Group Eleven Announces Maiden Inferred Mineral Resource at Stonepark of 5.3Mt at 11.15% Zn+Pb; Open Along and Across Strike
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Group Eleven Announces Maiden Inferred Mineral
Resource at Stonepark of 5.3Mt at 11.15% Zn+Pb;
Open Along and Across Strike
Vancouver, B.C., April 17, 2018 – Group Eleven Resources Corp. (“ Group Eleven ” or the
“Company”) is pleased to announce a maiden independent Mineral Resource estimate at its Stonepark
zinc project in Ireland, of 5.3 million tonnes grading 11.15% Zn+Pb combined (8.55% zinc and 2.60%
lead) in the Inferred Mineral Resource category (prepared in ac cordance with CIM guidelines; see
Exhibit 1). The Mineral Resource estimate was prepared by CSA Global (UK) Ltd. (“CSA Global”) under
contract to SLR Consulting Ireland (“SLR”) and was based on dri lling conducted by Teck Resources
Limited (the previous operator) from 2007 to 2011.
The deposit is relatively shallow (occurring at depths ranging from 190m to 395m) and consists of flat-
lying, stratiform (1.0 to >7.5m thick) lenses of massive to sem i-massive sphalerite, galena and pyrite
hosted in thick (10 to >75m) hydrothermal alteration bodies (pr imarily black matrix breccia, or “BMB”)
within the Waulsortian limestone. SLR and CSA Global comment that the Mineral Resource is open
along and across strike and recommend additional step-out drilling to potentially augment t he
resource base.
Exhibit 1. Summary table of maiden Mineral Resource at Stonepark zinc project, Ireland
Note: See Exhibit 2 for additional notes regarding Mineral Resource reporting parameters and assumptions.
“This maiden Mineral Resource marks a significant milestone for Group Eleven as it demonstrates not
only very attractive grades in a global context, but also signi ficant tonnage from an Irish perspective.
Past producing Irish zinc mines, Tynagh and Galmoy, for example, were about 10 million tonnes in size”
stated Bart Jaworski, CEO.
“At Stonepark, the relatively continuous and shallow nature of the Mineral Resource is particularly
interesting given its immediate proximity to Glencore’s Pallas Green deposit – one of the largest
undeveloped zinc deposits in the world. Pallas Green is substantially deeper than Stonepark. With the
Stonepark resource still open along and across strike, five com pelling regional targets within a 10km-
radius of the Stonepark resource and several other targets on our adjacent PG West property, we view
the maiden Mineral Resource at Stonepark as only an initial ste pping stone towards unlocking the full
potential of the Limerick Basin. The upcoming Tellus airborne survey over the Limerick and Silvermines
region will be especially critical in helping to narrow down pr ospective structural corridors and greatly
advance our regional ‘Big Think’ initiative.”
Further Details on Stonepark Mineral Resource Estimate and Regional Targets
The Stonepark Mineral Resource estimate is contained within thr ee main zones – Stonepark North,
Stonepark West and Stonepark (see Exhibit 2 and 3). The bulk of the tonnage lies in the high-grade
Stonepark North body which contains 4.0 million tonnes grading 11.95% Zn+Pb (9.10% zinc and
2.86% lead) and lies 190m to 240m below surface. The Mineral Re source was based on 88 diamond
drill holes totalling 37,270m.
Resource Category Tonnes
('000) Zn (%) Pb (%) Zn+Pb (%) Zn ('000) Pb ('000) Zn+Pb ('000)
Inferred 5,300 8.55 2.60 11.15 990,000 301,300 1,291,300
Grades Metal Content (pounds)
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Exhibit 2. Zones comprising maiden Mineral Resource at Stonepark zinc project, Ireland
Notes:
Classification of the MRE was completed based on the guideline s presented by Canadian Institute for Mining (CIM),
adopted for Technical reports which adhere to the regulations defined in Canadian National Instrument 43-101 (NI 43-
1 0 1 ) .
Effective date as at 15 March, 2018.
The estimation method used was ‘ordinary kriging’.
Inferred Mineral Resources are at 4.5% zinc equivalent cut-off grade.
