.5 | - |
| Incl. | 199.69 | 208.38 | 8.69 | 18.78 | 5.08 | 23.86 | 85.0 | - |
| Incl. | 203.46 | 206.90 | 3.44 | 24.90 | 7.70 | 32.59 | 88.2 | - |
| And | 230.00 | 230.82 | 0.82 | 1.40 | 2.13 | 3.53 | 370.0 | 0.73 |
| And | 235.62 | 237.10 | 1.48 | 0.31 | 2.06 | 2.37 | 261.0 | 0.47 |
Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m
Exhibit 6. Summary of Assays from G11-3552-20 to -23 at Ballywire
| Item | From | To | Int | Zn | Pb | Zn+Pb | Ag | Cu |
| G11-3552-20 | 254.55 | 263.75 | 9.20 | 3.59 | 1.23 | 4.82 | 17.6 | - |
| Incl. | 254.55 | 260.25 | 5.70 | 5.28 | 1.33 | 6.61 | 21.2 | - |
| Incl. | 259.14 | 260.25 | 1.11 | 21.00 | 5.78 | 26.8 | 78.4 | - |
| G11-3552-21 | 189.69 | 206.67 | 16.98 | 3.53 | 1.17 | 4.71 | 43.7 | - |
| Incl. | 199.67 | 206.67 | 7.00 | 6.17 | 1.89 | 8.06 | 92.8 | - |
| Incl. | 205.50 | 206.67 | 1.17 | 19.21 | 7.16 | 26.38 | 395.9 | 0.30 |
| G11-3552-22 | 222.81 | 235.78 | 12.97 | 0.95 | 0.15 | 1.11 | 3.0 | - |
| Incl. | 227.49 | 229.88 | 2.39 | 3.65 | 0.55 | 4.20 | 10.2 | - |
| Incl. | 228.40 | 229.88 | 1.48 | 4.47 | 0.81 | 5.28 | 14.2 | - |
| G11-3552-23 | 181.92 | 192.87 | 10.95 | 0.53 | 0.14 | 0.68 | 2.1 | - |
| Incl. | 184.64 | 185.59 | 0.95 | 1.85 | 0.68 | 2.52 | 8.1 | - |
Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m
Looking forward, two drill holes (G11-3552-24 and -25; see Exhibit 4) are in progress with results expected in due course. Exhibit 4 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 3) of significantly mineralized drill intercepts (open in all directions). A photo of the 8.7m interval of massive sulphide in G11-3552-19 will be put on Group Eleven's website (www.groupelevenresources.com).
Exhibit 7. Regional Gravity at Ballywire Showing 6km Long Prospective Trend
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229885_ex7.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.
Exhibit 8. Regional Map of PG West (100% Interest) and Stonepark (76.56% Interest)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229885_ex8.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.
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) (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:
The Company's two largest shareholders are Glencore Canada Corp. (17.1% interest) and Michael Gentile (16.5%). 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.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229885
News Provided by Newsfile via QuoteMedia
Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce results from latest five step-out holes of the 2024 drill program at the Company's 100%-owned Ballywire zinc-lead-silver discovery ("Ballywire"), PG West Project ("PG West"), Republic of Ireland.
Highlights:
"It is exciting to announce G11-3552-19 today as it represents the best hole drilled to date at Ballywire in terms of zinc-dominant massive sulphide," stated Bart Jaworski, CEO. "The hole intersected an interpreted true width of 8.7m of continuous massive sulphide grading an impressive 24% Zn+Pb - and at a relatively shallow depth of 200m. Altogether, today's results significantly expand the emerging flat-lying, zinc-rich massive sulphide zone at Ballywire to at least 360m along strike and 100-150m along dip. The massive sulphide zone is open and appears to be strengthening to the northeast, towards shallowing stratigraphy. Ongoing drilling is testing this area with two rigs. We look forward to providing further results as we continue our step-out drilling within the 2.6km corridor of robust mineralization drilled thus far and along our broader 6km long prospective trend."
