Business Irish

Sunday 19 May 2019

Group Eleven drill results raise hopes for new Irish zinc finds

Group Eleven CEO Bart Jaworski
Group Eleven CEO Bart Jaworski

Fearghal O'Connor

Strong drilling results with "significant new mineralisation" have transformed an early-stage Limerick prospect to a "high-priority target" for Canadian-registered zinc explorer Group Eleven.

A 2,700m drill programme at the Stonepark lead and zinc prospect discovered the "outer margin of potential new Irish-Type zinc system" and also uncovered new mineralisation at the adjacent Ballywire system, said Group Eleven.

The Stonepark system - in which Group Eleven holds just over 75pc and Arkle Resources holds a minority stake - is 20km south-east of Glencore's Pallas Green deposit.

Six years ago international mining giant Glencore upgraded the potential size of the Pallas Green deposit from 30 million tonnes to 42 million tonnes. But the project went into abeyance until 2017 when drilling recommenced. If proven and commercialised at that level it would become the second-biggest Irish zinc find after Tara Mines.

Group Eleven's drilling results - part of what it has described as a "Big Think" approach to ancient volcanic structures in the area - are likely to add further to industry interest in the area.

"We are very pleased with our recent drill programme" said Group Eleven CEO Bart Jaworski. He said that the company was "excited to have transformed this early-stage prospect to a high-priority target".

"Drilling has returned the best results to date in the area and we look forward to advancing even closer to the potential feeder structure during the next phase of work. Ballywire effectively doubles the strike of the Pallas Green corridor to 20 kilometres."

"At Kilteely [Stonepark], the breadth of the new hydrothermal system is significant, being on-trend and in a similar geological environment as Glencore's Pallas Green zinc-lead deposit," said Jaworski. "This is our first hole into the southern half of the 'Limerick Volcanic Complex' and the area remains virtually unexplored. Exploration upside is wide open," he said.

Sunday Indo Business

Also in Business