Group Eleven Welcomes Franz Bollmann to the Board of Directors

Group Eleven Welcomes Franz Bollmann to the Board of Directors

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce that Franz Bollmann has been appointed to the Board of Directors. Mr. Bollmann has been nominated by Glencore Canada Corporation (which owns 16.1% of the Company) and will replace Gatlin Smeijers, who has stepped down from the Board, effective March 31, 2025, to pursue another opportunity.

Bart Jaworski, CEO of Group Eleven, commented: "We are delighted to welcome Franz to the team and look forward to working with him to further grow shareholder value. On behalf of the Company, I would also like to thank Gatlin for his valuable insights and guidance during his tenure as director and wish him the very best on his new endeavour."

Mr. Bollmann currently serves as Finance Manager at Glencore Zinc and as a Director of Glencore Servicios Corporativos Spain. Mr. Bollmann joined Glencore in 2014, working across finance, commercial, and business development roles in the Latam region. He also served as a director of Volcan Compañia Minera. Prior to joining Glencore, Mr. Bollmann worked in sales and trading at Raymond James in the United States. He holds a degree in Finance and a minor in Mathematics from the University of Arkansas.

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 zinc-lead-silver discovery in September 2022. Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit1, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit2. 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.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.


1 Stonepark MRE is 5.1 million tonnes of 11.3% Zn+Pb (8.7% Zn and 2.6% Pb), Inferred (Apr-17-2018)
2 Pallas Green MRE is 45.4 million tonnes of 8.4% Zn+Pb (7.2% Zn + 1.2% Pb), Inferred (Glencore, Dec-31-2024)

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246842

News Provided by Newsfile via QuoteMedia

ZNG:CC
Group Eleven Resources

Group Eleven Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Group Eleven Resources (TSXV:ZNG)

Group Eleven Resources


Keep reading...Show less

High-grade zinc-lead-silver and germanium discovery in Ireland

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
Group Eleven Closes $2.5m Private Placement

Group Eleven Closes $2.5m Private Placement

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce it has closed its previously announced non-brokered private placement for gross proceeds of $2,500,000 (the "Offering") through the issuance of 13,157,894 units (each, a "Unit") sold at a price of $0.19 per Unit.

Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one additional common share at a price of $0.28 per common share for a period of two years from the date of issuance.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Group Eleven Announces Upsize of Private Placement to $2,500,000 from $1,500,000

Group Eleven Announces Upsize of Private Placement to $2,500,000 from $1,500,000

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce that further to its news release earlier today (February 18, 2025), it is increasing the size of its non-brokered private placement (the "Offering") from up to 7,894,736 units (the "Units") to up to 13,157,894 Units at a price of $0.19 per Unit for gross proceeds of $2,500,000. All currency in this news release is denominated in Canadian dollars.

Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable into one Common Share at a price of $0.28 per Warrant for a period of two years from the date of issuance.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Group Eleven Announces $1,500,000 Non-Brokered Private Placement, Including Participation from Michael Gentile

Group Eleven Announces $1,500,000 Non-Brokered Private Placement, Including Participation from Michael Gentile

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce a non-brokered private placement (the "Offering") for gross proceeds of up to $1,500,000 comprising of up to 7,894,736 units (each, a "Unit") at a price of $0.19 per Unit. All currency in this news release is denominated in Canadian dollars.

Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable into one Common Share at a price of $0.28 per Warrant for a period of two years from the date of issuance.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Group Eleven Intersects 15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu, incl. 3.5m of 21.3% Zn+Pb, 395 g/t Ag and 0.73% Cu at Ballywire; Silver and Copper Values Continue to Impress

Group Eleven Intersects 15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu, incl. 3.5m of 21.3% Zn+Pb, 395 g/t Ag and 0.73% Cu at Ballywire; Silver and Copper Values Continue to Impress

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce results from the latest two holes of 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:

  • G11-3552-27 intersected (from 213.0m):
    • 24.8m of 8.1% Zn+Pb (5.8% Zn and 2.3% Pb), 80 g/t Ag and 0.12% Cu, including
    • 15.6m of 11.6% Zn+Pb (8.3% Zn and 3.3% Pb), 122 g/t Ag and 0.19% Cu, including
    • 6.6m of 16.7% Zn+Pb (11.1% Zn and 5.7% Pb), 240 g/t Ag and 0.42% Cu, including
    • 3.5m of 21.3% Zn+Pb (13.3% Zn and 8.0% Pb), 395 g/t Ag and 0.73% Cu
    • Located in middle of 270m gap between two previously released drill fences
  • G11-3552-25 intersected (from 187.2m):
    • 16.2m of 2.8% Zn+Pb (2.1% Zn and 0.7% Pb) and 8 g/t Ag, including
    • 4.6m of 7.4% Zn+Pb (5.6% Zn and 1.8% Pb) and 21 g/t Ag, including
    • 1.9m of 12.9% Zn+Pb (9.6% Zn and 3.3% Pb) and 39 g/t Ag
    • Located 50m NNW from G11-3552-27
  • Above results confirm the extent of the recently announced flat-lying zone of zinc-rich massive sulphide lenses at least 360m along strike and remaining open to the NE
  • Massive sulphide zone is pierced by G11-3552-27 and seven previously released holes, of which three are referenced below:
    • G11-3552-12: 29.6m of 10.6% Zn+Pb and 78 g/t Ag (released 11-Jun-24)
    • G11-3552-18: 11.8m of 11.6% Zn+Pb and 48 g/t Ag (released 22-Oct-24)
    • G11-3552-19: 15.3m of 14.5% Zn+Pb and 56 g/t Ag (released 14-Nov-24)
  • 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

"It is great to see the NE massive sulphide zone now consistently intersected by eight high-grade holes over a strike length of 360m and open to the NE," stated Bart Jaworski, CEO. "Excellent silver and significant copper values are also noteworthy because they increasingly point to a stratigraphically deeper horizon known to be highly prospective for copper and silver in this part of Ireland. Namely, the Gortdrum Cu-Ag mine, active in the 1960s and 70s, is located 10km NE of Ballywire, whereas, the Denison and Tullacondra Cu-Ag historic occurrences are 5km SE and 45km SW of Ballywire, respectively. A deeper Cu-Ag horizon at Ballywire is one of our key targets for 2025.

Our two other key targets include: (i) exploration drilling along strike from the drilled 2.6km-long discovery area towards the encompassing 6km long prospective trend and (ii) up and down dip from the discovery trend in search of parallel zones of mineralization. We eagerly await results from drilling down dip of today's results and along the NE extension."

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/239839_figure1_550.png

Exhibit 1. Cross-Section A-A' of G11-3552-25, -27 (Filling In 270m Gap Between Fences) at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/239839_figure1.png

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/239839_figure2_550.png

Exhibit 2. Plan Map Showing Key New Drilling (G11-3552-25, -27) at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/239839_figure2.png

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/239839_5ca5f11594e49b67_004.jpg

Exhibit 3. 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/5685/239839_5ca5f11594e49b67_004full.jpg

Recent Holes from 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 42 holes drilled and reported by Group Eleven to date, the most recent two holes (G11-3552-25 to -27) are reported today (see Exhibits 1 to 6). Note, a second batch of assays totalling over 50m within G11-3552-27 is still pending.

High-grade mineralization from G11-3552-25 and -27 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 4. Summary of Assays from G11-3552-25 and -27 at Ballywire

ItemFrom
(m)
To
(m)
Int
(m)
Zn
(%)
Pb
(%)
Zn+Pb
(%)
Ag
(g/t)
Cu
(%)
G11-3552-25187.15203.3516.202.140.692.838.00 -
Incl.187.15195.518.363.591.114.7014.49 -
Incl.190.87195.514.645.591.827.4120.97 -
Incl.192.69194.601.919.593.3212.9239.19 -
G11-3552-27213.00237.8124.815.842.288.1180.40.12
Incl.219.42235.0615.648.303.2811.59122.10.19
Incl.219.42222.212.7915.573.7719.3592.790.03
And228.51235.066.5511.065.6516.71240.00.42
Incl.230.36233.903.5413.268.0121.27395.10.73


Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval

Overall, recent drilling suggests the emergence of two distinct styles of mineralization. First, relatively flat-lying zinc-rich massive sulphide lenses and second, 'other high-grade 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.