Exhibit 1. Cross-Section A-A' of G11-3552-19, -21, -23 (100m Step-Out Distance) at Ballywire
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex1.jpg
Exhibit 2. Cross-Section B-B' of G11-3552-20 and -22 (50m Step-Out Distance) at Ballywire
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex2.jpg
Exhibit 3. Plan Map Showing Key New Drilling (G11-3552-19, -20, -21) at Ballywire
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex3.jpg
Exhibit 4. Emerging Massive Sulphide Zone and Upcoming Drill Results at Ballywire
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_f29723b1c4c7fb73_005full.jpg
Recent Holes from 2024 Drill Campaign at Ballywire Discovery
The Ballywire prospect at the Company's 100%-owned PG West Project in Republic of Ireland, is a new zinc-lead-silver discovery (first announced Sept-2022). In addition to 37 holes drilled and reported by Group Eleven to date, the most recent five step-out holes (G11-3552-19 to -23) of the 2024 program are reported today (see Exhibits 1 to 6).
High-grade mineralization from G11-3552-19, -20 and -21 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 and 2).
Overall, recent drilling suggests the emergence of two distinct styles of mineralization. First, relatively flat-lying zinc-rich massive sulphide lenses and second, 'other mineralization', dominated by variably dipping massive sulphides, as well as, vein-hosted and disseminated mineralization (see Exhibits 1-3). Both styles occur at or near the base of the Waulsortian Limestone and offer great exploration opportunities as drilling progresses.
Exhibit 5. Summary of Assays from G11-3552-19 at Ballywire
| Item | From (m) | To (m) | Int (m) | Zn (%) | Pb (%) | Zn+Pb (%) | Ag (g/t) | Cu (%) |
| G11-3552-19 | 199.69 | 200.40 | 0.71 | 13.95 | 1.65 | 15.60 | 31.6 | - |
| And | 200.40 | 201.15 | 0.75 | 5.32 | 0.14 | 5.46 | 26.0 | - |
| And | 201.15 | 201.73 | 0.58 | 5.35 | 0.31 | 5.66 | 18.6 | - |
| And | 201.73 | 202.55 | 0.82 | 20.50 | 0.53 | 21.03 | 60.4 | - |
| And | 202.55 | 203.46 | 0.91 | 21.00 | 6.32 | 27.32 | 62.1 | - |
| And | 203.46 | 204.38 | 0.92 | 20.70 | 11.75 | 32.45 | 83.1 | - |
| And | 204.38 | 205.33 | 0.95 | 19.35 | 7.31 | 26.66 | 91.9 | - |
| And | 205.33 | 206.23 | 0.90 | 29.60 | 7.77 | 37.37 | 95.7 | - |
| And | 206.23 | 206.90 | 0.67 | 32.20 | 2.59 | 34.79 | 80.1 | - |
| And | 206.90 | 207.72 | 0.82 | 16.05 | 7.19 | 23.24 | 121.0 | - |
| And | 207.72 | 208.38 | 0.66 | 17.45 | 6.22 | 23.67 | 269.0 | 0.26 |
| Weighted Avg | 194.50 | 209.84 | 15.34 | 11.36 | 3.14 | 14.50 | 55.5 | - |
| Incl. | 199.69 | 208.38 | 8.69 | 18.78 | 5.08 | 23.86 | 85.0 | - |
| Incl. | 203.46 | 206.90 | 3.44 | 24.90 | 7.70 | 32.59 | 88.2 | - |
| And | 230.00 | 230.82 | 0.82 | 1.40 | 2.13 | 3.53 | 370.0 | 0.73 |
| And | 235.62 | 237.10 | 1.48 | 0.31 | 2.06 | 2.37 | 261.0 | 0.47 |
Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m
Exhibit 6. Summary of Assays from G11-3552-20 to -23 at Ballywire
| Item | From (m) | To (m) | Int (m) | Zn (%) | Pb (%) | Zn+Pb (%) | Ag (g/t) | Cu (%) |
| G11-3552-20 | 254.55 | 263.75 | 9.20 | 3.59 | 1.23 | 4.82 | 17.6 | - |
| Incl. | 254.55 | 260.25 | 5.70 | 5.28 | 1.33 | 6.61 | 21.2 | - |
| Incl. | 259.14 | 260.25 | 1.11 | 21.00 | 5.78 | 26.8 | 78.4 | - |
| G11-3552-21 | 189.69 | 206.67 | 16.98 | 3.53 | 1.17 | 4.71 | 43.7 | - |
| Incl. | 199.67 | 206.67 | 7.00 | 6.17 | 1.89 | 8.06 | 92.8 | - |
| Incl. | 205.50 | 206.67 | 1.17 | 19.21 | 7.16 | 26.38 | 395.9 | 0.30 |
| G11-3552-22 | 222.81 | 235.78 | 12.97 | 0.95 | 0.15 | 1.11 | 3.0 | - |
