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Group Eleven Resources hails results from one hole at Stonepark

In April this year, the firm unveiled a maiden resource for the site, which showed attractive grades and tonnage

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Today's results come from hole (core not pictured) which was sunk into an area of high-grade mineralization

Group Eleven Resources Corp (CVE:ZNG) reported results from a drill hole at the Stonepark zinc-lead project in the Republic of Ireland, which showed the deposit is open towards Glencore's (LON:GLEN) neighbouring Pallas Green deposit.

In April this year, the firm unveiled a maiden resource for the site, which showed attractive grades and tonnage.

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 inferred category.

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

Today's results come from hole G11-2638-01, which was sunk into an area of high-grade mineralization on the presumed eastern edge of the recently announced maiden inferred resource.

This was the first inclined hole ever drilled in the resource area.

And it hit 5.40m of 25.0% zinc and 7.2% lead (32.2% combined) and 12.2 g/t silver, verifying one of the high-grade zones within the Stonepark mineral resource area (MRE).

"Our team is systematically rethinking the conventional wisdom that has historically guided exploration throughout the Irish Zinc Orefields to see where fundamental conceptual changes might radically change exploration strategy" said chief executive Bart Jaworski.

"We are delighted that our re-think of the Stonepark system quickly opened up new territory for additional high-grade mineralization."

He added: "Robust high-grade zinc and lead mineralization is also a testament to the strength of the Stonepark mineralizing system and by inference, the regional potential on the remainder of our extensive (120,000 ha) Stonepark and contiguous PG West ground position.

"We look forward to combining the above results with our evolving 'Big Think' regional exploration to gain valuable insights into where we might target the potential main source of the zinc mineralization already identified in the Stonepark - Pallas Green region."

Group Eleven's regional 'Big Think' is being applied progressively throughout the firm's 320,000 hectare (ha) property package - one of the largest ever assembled in the Irish Zinc orefield.

Also in today's release, Group Eleven said it was currently awaiting final assays from drilling at the Ballinalack project in Ireland, which are expected over the next two to three weeks.

The said it was "very busy" with a number of regional exploration initiatives, including ionic leach soil sampling, ground gravity surveys, seismic re-interpretation, and basin analysis.

Shares in Toronto were unchanged at C$0.15.

Quick facts: Group Eleven Resources Ltd.

Price: 0.055 CAD

TSX-V:ZNG
Market: TSX-V
Market Cap: $3.99 m
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Group Eleven Resources CEO calls drill-hole results at Ireland's Stonepark...

Group Eleven Resources Corp (CVE:ZNG) CEO Bart Jaworski tells Proactive Investors the zinc exploration company reported spectacular results from a drill hole at the Stonepark zinc-lead project in Ireland, showing a high-grade zone of zinc-lead mineralisation. Jaworski says the results...

on 22/6/18

2 min read