Sign up Australia
Proactive Investors - Run By Investors For Investors

Group Eleven Resources hails maiden resource for Stonepark project of 5.3mln tonnes at 11.15% zinc and lead

The report was prepared by CSA Global under contract to SLR Consulting Ireland ...
Zinc in periodic table
The bulk of the tonnage lies in the Stonepark North orebody which contains 4mln tonnes grading 11.95% zinc, said the firm

Group Eleven Resources Corp (CVE:ZNG) has welcomed a maiden resource for its StonePark zinc project in Ireland, which showed attractive grades and tonnage.

The report was prepared by CSA Global under contract to SLR Consulting Ireland and was based on 88 diamond holes carried out by Teck Resources, which was the previous operator from 2007 to 2011.

WATCH: Group Eleven Resources: Stone Park in Ireland has 'sprung into life'

The estimate is 5.3mln tonnes at a grade of 11.15% zinc and lead combined (8.55% zinc and 2.60% lead) in the lower confidence inferred category.

The bulk of the tonnage lies in the high-grade StonePark North orebody which contains 4mln tonnes grading 11.95% zinc and lead (9.10% zinc and 2.86% lead) and lies 190m to 240m below surface.

"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 significant tonnage from an Irish perspective.

StonePark is a joint venture between Group Eleven, which has 76.56% and Connemara Mining plc (LON: CON), which has a 23.44% stake.

"Past producing Irish zinc mines, Tynagh and Galmoy, for example, were about 10mln tonnes in size" said Bart Jaworski, chief executive.

"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.

Jaworski continued: "Pallas Green is substantially deeper than Stonepark.

"With the Stonepark resource still open along and across strike, five compelling 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 stepping 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 prospective structural corridors and greatly advance our regional 'Big Think' initiative."

The Stonepark mineral resource estimate is contained within three main zones - Stonepark North, Stonepark West and Stonepark.

Group Eleven also updated on drilling, with the ongoing initial phase progressing well.

At Stonepark, drilling began last week, and the firm intends to release results from Ballinalack and Stonepark over the next few weeks upon completion of logging, sampling and assaying of the core.

Also, on Tuesday, the firm announced the appointment of Dr Mark Holdstock as project manager, reporting to chief operating officer David Furlong.

Shares eased 9% to C$0.15.

View full ZNG profile View Profile

Group Eleven Resources Ltd. Timeline

Related Articles

Graphite drill core samples at Caula Vanadium-Graphite Project
September 17 2018
One of the highest-grade graphite deposits in the world with grades up to 28% total graphitic carbon.
June 16 2018
The company aims to begin drilling in summer 2018.
drill intersection
October 02 2018
West Musgrave Project is the largest undeveloped nickel-copper project in Australia.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use