Investor Insight
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.
Overview
Group Eleven Resources (TSXV:ZNG,OTC:GRLVF,FRA:3GE) is a Canadian mineral exploration company focused on unlocking value in Ireland’s world-class zinc districts. The company’s two flagship assets—PG West and Stonepark—are contiguous projects that together form the largest exploration land package in the Limerick region, a prolific and mining-friendly jurisdiction historically known for high-grade zinc deposits.
A game-changing development for Group Eleven is its 2022 Ballywire discovery, a high-grade, zinc-lead-silver system with recent assays also confirming elevated levels of germanium, a critical mineral used in semiconductors and green technologies. Ongoing drilling continues to expand the mineralized footprint and strengthen Ballywire’s profile as a potentially company-making asset.
Zinc is a critical metal for global infrastructure and plays an increasingly important role in grid-scale energy storage, particularly through zinc-air and zinc-ion battery technologies, emerging alternatives to lithium-based systems. With global refined zinc inventories at multi-decade lows and demand forecast to rise sharply alongside renewable energy adoption and infrastructure investment, Group Eleven is well-positioned to benefit from strong market tailwinds.
Ireland ranks among the top mining jurisdictions globally, offering a stable political environment, modern infrastructure, and a long history of successful zinc production, including the Tara mine—one of the world’s largest and longest-operating zinc mines. Ireland consistently receives high scores in the Fraser Institute’s Mining Investment Attractiveness Index.
Adding to Group Eleven’s investment appeal is a strong strategic partnership with Glencore, which holds a 16.1% ownership stake and a seat on the company’s board. This relationship provides not only technical expertise but also potential downstream and development synergies. Other major industry players, including South32 and Boliden, also maintain a strong presence in the region.
With a high-impact discovery, supportive commodity fundamentals, a Tier-1 jurisdiction, and backing from a major global miner, Group Eleven Resources offers investors significant exposure to zinc and critical minerals at a compelling valuation.
Company Highlights
- High-Grade Discovery at Ballywire: Group Eleven’s flagship Ballywire target in Ireland continues to deliver exceptional zinc-lead-silver (and germanium) results, with mineralization pierced over a 2.6 km strike length.
- New Copper Potential: Most recent drilling has demonstrated the presence of strong copper (up to 10.5 percent copper) and silver (up to 1880 g/t) grades over long intervals, pointing to a deeper copper target beneath the zinc horizon.
- Strong Strategic Backing by Glencore: Global mining leader Glencore is a key shareholder, holding a 16.1 percent stake in Group Eleven and maintaining board-level involvement. This partnership enhances technical collaboration and reflects strong confidence in the company’s assets and leadership.
- Tier-One Address in a Premier Zinc District: The company’s core PG West and Stonepark projects are located adjacent to Glencore’s Pallas Green deposit, one of the world’s largest undeveloped zinc resources.
- High-Impact Exploration at Carrickittle West: A compelling target within the Stonepark project, Carrickittle West exhibits strong geological parallels to Pallas Green.
- Infrastructure and Supportive Government: Ireland consistently ranks as a top-tier mining jurisdiction on the Fraser Institute’s Annual Mining Survey. It leads the world in zinc discovered per square kilometer, underscoring the region’s unmatched combination of zinc prospectivity and excellent infrastructure. The Irish government recently announced it would invest €30m into fast-tracking Irish mining projects.
Key Projects
PG West and Stonepark Projects
Group Eleven’s PG West and Stonepark projects form a dominant land package in the Limerick region of southwestern Ireland, covering over 350 square kilometres in a highly prospective zinc-lead-silver district. Strategically located within and around the Limerick Volcanic Complex, this region hosts Glencore’s world-class Pallas Green deposit—the second-largest zinc deposit discovered to date in Ireland, demonstrating the area’s exceptional mineral endowment.
Ballywire Discovery – A Major Zinc-Lead-Silver Breakthrough
At PG West, the company’s flagship Ballywire discovery, announced in September 2022, represents the most significant zinc exploration breakthrough in Ireland in more than a decade. Drilling to date has confirmed robust and continuous mineralization over a 2.6-kilometre strike length within a 6 km x 2 km prospective corridor. Importantly, all (but one) of the 52 holes drilled to date at Ballywire intersected mineralization, highlighting the consistency and scale of the system.
Ballywire features high-grade, flat-lying massive sulphide horizons. Notable intercepts include:
- 29.6 m grading 10.6 percent combined zinc and lead with 78 g/t silver, and
- 6.9 m grading 15.4 percent combined zinc and lead with 160 g/t silver.
Germanium (Ge) grades re-assayed from high-grade zinc intervals at Ballywire include up to 79.2 g/t, 71.7 g/t and 70.7 g/t, with the average of results in the 10-30 g/t Ge range. In May 2025, the company intersected the highest-grade silver intercept in Ireland over the last 60 years (by any operator) and similarly, one of the highest-grade Cu intercepts:
- 19.9m of 1.46 percent copper and 356 g/t silver, including
- 6.4m of 3.72 percent copper and 838 g/t silver, including
- 0.9m of 5.73 percent copper and 1880 g/t silver and
- 0.8m of 10.45 percent copper and 1215 g/t silver
The discovery hole and subsequent intercepts have revealed thick zones of high-grade mineralization with significant step-out success, especially towards the northeast, where intensity in both grade and thickness continues to build. With three rigs currently active, a strong treasury, and three of four gravity-high anomalies yet to be drill-tested, Ballywire is emerging as a potential Tier 1 zinc discovery.
