Group Eleven Resources Corp. (CVE:ZNG) (OTC:GRLVF) has released a first NI-43 101 compliant resource estimate for the Ballinalack zinc project in Ireland, which it says, shows 'concrete progress' has been made at developing the property.
It is the company's second resource estimate after the maiden resource announced on the Stonepark project, also in Ireland.
The Ballinalack resource is based on 102 diamond drill holes totalling 26,042 metres.
READ: Group Eleven has the largest land position of any explorer in Ireland, and the financial support of a major Canadian silver developer
"We are very pleased with this first National Instrument 43-101 mineral resource estimate on the project as it demonstrates concrete progress at Ballinalack," said Bart Jaworski, the CEO at Group Eleven.
"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.
"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."
According to the report, Ballinalack contains inferred mineral resources of 5.4 million tonnes grading 8.7% zinc-lead combined.
That breaks down to 7.6% zinc and 1.1% lead and 9 grams per tonne (g/t) silver.
The zinc equivalent (ZnEq) cut-off grade was put at 5.2% - higher than the 4% cut-off in the previous estimate.
Mineralization is near the surface, occurring at depths ranging from between 10 metres and 300 metres.
Jaworski highlighted that, significantly, Ballinalack was located just 50km from Boliden's giant Navan zinc mine - the largest zinc mine in Europe.
"With the Ballinalack MRE completed, we now have a springboard from which to focus on significant discovery both near the deposit and regionally as part of our ongoing big think initiative," he added.
Ballinalack is a joint venture between Group Eleven (60% interest) and Shenzhen Zhongjin Lingnan Nonfemet Company Ltd. (40% interest), one of the largest zinc producers in China.
Group Eleven Resources is focused on zinc exploration in Ireland. It has a large land package, of 99 prospecting licences over 3,200 sq km.
Key projects include Ballinalack (with joint venture partner Nonfemet), Stonepark (with joint venture partner Connemara Mining), Silvermines (100%) and Tralee (100%).
Shares in Toronto were unchanged at $0.105.
Contact Giles Gwinnett at [email protected]
Follow Giles on Twitter @Gile74