Group Eleven Resources (TSXV:ZNG) (OTCPink:GRLVF) (FRA:3GE), a mineral exploration company focused on advanced stage zinc exploration in Ireland, has announced a non-brokered private placement. The company is looking to raise gross proceeds of up to $1 million from the placement of up to 11,111,111 units priced at $0.09 per unit. The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.15 for 36 months.
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Group Eleven Resources (TSXV:ZNG) (OTCPink:GRLVF) (FRA:3GE), a mineral exploration company focused on advanced stage zinc exploration in Ireland, has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $1 million from the placement of up to 11,111,111 units priced at $0.09 per unit.
The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.15 for 36 months.
The shares are currently trading at $0.09.
Net proceeds will be used primarily for follow-up drilling on the company's Ballywire zinc-lead-silver discovery in Ireland, as well as for general and administrative purposes.
The company operates four projects in Ireland: PG West, Stonepark, Ballinalack and Silvermines.
The company currently owns more than 35 prospecting licenses covering in excess of 1,046 square kilometres.
The PG West and Stonepark projects are contiguous, forming the largest ground position in the Limerick region of Ireland with neighbouring licenses separately owned by Glencore and South32.
In September 2022, the company announced a discovery at the Ballywire prospect located in the southeast portion of the 100%-owned PG West Project, at the intersection of two mineralized trends: the Pallas Green and the Rathdowney Trend.
The discovery is approximately 20km southeast of Glencore’s Pallas Green zinc deposit.
The discovery hole, G22-468-03, stepped out 410 metres from previous drilling, intersected a broad zone of zinc-lead-silver mineralization, including 6.9 metres of 15.4% zinc + lead and 160 g/t silver, within a wider mineralized interval of 66.0 metres.
Last week the company announced the intersection of semi-massive sulphides in a thick zone of mineralization located 115m down-dip of the discovery hole.
Three of four planned holes have now been drilled, see blue drill hole traces, as part of the company's follow-up drill program at Ballywire.
The fourth hole is expected to be completed over the next few weeks.
Assays have been received for the first hole, G11-468-07, which reported 44.06 metres of 1.0% Zn+Pb and 7 g/t Ag, with the remaining assays to be announced when received from the laboratory.
Bart Jaworski, CEO, stated: "It's great to see steady progress being made at Ballywire. With the footprint of known mineralization quickly growing and now coupled with gravity data indicating an area of high-priority targets over 6km by 2km, we believe that the best is yet to come and that Ballywire has both the room and increasing potential to host a significant Irish Type zinc system – similar to the historic Lisheen mine located 50km away, along the Rathdowney Trend."
For more information on the company’s other projects, please visit the company’s website at www.GroupElevenResources.com, contact Bart Jaworski, CEO, at +353-85-833-2463 or by email at b.jaworski@GroupElevenResources.com, or Jeannine Webb, CFO, at 604-644-9514 or by email at j.webb@GroupElevenResources.com.