| Incl. | 227.49 | 229.88 | 2.39 | 3.65 | 0.55 | 4.20 | 10.2 | - |
| Incl. | 228.40 | 229.88 | 1.48 | 4.47 | 0.81 | 5.28 | 14.2 | - |
| G11-3552-23 | 181.92 | 192.87 | 10.95 | 0.53 | 0.14 | 0.68 | 2.1 | - |
| Incl. | 184.64 | 185.59 | 0.95 | 1.85 | 0.68 | 2.52 | 8.1 | - |
Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m
Looking forward, two drill holes (G11-3552-24 and -25; see Exhibit 4) are in progress with results expected in due course. Exhibit 4 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 3) of significantly mineralized drill intercepts (open in all directions). A photo of the 8.7m interval of massive sulphide in G11-3552-19 will be put on Group Eleven's website (www.groupelevenresources.com).
Exhibit 7. Regional Gravity at Ballywire Showing 6km Long Prospective Trend
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex7.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.
Exhibit 8. Regional Map of PG West (100% Interest) and Stonepark (76.56% Interest)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex8.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.
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) (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:
The Company's two largest shareholders are Glencore Canada Corp. (17.1% interest) and Michael Gentile (16.5%). 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.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229882
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Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce that the board of directors has appointed Michael Gentile as a non-executive director of the Company.
Michael is considered one of the leading strategic investors in the junior mining sector, owning significant top five ownership stakes in over 20 small-cap mining companies.
He is currently a director of Northern Superior Resources (SUP), OnGold (ONAU) Radisson Mining Resources (RDS), Roscan Gold (ROS) and Solstice Gold (SGC), and a Strategic Advisor to Northisle Copper and Gold (NCX).
Michael recently co-founded Bastion Asset Management in January 2022, a rapidly growing money management firm in Montreal with over $425 million in assets under management, focused on small to mid-cap equities in the USA and Canada. Michael was previously a Vice President and Senior Portfolio Manager with Formula Growth Limited where he worked from 2002 to 2018.
"On behalf of the Company, we are delighted to welcome Michael to the board" stated Bart Jaworski, CEO. "Being the second largest shareholder of the Company, Michael has been, not only a very big supporter of Group Eleven over the last four years but also, an instrumental part in helping the Company grow its market audience and lower its cost of capital. This has significantly bolstered our funding abilities which were so critical in making the recent Ballywire discovery. Having Michael on the Board, will bring additional capital markets capability to the Company at a time when the Ballywire discovery is increasingly showing signs of a major new zinc discovery in Ireland."
Michael Gentile stated "I made my initial investment in Group Eleven in 2020, due to the fact that there was already over 50 million tonnes of zinc-equivalent resources in the camp and that there was a compelling geological picture that there was much more to discover, with Group Eleven holding a commanding land position and a strong technical team capable of unlocking its potential.