Carrickittle West – A Pallas Green Analogue
Beyond Ballywire, Group Eleven is also advancing the Carrickittle West prospect located just a few kilometres from the Pallas Green deposit and is interpreted to be a geological analogue located on the southern margin of the same volcanic complex.
The company is targeting a large-scale system similar to Pallas Green (which hosts an inferred 45 million tonnes at 8.4 percent zinc + lead). The nearby Stonepark deposit, also within Group Eleven’s portfolio, contains an inferred resource of 5.1 million tonnes at 11.3 percent zinc and lead, further validating the region’s prospectivity. Success at Carrickittle West would deliver substantial strategic synergy within the broader Limerick zinc district.
Key Board and Management
Daniel MacInnis - Chairman and Director
Daniel MacInnis is the former president and CEO of MAG Silver, where he led one of the industry’s most successful exploration teams, credited with major discoveries including the Juanicipio/Valdecañas silver veins and the Cinco de Mayo mantos in Mexico. With over 40 years of global mineral exploration experience, he has managed multi-million-dollar programs for companies such as Noranda, Battle Mountain/Hemlo Gold, and Sargold Resources. His work spans gold and base metal discoveries in North America, Mexico, and Ireland, with proven expertise in exploration strategy, property acquisition, joint ventures, and operations. MacInnis previously served as a director of MAG Silver and chair of Balmoral Resources. He holds a B.Sc. in Geology from Saint Francis Xavier University and is an accredited corporate director.
Bart Jaworski – Chief Executive Officer
Bart Jaworski, based in Ireland, has been the chief executive officer and a director of Group Eleven Resources since its 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.
Brendan Cahill - Director
Brendan Cahill is a director and former president and CEO of Excellon Resources (2012–2022), a silver producer with operations in Mexico. He previously held senior roles with the Pelangio group, where he was instrumental in the Pelangio-Detour Gold merger and the acquisition of the Manfo Project in Ghana, leading to multiple gold discoveries. A former M&A lawyer at Davies Ward Phillips & Vineberg LLP, he advised on transactions totaling over $15 billion. Cahill is a member of the Law Society of Ontario and the Transplant Cabinet at University Health Network.
Alessandro Bitelli - Director
Alessandro Bitelli brings over 30 years of experience in the resource industry and public accounting across North America and Europe. Most recently, he served as executive vice president and CFO of Lundin Gold until his retirement in March 2023. He previously held the role of CFO at Red Back Mining, where he played a key role in its growth until its $9.2 billion acquisition in 2010. Between 2010 and 2016, he held senior financial roles with several other mining companies. Bitelli currently serves as an independent director at Montage Gold.
Franz Bollmann - Director
Franz Bollmann is finance manager at Glencore Zinc and a director of Glencore Servicios Corporativos Spain, with a focus on financial strategy and business development across the Latin American region. Since joining Glencore in 2014, he has held roles spanning finance, commercial operations, and M&A, and previously served as a director of Volcan Compañía Minera. Earlier in his career, he worked in sales and trading at Raymond James in the United States. Bollmann holds a degree in Finance with a minor in Mathematics from the University of Arkansas.
Michael Gentile - Director
Michael Gentile is a leading strategic investor in the junior mining sector, with top-five stakes in over 20 small-cap mining companies. He serves as a director of Northern Superior Resources, OnGold, Radisson Mining, Roscan Gold, and Solstice Gold, and advises Northisle Copper and Gold. He is the co-founder of Bastion Asset Management, managing over $425 million in small- to mid-cap equities. Previously, he was VP and senior portfolio manager at Formula Growth (2002–2018).
Jeannine Webb - Chief Financial Officer
Jeannine Webb is a Vancouver-based Chartered Professional Accountant with over 25 years of experience in the resource sector, specializing in financial leadership for mineral exploration companies. She currently serves as CFO of Northern Superior Resources Inc. and Abacus Mining & Exploration Corporation. Previously, she held CFO roles across multiple public and private exploration companies through Badger & Co. Management Corp., a provider of integrated financial, corporate, and geological management services.
David Furlong - Chief Operating Officer
David Furlong is a co-founding Director of Group Eleven Resources and currently serves as the company’s Chief Operating Officer, bringing over 22 years of experience in mineral exploration. From 2007 to 2014, he was general manager for projects at Rathdowney Resources, where he led exploration strategy and project execution. He specializes in the design and management of exploration programs across a range of deposit types. Furlong holds a B.Sc. (Hons) in Exploration and Mining Geology from the University of Wales and is a Professional Geologist (P.Geo) with the Institute of Geologists of Ireland.
Dr. Mark Holdstock - Project Manager
Mark Holdstock is a professional geologist with over 30 years of exploration experience, including roles with Noranda, Billiton, Outokumpu, Boliden, and Tara Mines. While at Tara, he led the discovery of the 20+ Mt SWEX extension to the world-class Navan Zn-Pb deposit in Ireland. An expert in carbonate-hosted zinc systems, he has authored several academic papers on the subject. Most recently, he served as managing director of Aurum Exploration Services in Ireland from 2005 until joining Group Eleven.
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Aerial view of the Matagami Mining Camp