Zinc Equivalent (ZnEq) = (NSRPb+NSRZn+Mc+Pc)/(RZn*PZn*(PrZn-Sc Zn)-RZn*PZn*PrZn*(RoyZn/100))
ZnEq cut-off grade (calculated from Net Smelter Return) using the following parameters:
o Zinc price of US$3,284/t, recovery 88%; Lead price of US$2,425 /t, recovery 80%
o Concentrate grade 14.2% zinc, 4% lead
o Processing cost of US$21.25/t; Mining cost of US$46.50/t; Trea tment charges of US$1.00/t of concentrates
o Payable zinc 85%, lead 96%, with selling cost zinc US$1,162/t metal and lead US$796/t metal
o Royalty of 4.5%
The Mineral Resource estimates are not considered to be materi ally affected by any known environmental, permitting,
legal, title, taxation, socio-economic, marketing or political, factors.
Average silver grade for the Inferred Mineral Resource is 1.97 g/t.
The Inferred Mineral Resource classification is based on geolo gy, trends in mineralisation, drilling spacing, sampling
QA/QC, estimation search pass number and number of samples, and zinc equivalent grade.
Tonnages and metal are rounded to the nearest 100,000 to refle ct this as an estimate.
Average In Situ Dry Bulk Density for mineralised material is 3 .24 t/m3, based on available data.
Mineralisation wireframes were constructed using a minimum tru e thickness of 2.0 m, at 2% Zn+Pb natural cut-off.
Exhibit 3. Stonepark areas, regional targets and Glencore’s Pallas Green deposit, Ireland
Source: Group Eleven Resources Corp. and Blaney & Redmond (2015)
Area Resource Tonnes
Category ('000) Zn (%) Pb (%) Zn+Pb (%) Zn ('000) Pb ('000) Zn+Pb ('00 0)
Stonepark North Inferred 4,000 9.10 2.86 11.95 794,700 249,600 1,044,30 0
Stonepark West Inferred 900 6.82 2.22 9.04 130,900 42,500 173,400
Stonepark Inferred 400 6.98 0.99 7.97 64,500 9,100 73,600
Total 5,300 8.55 2.60 11.15 990,000 301,300 1,291,300
Grades Metal Content (pounds)
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CSA Global states that the Stonepark deposit shows reasonable continuity of mineralisation within well-
defined geological constraints. Drill holes are located at a no minal spacing of 100m on 100m sections
extending out to 150m. The drill spacing is sufficient to allow the geology and mineralisation zones to
be modelled into coherent wireframes for each domain. Reasonabl e consistency is evident in the
orientations, thickness and grades of the mineralised zones.
Regional targets on the remainder of the Stonepark property consist of Crecora, Rockfield, Rochestown,
Rathmore and Limerick South (see Exhibit 3). On Group Eleven’s adjoining PG West property (100%
interest; over 1,000 sq km), the most advanced regional targets thus far consist of Carrickittle/Oola,
Tipperary and NewcastleWest. As previously announced, Group Eleven is participating in an upcoming
Tellus airborne survey (24,700 line km / Magnetics, EM and Radi ometrics / starting May 2018), which
will cover the Company’s Stonepark/PG West and nearby Silvermines properties.
The Stonepark project is a joint venture between Group Eleven ( 76.56% interest) and Connemara
Mining Company plc (23.44% interest; trading symbol: CON-AIM). The updated NI 43-101 technical
report on the Stonepark project will be published and submitted to SEDAR within 45 days.
Adjacent Deposit – Glencore’s Pallas Green
The Pallas Green deposit is located approximately 1km to the east of Group Eleven’s Stonepark project
( s e e E x h ib i t 3 ) . A s p e r G le n c o re ’ s R e s o ur c e s & R e s e r v e s r e po r t (dated December 31 st, 2017), the
Pallas Green deposit contains an Inferred Mineral Resource totalling 44.2 million tonnes grading 8.4%
Zn+Pb (7.2% zinc and 1.2% lead), up year-over-year from 44.0 million tonnes grading 8.0% Zn+Pb
(7.0% zinc + 1.0% lead). The deposit occurs over an area 4,000m by 4,000m, and from 300m to 1,300m
below surface. The resource estimate is based on 392,000m of diamond drillin g in 775 drill holes
completed between 2002 and the end of 2017. Drill spacing is nominally 100m, but 178 infill drill holes
at 50m spacing have been completed. Drilling resumed at Pallas Green in May 2017, following
suspension in July 2014. New drilling totalled 15,060m in 23 dr ill holes. All but two of these were
directional cuts from existing drill holes for a total of 28,350m of effective drilling. All drill holes continued
a 100m spaced program aimed at basic delineation of the Caherli ne Zone, which was discovered in
2012. The Caherline Zone is deeper than the rest of the resource estimate, but has better than average
grade, presently 9.9 million tonnes grading 10.1% Zn+Pb (8.7% zinc and 1.4% lead).
