Group Eleven Adding Two Advanced Copper-Silver Prospects to its Limerick Ground Position in Ireland
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Group Eleven Adding Two Advanced Copper-Silver Prospects to its
Limerick Ground Position in Ireland
Vancouver, Canada, April 22nd, 2020 – Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF; FRA: 3GE)
(“Group Eleven” or the “Company”) is pleased to announce that it is adding the Denison and Tullacondra
copper-silver prospects (“Denison” and “Tullacondra”) to its project pipeline in the Company’s flagship
Stonepark / PG West zinc-lead project area in Ireland. Following its corporate update announced yesterday,
the Company is bolstering its position in the Limerick basin by adding advanced copper-silver prospects,
closely linked geologically with zinc mineralization in the region. By exploring these complementary systems
in tandem, the Company aims to further increase the chances of large-scale exploration success.
Highlights
• Prospecting licenses (“PLs”) covering the Denison and Tullacondra copper-silver prospects in Ireland
have been ‘granted’ and ‘offered and accepted’1, respectively
• These PLs recently became available, coinciding with the downturn in the base metal market
• The additions complement the Company’s existing Gortdrum and Oola copper-silver prospects at the
PG West Project (located in the Limerick basin)
• Denison occurs directly along the Company’s Pallas Green Corridor and extends the corridor by
approximately five kilometres to the south (for a new corridor length of 25 kilometres)
• Tullacondra is located approximately 15 kilometres south of the Company’s PG West licenses
• Denison and Tullacondra host ‘historic estimates’ of copper-silver mineralization (see below)
• Mineralization is shallow and the properties host significant exploration potential
• Cobalt potential was recently identified at Tullacondra by the previous operator
“Group Eleven remains steadfastly focussed on exploring for zinc, however, copper-silver systems are
believed to represent the roots of the zinc-lead systems in the Limerick region,” stated Bart Jaworski, CEO.
“Exploring these complementary systems in tandem should pay dividends . We have been eyeing the
Tullacondra prospect for quite some time and we’re delighted to have this and Denison in our project
pipeline. Together with our Gortdrum project, these prospects represent all three of the known and
sizeable copper-silver systems of their kind in Ireland.”
Copper-Silver Prospects with Historic Estimates (and Cobalt Potential)
Group Eleven recently applied and was granted two new PLs adjacent to its Ballywire prospect at the
100%-owned PG West project (see Exhibit 1). The new licenses host the Denison copper-silver ‘historic
estimate’ (“Denison”) totalling 5.4 million tonnes of 0.9% copper and 41 g/t silver, including 2.8 million
tonnes of 1.2% copper and 47 g/t silver.
The historic estimate at Denison was report by Westland Exploration Ltd in 1988; the historic estimate
has not been verified as a current mineral resource ; n one of the key assumpt ions, parameters and
1 Group Eleven expects Tullacondra PLs to transition from ‘offered and accepted’ to ‘granted’ in 6-8 weeks
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methods used to prepare the historic estimate 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 estimate can be verified and upgraded to be compliant with current NI 43 -101 standards; a
Qualified Person has not done sufficient work to classify it as a current mineral resource and the Company
is not treating the historic estimate as a current mineral resource.
Exhibit 1. Denison and Tullacondra Prospects near Group Eleven’s Stonepark / PG West Projects, Ireland
Denison is located six kilometres southeast of the Ballywire zinc prospect, which interestingly also has a
historic intercept very elevated in both copper and silver (hole ’00 -468-5’ intersected 1.0 metres of 218
g/t silver and 0.87% copper, including 15 centimetres of 430 g/t silver and 1.80% copper2).
Two additional PLs were applied for by the Company and were recently ‘offered and accepted’1 by the
regulatory body responsible for mineral exploration in Ireland (‘Exploration and Mining Division’). These
PLs cover the Tullacondra prospect (“Tullacondra”), located approximately 15 kilometres south of the
Company’s PG West licenses. Tullacondra hosts an ‘historic estimate totalling 3.6 million tonnes grading
0.7% copper and 28 g/t silver including a stratiform silver-rich zone of 0.6 million tonnes grading 150
g/t silver and 0.7% copper.