Over the past two years my conviction in the potential of Group Eleven has increased significantly due to the Ballywire discovery, which in my view has potential to be one of the most important new discoveries in Ireland over last 20 years.
Group Eleven is now very well positioned to take the Company to the next level and as the Company's second largest shareholder, holding over 16 percent of the shares in the Company, I look forward to helping do my part to ensure that Group Eleven realizes its full potential in the years ahead."
In accordance with the Company's Stock Option Plan, Mr. Gentile has been granted 150,000 incentive stock options with an exercise price of $0.19 per share, a vesting period of two years from the day of granting and an expiry of five years ("Options").
The Company also announces that, in addition to the above, it has granted Options to officers, employees and the remaining directors of the Company (14 individuals altogether) to purchase up to 1,785,000 common shares in the capital stock of the Company (on same terms as above). All Options granted are subject to regulatory approval. Separately, three non-executive directors of the board have each received 100,000 deferred share units ("DSUs") at a deemed price of $0.20 per DSU for services rendered in 2023. All currency in this news release is denominated in Canadian dollars.
About Group Eleven Resources
Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (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:
The Company's two largest shareholders are Glencore Canada Corp. (17.1% interest) and Michael Gentile (16.5%). 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
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. The words "will", "expect", "plan," "intend" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the use of funds from the warrant exercises, the drill campaigns at Ballywire and Carrickittle West and the extent of drilling at Ballywire in 2024.
Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risk that the Company will not be able to use proceeds from the warrant exercises as currently anticipated, risks related to general economic and market conditions; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; and changes in national and local government regulation of mining operations, tax rules and regulations.
Although Group Eleven has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Group Eleven undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228733
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What other factors impacted the zinc market last year? Read on to find out.
In the first half of 2024, the zinc market reacted to fallout from Q4 2023 production cuts.
An oversupply situation that drove prices down at the end of 2023 forced operators to curtail output, as high costs made production unsustainable. However, these cuts had little effect, and by the end of the first quarter, aboveground supplies at London Metal Exchange (LME) warehouses had surged to over 270,000 MT.
That supply/demand backdrop provided opportunities for some companies — in early April, Canada's Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) was able to strike a deal with Korea Zinc (KRX:010130) that will see Teck pay US$165 per MT for treatment charges — that's the lowest amount since 2021 and a 40 percent discount over 2023.
In Q2, a price run failed to maintain momentum, as the market lacked the fundamentals to sustain its rise.
“Risk-on investor buying led to a sharp rally in zinc prices in April and May, as bullish sentiment on future copper demand related to the energy transition and AI data centres boosted the LME basket of metals,” Helen O’Cleary, zinc market specialist with CRU Group, wrote to the Investing News Network at the time.
Higher zinc prices came alongside speculation of a US Federal Reserve interest rate cut and renewed hope that rule changes for the Chinese housing markets would boost zinc’s fortunes.
However, by the end of Q2, the Chinese housing market had failed to improve — in fact, the slowdown in the sector had accelerated, with the value of new home sales in July slipping 19.7 percent from the same period one year earlier.
A Fed rate cut also didn’t materialize, with the expectation of when it would happen pushed back to July and then September, when the central bank ultimately made a jumbo-sized 50 basis point cut.
Zinc price, H2 2024.
Chart via Trading Economics.
As H2 began, the price of zinc was US$2,928.50, slightly off its first-half high of US$3,139.50 set on May 21. The metal continued to decline as July wore, falling to its H2 low of US$2,581.50 on August 7.
The next two months saw zinc experience significant volatility. It reached a peak of US$2,943 on August 27, slipped back to US$2,712 on September 10 and then rebounded to a yearly high of US$3,198 on October 2.
