VANCOUVER, Nov. 28, 2018 /CNW/ – Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF; FRA: 3GE) (“Group Eleven” or the “Company“) is pleased to announce an updated Mineral Resource Estimate (“MRE”) for the Company’s Ballinalack zinc project in Ireland. The estimate was prepared by CSA Global (UK) Ltd. (“CSA Global”) under contract to SLR Environmental Consulting (Ireland) Ltd. (“SLR”) and was based on recent drilling by Group Eleven, as well as, historic drilling from the 1970s onwards. Ballinalack is a joint venture between Group Eleven (60%-interest) and Shenzhen Zhongjin Lingnan Nonfemet Company Limited (“Nonfemet”, 40%-interest), one of the largest zinc producers in China. The Project is located 50 kilometres from Boliden’s substantial Navan (Tara) zinc mine.
“We are very pleased with this first NI43-101 Mineral Resource estimate on the project as it demonstrates concrete progress at Ballinalack. Specifically, we are delighted that the average grade of the MRE is significantly higher than the historic estimate from 1991 and that the metal content, despite a higher cut-off, remains above a billion pounds of zinc and lead” stated Bart Jaworski, CEO. “Furthermore, the deposit is open along and across strike, corroborating our recent drilling which helped identify four targets in the lower Navan Beds, three of which already contain strongly mineralized historic intercepts.”
The Ballinalack project contains estimated Inferred Mineral Resources of 5.4 million tonnes grading 8.7% Zn+Pbcombined (7.6% zinc and 1.1% lead) and 9.0 g/t silver (see Exhibit 1). This represents the Company’s second resource after the maiden Inferred Mineral Resource announced on the 76.56%-interest Stonepark project, also located in Ireland (see news release dated April 17, 2018).