Group Eleven Drills 116.7m of 0.38% Cu and 21 g/t Ag (0.54% CuEq), including 44.7m of 0.82% Cu and 47 g/t Ag (1.16% CuEq), at Denison Prospect, PG West Project, Ireland
Group Eleven Drills 116.7m of 0.38% Cu and 21 g/t Ag (0.54% CuEq),
including 44.7m of 0.82% Cu and 47 g/t Ag (1.16% CuEq), at Denison
Prospect, PG West Project, Ireland
Vancouver, Canada, October 18, 2021 - Group Eleven Resources Corp. (TSX -V: ZNG; OTC: GRLVF; FRA:
3GE) (“Group Eleven” or the “ Company”) is pleased to announce that it has intersected a wide interval
of significant copper and silver mineralization at its Denison copper-silver prospect (“Denison”) within its
100%-owned PG West project (“ PG West ”), Ireland . The intercept confirms previously known
mineralization and in part expands the outer-boundary of its assayed lower-grade envelope.
Highlights:
• G11-4474-01 intersected 116.7m of 0.38% Cu and 21 g/t Ag (0.54% CuEq), including 44.7m of 0.82%
Cu and 47 g/t Ag (1.16% CuEq) (starting at 4.0m downhole; true width is estimated at 74%)
• The hole succeeded in confirming historically known mineralization and also expanded by 30-50m the
outer-boundary of the assayed lower-grade (0.16% CuEq) envelope now interpreted at this locality
• The area drilled is part of a historic estimate 1 (see footnote) with a strike length of over 600m and
hosting other historic intercepts such as 100.6m of 0.64% CuEq, 83.8m of 0.57% CuEq and 29.0m of
1.43% CuEq
• Besides copper-silver, Denison also hosts a nearby zinc target in the overlying Waulsortian limestone,
including two historic intercepts of 1.8m of 17.6% Zn, 5.1% Pb and 288 g/t Ag and 5.8m of 11.2% Zn,
1.3% Pb and 77 g/t Ag
• Regionally, Denison is located 25 km along the Pallas Green Corridor from Glencore’s Pallas Green
zinc deposit2; 6 and 12 km from the Company’s Ballywire and Carrickittle3 zinc prospects, respectively
• Denison is underexplored and under-conceptualized, especially with respect to the Company’s recent
experience elsewhere in the Limerick region – further exploration is warranted
• Group Eleven staked the Denison prospect in August 2019 when copper price was below US$2.60/lb
• At the Oola prospect, recent drilling returned anomalous cobalt (up to 0.11% Co over 0.69m)
“We’re delighted with this better -than-expected drill result at Denison which clearly illustrates the
prospectivity of the Pallas Green Corridor and specifically Group Eleven’s Denison, Tullacondra and
Gortdrum copper-silver prospects in the Limerick region ,” stated Bart Jaworski, CEO. “While the
Carrickittle and Ballywire zinc prospects remain our top priorities at the PG West project, we have now
confirmed that strong copper-silver mineralization can be spatially associated with Limerick zinc systems,
opening up significant new exploration opportunities for our shareholders.”
1 Denison historic estimate (Westland, 1988) totals 5.4 million tonnes grading 0.9% Cu and 41 g/t Ag (1.2% CuEq);
this historic estimate has not been verified as current mineral resources; none of the key assumptions, parameters
and methods used to prepare the historic estimate was 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 n ot done
sufficient work to classify it as a current mineral resource and the Company is not treating the historic estimates as
current mineral resources.
2 Resources and Reserves Report (Glencore, December 31, 2020) – 45.4 million tonnes of 7% Zn + 1% Pb (Inferred)
3 News release (Group Eleven, December 9, 2020) – 7.2m of 23.9% Zn, 6.6% Pb, 108 g/t Ag and 0.12% Cu
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Drilling at Denison Copper-Silver Prospect at PG West Project (100%-interest), Ireland
G11-4474-01 (collar azimuth of 360°, dip of -80° and depth of 203.0m) was located on the eastern side of
the Denison historic estimate3. Mineralization is contained within an area of approximately 600 metres in
strike length and occurring along an arc -shaped shear zone generally oriented in an east -west direction
(see Exhibit 1).
Exhibit 1. Plan Drill Hole Map of Denison Prospect, PG West Project (100% interest), Ireland
Note: “Zn-Pb (lower grade)” means either minor sphalerite (zinc mineral) and/or galena (lead mineral) was observed in core but
not assayed or was assayed but returned low levels (below 2.0% Zn and Pb combined over any interval) and in all cases (with one
minor exception), no assays were run for copper; “Zn-Pb (high-grade)” pertains only to holes 80-1 and 80-8
G11-4474-01 is the first hole drilled by Group Eleven at the Denison prospect (see Exhibit 1). The Company
also completed two short holes (49.0m and 41.0m deep, respectively) elsewhere (10 km away ) on the
Denison property to define local stratigraphy.
