Group Eleven Resources Corp (CVE:ZNG) (OTCMKTS:GRLVF) has revealed that drilling will kick off at its PG West and Stonepark projects in Ireland in May and August, respectively, this year subject to any coronavirus restrictions, and added that the company’s aim was to become more nimble and focused.
The firm's huge land position in the country - around 3,000 square kilometers - will be significantly reduced in coming months, it revealed, to focus on these two projects in the Limerick basin.
READ: Group Eleven Resources will only begin fieldwork in Ireland once coronavirus restrictions are lifted
The group said it will retain small, core holdings at Ballinalack, the Cooleen prospect at Silvermines and the Castlemaine prospect at Tralee, while all other licenses will be surrendered, it said in a corporate update on Tuesday.
The firm's main asset is its 76.56% interest in the Stonepark project - a joint venture with Arkle Resources (LON:ARK).
It also holds a 100% interest in the adjacent PG West project, near Limerick, which is next to one of the world's largest undeveloped zinc deposits - the Pallas Green deposit. Boliden's Navan zinc-lead mine, located in eastern Ireland is one of the largest zinc deposits in the world.
"Our goal continues to be a world-class zinc discovery," said Bart Jaworski, Group Eleven's CEO.
"The Limerick basin has all the hallmarks of the next Navan-scale zinc system in Ireland. We've narrowed our first immediate target area to a two-by-five-kilometer swath of prime ground in the Kilteely area, representing the geological mirror image of the Pallas Green system on the opposite side of the volcanic complex."
The company boss added that by surrendering its non-core licenses, the firm could better focus on its 1,200 square kilometer ground position in the Limerick basin.
Group Eleven also said that all exploration at PG West and Stonepark for the rest of this year was full-funded but that it continues talks with potential strategic partners to be able to expand and accelerate work at the Limerick basin.
The firm also used the update to highlight some of its main achievements since its IPO in 2017, including a maiden mineral resource estimate (MRE) at the Stonepark project and an updated resource estimate at the Ballinalack project.
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