Zinc remained rangebound above US$3,000 for much of Q4. It fell below that mark on November 8, but by November 25 it was once again trading above that level. Zinc ended the year at US$2,978.50 on December 31.
The most significant contributor to zinc's price rise in H2 was the lack of concentrate available to Chinese refiners, which are responsible for more than half the global supply of refined zinc. This resulted in increased competition, with some smelting operations reducing their treatment charges to under US$0 per MT.
Ultimately, 14 processors agreed to curtailments that would reduce their 2024 ore demand by nearly 1 million MT.
Despite the cuts, Reuters columnist Andy Home wrote at the end of August that the global refined zinc market was in surplus by 228,000 MT during H1, with much of that material finding its way to LME warehouses.
Also important in H2 were several large purchases of refined zinc from LME warehouses. Gains were fueled after 106,775 MT were removed from the LME network, leaving just 154,125 MT available, the lowest since November 2023.
At least some of the metal seemed destined for Trafigura, a leading trader and refiner of the metal, but the company declined to comment on the purchase. The move is reminiscent of Citi's (NYSE:C) zinc purchases from LME stockpiles during the second half of 2023 — the firm requested delivery of 40,000 MT of zinc at the time.
For now, the market remains weak on the demand side. More than half of refined zinc is used in the production of galvanized steel destined for the construction sector, which has been weak in China and Europe.
A raft of new stimulus measures in China have yet to affect the broader economy, and the country’s real estate sector is still reeling from the collapse of top construction firms.
Meanwhile, in Europe, the construction sector has been affected by the dual impact of high inflation and high interest rates. With the post-pandemic outlook coming into better balance, the industry is expected to rebound in 2025.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce that it has received $749,438 from recent warrant exercises and that it has expanded the ongoing drill program at the Company's 100%-owned Ballywire zinc-lead-silver discovery ("Ballywire") on the PG West Project ("PG West"), Republic of Ireland. All currency in this news release is denominated in Canadian dollars.
Since its announcement on August 28, 2024 stating that Group Eleven received $800,562 from the early exercise of 6,671,349 warrants (originally issued as part of a private placement which closed on July 30, 2020) each with an exercise price of $0.12 and expiring October 28, 2024 (the "Warrants"), the Company reports that it has since received a further $749,438 from the exercise of all remaining 6,245,318 Warrants. In total, the Company received proceeds of $1,550,000 from the exercise of 12,916,667 Warrants in 2024.
Additional funds from the warrant exercises will allow the current two-rig drill campaign at Ballywire to continue at full capacity well beyond the end of 2024. Drilling this year at Ballywire currently totals 6,589m (including 5,320m reported to date and five holes pending assay results), with the expected total for the year to range between 7,500m and 8,000m. The Company will aim to keep the pace of drilling at Ballywire at similar or increased levels in 2025.
"We sincerely thank our shareholders for their continued support" stated CEO, Bart Jaworski. "We are very pleased to be able to keep drilling at Ballywire through the end of this year and comfortably into 2025. It's been over two years since our discovery hole at Ballywire and the footprint and intensity of the mineralized system intersected to date continues go from strength to strength. With the recently announced robust massive sulphide zone emerging in the northeast, a lot more step-out drilling is yet to be done beyond our current 2.6km drilled corridor, along our 6km prospective trend. Drill progress at Ballywire continues to be on schedule and we look forward to providing the next drill results in the near term."
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.
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:
The Company's two largest shareholders are Glencore Canada Corp. (17.6% interest) and Michael Gentile (17.0%). 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
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. The words "will", "expect", "plan," "intend" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the use of funds from the warrant exercises, the drill campaigns at Ballywire and Carrickittle West and the extent of drilling at Ballywire in 2024.
Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risk that the Company will not be able to use proceeds from the warrant exercises as currently anticipated, risks related to general economic and market conditions; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; and changes in national and local government regulation of mining operations, tax rules and regulations.
Although Group Eleven has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Group Eleven undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228148
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