The key aim of G11-4474-01 was to (a) confirm presence of previously known mineralization (part of the
Denison historic estimate1); (b) provide physical core from the prospect (given almost no historic core
exists intact) and (c) identify the extent and characteristics of all mineralization (including structural
information from oriented core).
The hole succeeded i n the above objectives and intersected 116.7m of 0.38% Cu and 21 g/t Ag (0.54%
CuEq), including 44.7m of 0.82% Cu and 47 g/t Ag (1.16% CuEq) (starting near-surface at 4.0m downhole
depth; true width is estimated at 74%) . The intercept also expanded by 30-50m the outer -boundary of
the assayed lower-grade envelope (approx. 0.12% Cu and 5.4 g/t Ag or 0.16% CuEq) now interpreted at
this locality (see Exhibit 2 and 3 ). Mineralization predominantly consists of chalcopyrite, with lesser
bornite and tennantite. Malachite is relatively common along joint surfaces.
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Exhibit 2. Cross-Section Showing G11-4474-01 at Denison Prospect, PG West Project (100%), Ireland
The lower half of G11-4474-01 may contain some copper-silver mineralization given its proximity to the
shear zone and specifically higher -grade mineralization at the bottom of historic hole D -57 (see Exhibit
2). Note, visual identification of copper mineralization at Denison can be difficult due to the occurrence
of tennantite which is grey and often difficult to distinguish within the host rock. The Company plans to
assay the remainder of G11-4474-01 in due course.
Copper-silver mineralization is hosted mainly within the shear zone, but also as a lower -grade envelope
within the Ballysteen Limestone and several lower lithologies (see Exhibit 2). In addition to copper-silver
mineralization, the overlying Waulsortian Limestone is well preserved at Denison and hosts a number of
historic holes which intersected zinc, lead and silver (mostly without any visible copper). The highest zinc
grades were attained in hole 80/1 (1.83 m of 17.6% Zn, 5.1% Pb, or 22.8% combined, and 288 g/t Ag )
and hole 80/8 (5.79 m of 11.2% Zn, 1.3% Pb, or 12.5% combined, and 77 g/t Ag; see Exhibit 1).
A summary of assay results from G11-4474-01 is shown below (see Exhibit 3), while historic assays from
some of the strongest historic holes are shown in Exhibit 4.
From the Company’s experience at Carrickittle, Ballywire and other prospects in the Limeri ck region, it
appears possible that extensions of the mineralized EW-trending shear zone may exist at Denison, along
with other prospective fault orientations . In addition, the zinc-bearing zone is also compelling given its
extent, geometry and relationship with the Cu-Ag mineralization is not yet well established (note, the
high-grade zinc intercepts above bear similarities to those at Carrickittle ). Further work is warranted to
refine the Company’s exploration model.
Background Information on Denison Prospect, PG West Project (100%-interest), Ireland
Denison is located 25 km along the Pallas Green Corridor from Glencore’s Pallas Green zinc depos it, as
well as, 6 km and 12 km from the Company’s Ballywire and Carrickittle zinc prospects, respectively (see
Exhibit 5 ). The Denison prospect was discovered in 1965 (by Denison Mines Limited). Approximately
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18,430 metres were drilled at the prospect prio r to Group Eleven (1965 to 1988) by several operators,
predominantly at the historic estimate 1. The area was never mined and continues to be a greenfield
prospect.