Update on Drilling
Group Eleven’s ongoing initial phase drill program is progressing well. At Stonepark, drilling began last
week. The Company intends to release results from Ballinalack and Stonepark drilling over the next few
weeks upon completion of logging, sampling and assaying of core.
Appointment of Mark Holdstock – Project Manager
The Company is pleased to announce the appointment of Dr Mark H oldstock as Project Manager,
reporting to David Furlong, COO. Mark is a Professional Geologi st with over 30 years exploration
experience including Noranda, Billiton, Outokumpu, Boliden and Tara Mines. At Tara, Mark led the team
that discovered the 20Mt+ SWEX extension to the world class Nav an Zn-Pb orebody in Ireland. Mark
has published a number of academic papers on carbonate-hosted z inc deposits. Most recently, Mark
was Managing Director at Ireland-based Aurum Exploration Services, a position he held since 2005.
Frankfurt Listing and Market Maker
Group Eleven recently commenced trading on the Frankfurt Stock Exchange under the symbol “EG3”.
In conjunction with this listing, the Company has entered a mar ket-making agreement with ACON
Actienbank AG, based in Munich, Germany. In consideration for t he services provided, the Company
has agreed to pay a semi-annual fee in the amount of 12,000 Euros plus value-added tax (if applicable).
Group Eleven and ACON are unrelated and unaffiliated entities. ACON has no interest, directly or
indirectly, in the Company or its securities, or any right or intent to acquire such an interest. The capital
and securities required for any trade undertaken by ACON as principal will be provided by ACON.
Qualified Person
Dr Belinda van Lente, a Qualified Person as defined by NI 43-10 1, independent of the Company, has
reviewed and approved the scientific and technical information as related to the preparation and
reporting of the maiden Mineral Resource set out in this news r elease. Dr van L en te is a reso ur ce
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geologist with over 13 years of industry experience, both in a consulting and production environment.
Her experience includes Mineral Resource Estimates and audits o n various commodities. She has
extensive experience in the practical application of estimation methods, standards and procedures used
in the creation and declaration of Mineral Resource estimates a nd is a Member of the Geological
S o c i e t y o f S o u t h A f r i c a ( G S S A ) a n d t h e S o u t h A f r i c a n C o u n c i l f or Natural Scientific Professions
(SACNASP).
Quality Assurance / Quality Control (QA/QC)
CSA Global’s Qualified Person has reviewed the QA/QC data and c onsiders the data to be fit-for-
purpose to support reporting of a Mineral Resource in accordance with NI 43.101.
About Group Eleven Resources
Group Eleven Resources Corp. (TSXV-ZNG) is focused on zinc exploration in Ireland. The Company’s
large land package (99 prospecting licenses totalling 3,200 square kilometres) allows Group Eleven to
leverage new geological thinking and geophysical technology to systematically rethink key aspects of
the Irish zinc district. Key projects include Ballinalack (with Joint Venture partner Nonfemet), Stonepark
(with Joint Venture partner Connemara Mining), Silvermines and Tralee. The Company’s team includes
accomplished mining professionals with direct experience in fin ding mines, building companies and
exploring Irish zinc deposits.
Additional information about the Company is available at www.groupelevenresources.com.
For more information, please contact:
Group Eleven Resources Corp.
Bart Jaworski, P.Geo.
Chief Executive Officer & Director
E: [email protected] | T: +353-85-833-2463
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
release.
Cautionary Note Regarding Adjacent Property Information
This press release contains statements regarding the Pallas Gre en Mineral Resource estimate by
Glencore plc. Such statements are obtained from publicly availa ble sources and are provided for
informational purposes only. The results within the report refe renced are not meant to be indicative of
the results and findings of the Company’s Stonepark property.”
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within t he meaning of applicable securities
legislation. Such statements include, without limitation, state ments regarding the future results of
operations, performance and achievements of the Company, includ ing the timing, content, cost and
results of proposed work programs, the discovery and delineatio n of mineral deposits/resources/
reserves and geological interpretations. Although the Company b elieves that such statements are
reasonable, it can give no assurance that such expectations wil l 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 thei r 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 d iffer materially from those in forward
looking statements as a result of various factors, including, b ut 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 miner al properties, and particularly the
technical report entitled “NI 43-101 Independent Report on the Zinc-Lead Exploration Project at
Stonepark, Co. Limerick, Ireland” with an effective date of November 20, 2017 by John Kelly and Paul
Gordon (SLR Consulting Ireland) with respect to the Stonepark Property.