Canada-listed Group Eleven begins 2,000-metre preliminary zinc drill in Limerick
Toronto-listed explorer Group Eleven Resources has begun a preliminary drill at its Stonepark zinc project in Limerick.
The company - which raised around €3.3m through its flotation on the Canadian stock exchange last year - owns just over three-quarters of the site. The primary aim of the drill is to provide 3D geographical information to advance the firm's 'Big Think' exploration programme for next year. The programme was launched to help the company understand the Irish landscape and combine cutting-edge research with the use of long-standing historical data from the region.
Group Eleven has estimated that 5.3 million tonnes of varying grades of combined zinc and lead sits in the Limerick deposit.
Former Davy corporate finance boss Hugh McCutcheon and Vancouver-headquartered MAG Silver, which had success mining for silver in Mexico, are among Group Eleven's backers.
The company is headed up by former Davy equity analyst Bart Jaworski, who said the company was "excited" to enter the next stage of exploration in the Limerick basin.
"Despite being relatively new and under-explored, this zinc camp is already the most metal-endowed region in Ireland, outside Boliden's Navan zinc deposit," he said.
The Stonepark project is located near Group Eleven's other sites in Carricklittle and Oola. Anglo-Swiss mining company Glencore also owns a deposit known as Pallas Green within the area.
Jaworski said all sites are located in a "roughly concentric pattern" around the Limerick volcanic complex. "One of the exciting ideas being developed by Group Eleven as part of the 'Big Think' is that known mineralization represents merely the outer edges of the system - with its heart located towards the centre of the volcanics," he said.
Group Eleven has assembled the largest zinc portfolio of Irish land of any explorer. It has licences covering more than 3,000sqkm. The funds raised by the IPO last year are to be used specifically to explore the capabilities of that land.
Sunday Indo Business