Exhibit 3. Summary of Assay Results from G11-4474-01 at Denison Prospect, PG West Project
Item From To Interval Cu Ag CuEq m x %
m m m % g/t % CuEq
- 4.00 64.95 60.95 0.12 5.4 0.16 9.7
- 64.95 109.60 44.65 0.82 46.7 1.16 51.7
- 109.60 120.70 11.10 0.07 4.0 0.10 1.1
Wt. Avg. 4.00 120.70 116.70 0.38 21.1 0.54 62.5
Including 83.15 98.04 14.89 1.07 59.8 1.51 22.4
Including 83.15 83.93 0.78 1.50 95.0 2.19 1.7
and 87.33 88.04 0.71 1.56 75.0 2.10 1.5
Note: As a percent of the drilled interval, true thickness is estimated to be 74%; “CuEq” means copper-equivalent, combining Cu
and Ag into a single comparable number and is calculated from metal prices (US$) as follows: $3.00/lb Cu and $15.00/oz Ag
Exhibit 4. Several Key Historic Drill Intercepts from Denison Prospect, PG West (100%), Ireland
Hole ID From To Interval Cu Ag CuEq m x %
m m m % g/t % CuEq
Cross-Section
D-6 80.16 134.11 53.95 0.41 unk 0.41 22.0
Including 103.63 123.44 19.81 0.94 unk 0.94 18.6
D-9 39.62 209.09 169.47 0.34 9.53 0.41 69.2
Including 79.25 106.68 27.43 0.71 32.28 0.95 26.0
and 152.40 199.34 46.94 0.52 11.57 0.60 28.1
D-10 67.06 71.63 4.57 0.69 unk 0.69 3.2
Including 99.06 100.58 1.52 0.44 unk 0.44 0.7
Including 208.79 210.31 1.52 0.60 unk 0.60 0.9
D-57 164.59 211.84 47.24 0.394 15.59 0.51 24.0
Including 166.12 170.69 4.57 1.857 72.43 2.38 10.9
Including 202.69 211.84 9.14 0.835 40.83 1.13 10.4
Other
C-10 114.60 216.41 101.80 1.07 38.3 1.35 137.1
Including 132.89 204.83 71.93 1.32 49.5 1.68 120.9
D-29 182.88 283.46 100.58 0.52 17.20 0.64 64.6
Including 201.17 228.60 27.43 1.52 56.06 1.93 53.0
D-31 4.57 96.01 91.44 0.49 23.9 0.66 60.5
Including 4.57 80.77 76.20 0.56 27.8 0.76 58.0
D-51 48.77 132.59 83.82 0.49 10.14 0.57 47.4
Including 86.87 120.40 33.53 0.97 25.34 1.15 38.6
D-60 205.74 234.70 28.96 1.21 30.96 1.43 41.5
Including 222.50 233.17 10.67 2.54 63.40 3.00 32.0
Note: True thickness for the above holes is currently unknown; “CuEq” means copper -equivalent, combining Cu and Ag into a
single comparable number and is calculated from metal prices (US$) of $3.00/lb Cu and $15.00/oz Ag; “unk” means not assayed
Drill Results from the Oola and Croom Prospects, PG West Project (100% interest), Ireland
At the Oola Cu-Ag prospect (see Exhibit 5), one hole (G11-2840-23) was completed to a depth of 259.0m.
The hole tested below the Company’s hole drilled in 2017 ( G11-2840-02) which intersected a 24-metre
interval of intrusive dyke with numerous occurrences of galena, pyrite and local chalcopyrite , including
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0.45m of 0.34% Cu, 107 g/t Ag and 4.9% Pb . In preparation for drilling G11-2840-23, the Company re-
logged and assayed a deeper, previously unsampled, portion of G11-2840-02, returning 0.69m of 0.55%
Cu, 28 g/t Ag and 1140 ppm (0.11%) cobalt (within disseminated chalcopyrite and pyrite in limestone).
G11-2840-23 intersected the same intrusive dyke sequence as above (implying a nearly vertical dip) with
eight associated zones of mi neralization over a 53m downhole length. The zones varied in downhole
width from 0.14m to 0.60m and contained up to 77 g/t Ag, 0.37% Cu, 0.34% Pb and 0.93% Zn. Three of
these zones contain anomalous cobalt (310 ppm, 110 ppm and 107 ppm). The strongest single interval
was 0.14m of 0.37% Cu, 77 g/t Ag, 0.17% Pb and 107 ppm cobalt.
The Company views the above results as encouraging and follow -up in due course is warranted. At the
Croom prospect (see Exhibit 5), two holes were drilled (to depths of 103m and 195m) to define regional
stratigraphy. The implications of the holes within the structural setting of the area were significant,
pointing to a sizeable fault structure in the area. More work is warranted to further refine this prospect.
Exhibit 5. Location of Denison Copper-Silver Prospect at the Company’s PG West Project, Ireland
Notes to Exhibit 5: (a) Pallas Green MRE is owned by Glencore; (b) Stonepark MRE: please refer to the NI
43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland,
with an effective date of April 26, 2018 , as found on SEDAR ; (c) the historic estimate at Denison was
reported by Westland Exploration Limited in 1988, the historic estimate at Tullacondra was reported by
Munster Base Metals Ltd in 1973 and the historic estimate at Gortdrum was reported by G.M. Steed in
1986; these 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
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current mineral resource and the Company is not treating the historic estimates as curr ent mineral
resources.
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.
Quality Assurance/Quality Control (QA/QC) Information
Drill-core samples were prepared and assayed in the ALS Minerals Laboratory in Loughrea, Ireland.
Samples were fine-crushed (CRU-31) to 70% < 2mm and pulverized and riffle -split to 85% < 75 µm. Zinc,
lead and silver assays were obtained by multi-acid (4-acid) digestion/ICP-MS Package (48 Elements), with
ore-grade samples analysed using multi-acid ICP-AES. Analytical accuracy and precision are monitored by
the submission of 2 standards and 2 blanks inserted into the sample train of 122 samples by Group Eleven
personnel. ALS analysed 2 blanks, 14 duplicates and 7 standards as part of their internal QC procedures.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA: 3GE) is a mineral exploration company
focused on advance d stage zinc exploration in Ireland. 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
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, ref er 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.