The historic estimate at Tullacondra was reported by Munster Base Metals Ltd. in 1973; it has not been
verified as a current mineral resource ; none of the key assumptions, parameters and methods used to
prepare the historic estimate were reported and no resource categories were used ; s ignificant data
compilation, re-drilling and data verification may be required by a Qualified Person before the historic
2 News release (May 7th, 2019): “Intersects Significant New Mineralization Along Pallas Green Corridor”
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estimate can be verified and upgrade d to be compliant with current NI 43 -101 standards; a Qualified
Person has not done sufficient work to classify it as a current mineral resource and the Company is not
treating the historic estimate as a current mineral resource.
Interestingly, the silve r-rich zone at Tullacondra is hosted within an extensive haematite (iron oxide)
marker horizon which was shown in 2018 by the previous operators to be elevated in cobalt (XRF samples
of historic core yielded 8,000 ppm Co and 1,400 ppm Co).
Denison and Tullacondra are similar in style and size to the Company’s Gortdrum copper-silver project
(within the PG West property) which was mined as an open pit in the 1970s. Prior to mining, the historic
estimate at Gortdrum totalled 3.8 million tonnes grading 1.2% Cu and 25 g/t Ag.
The historical estimate at Gortdrum was reported in an IAEG (Irish Association for Economic Geology)
Paper by Steed in 1986; the historic estimate has not been verified as a current mineral resource; none of
the key assumptions, parameters and methods used to prepare the historic estimate 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 estimate can be verified and upgraded to be compliant
with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify it as a current
mineral resource and the Company is not treating the historic estimate as a current mineral resource.
Denison, Tullacon dra and Gortdrum (all within a 25 -kilometre radius) represent t he only known and
sizeable copper-silver prospects of their kind in Ireland. Each prospect represents relatively shallow
mineralization with a close spatial association (or suspected association) with volcanics and/or intrusives.
All three prospects have significant exploration upside. Gortdrum, for example, hosts a three-kilometre-
long strike-extension along the mineralizing fault where historic drilling has returned up to 7.6 metres of
0.93% copper and 19 g/t silver3.
Also noteworthy is the Oola silver-copper dyke swarm , consisting of 16 historic lodes and located
approximately five kilometres northwest of Gortdrum. The Oola area has a long history of silver and
copper mining dating back to the 1750’s and beyond, however, has never undergone systematic modern
exploration. From maps dating back to 1878, Group Eleven successfully located and completed first-ever
drilling (in mid-2017) on the most historically-worked dyke (Caunter Lode), intersecting a 24-metre thick
andesite dyke with numerous occurrences of galena, pyrite and local chalcopyrite, including a 1.5 metre
wide adit (no assays) and a n adjacent side-vein returning 0.45 metres of 107 g/t silver, 4.9% lead and
0.34% copper4. Immediate follow up work is warranted.
Qualified Person
Technical information in this news release has been approved by David Furlong, P.Geo., Chief Operating
Officer, and ‘Qualified Person’ as defined under Canadian National Instrument 43-101.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA: 3GE) is a mineral exploration company
focused on advanced stage zinc exploration in Ireland. The Company’s key project in Ireland is a 76.56%
interest in the Stonepark project (joint ventured wi th Arkle Resources plc) and a 100% interest in the
3 EMD report (September 21st, 1970) by Gortdrum Mines (Ireland) Ltd.
4 Management Discussion & Analysis (December 31 st, 2017)
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adjacent PG West Project, located near Limerick, next to one of the world’s largest undeveloped zinc
deposits: Pallas Green deposit.
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: [email protected] | T: +353-85-833-2463
E: [email protected] | T: +604-630-8839
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 o f
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.