Looking forward, seven (7) drill holes (G11-3552-24, -26, -28 and 29 to -32; see Exhibit 3) are in progress with results expected in due course. Exhibit 3 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 2) of significantly mineralized drill intercepts (open in all directions). 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 5).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/5685/239839_figure5_550.png

Exhibit 5. Regional Gravity at Ballywire Showing 6km Long Prospective Trend

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/239839_figure5.png

Notes to Exhibit 6: (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/5685/239839_figure6_550.png

Exhibit 6. Regional Map of PG West (100% Interest) and Stonepark (77.64% Interest)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/239839_figure6.png

Note: Two westernmost prospecting licenses were surrendered in December 2024 from the Stonepark Project, reflecting decreasing prospectivity and the Company's preference to focus on core prospects (Ballywire and Carrickittle West)

Consultant

The Company has engaged ProConsul Capital Ltd. ("ProConsul") to provide investment marketing consulting services (the "Services") commencing February 6th, 2025. In consideration for the Services, the Company will pay a fee of C$6,000/month and has agreed to grant stock options to ProConsul, the number and terms of which stock options will be determined at a later date. The agreement is subject to TSX Venture Exchange acceptance and renewable on a month-to-month basis unless terminated by either party on 30 days written notice.

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) 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 deposit1, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit2. 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.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Canadian Investment Regulatory Organization Trade Resumption - LUM

Canadian Investment Regulatory Organization Trade Resumption - LUM

Trading resumes in:

Company: Lumina Gold Corp.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Lumina Gold Announces Acquisition by CMOC for C$581 Million

Lumina Gold Announces Acquisition by CMOC for C$581 Million

Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) (the "Company" or "Lumina") and CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited (collectively "CMOC"), both of which are arm's length to the Company, are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement"), pursuant to which CMOC will acquire all of the issued and outstanding common shares of Lumina (the "Lumina Shares"), in exchange for C$1.27 per Lumina Share (the "Consideration") in an all-cash transaction by way of a plan of arrangement (the "Transaction"). The Consideration represents total equity value of approximately C$581 million on a fully diluted basis.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Lumina Gold Announces US$3.1 million Wheaton Precious Metals Draw and Amendment to the PMPA

Lumina Gold Announces US$3.1 million Wheaton Precious Metals Draw and Amendment to the PMPA

Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) (the "Company" or "Lumina") is pleased to announce that under the previously announced US$300 million precious metals purchase agreement (the "PMPA") with Wheaton Precious Metals International Ltd., a wholly owned subsidiary of Wheaton Precious Metals Corp. ("Wheaton"), the Company has drawn the final installment of US$3.1 million (the "Final Installment") from the Early Deposit (as defined in the PMPA). The draw is related to specific pre-construction acquisition transactions. Wheaton has now advanced a total of US$48 million to Lumina. The remaining US$252 million under the PMPA will be advanced once specific conditions allowing for the start of construction have been met.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Forte Minerals Engages Trion Communications GmbH for European Investor Awareness

Forte Minerals Engages Trion Communications GmbH for European Investor Awareness

Forte Minerals Corp. ("Forte" or the "Company") ( CSE: CUAU ) ( OTCQB: FOMNF ) ( Frankfurt: 2OA ) is pleased to announce its engagement of Trion Communications GmbH ("Trion") to provide investor relations and communication services in the German-speaking markets effective April 1, 2025 in accordance with Canadian Securities Exchange ("CSE") policies.

Trion Communications GmbH will support Forte in enhancing visibility among investors in Germany, Austria, and Switzerland. Their role includes distributing company news, translating shareholder communications, coordinating editorial placements in German financial publications, and fielding investor inquiries via multiple channels.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Cygnus intersects new high-grade gold, plus visible gold* identified in subsequent holes

Cygnus intersects new high-grade gold, plus visible gold* identified in subsequent holes

Chibougamau Copper-Gold Project, Canada

HIGHLIGHTS:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Group Eleven Resources

Group Eleven Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×