Group Eleven Resources’ (TSXV: ZNG; US-OTC: GRLVF) says it has cut the strongest intercept yet at its Ballywire target in southwest Ireland, with a highlight result of 39.7 metres grading 5.6% zinc, 3.9% lead and 131 grams silver per tonne. Shares surged.
That result, in hole 25-3552-35, drilled from 202.1 metres depth, included 54 metres at 4.72% zinc, 3.18% lead and 99.3 grams silver; and 5.6 metres grading 8.03% zinc, 8.54% lead and 370 grams silver, the company reported Wednesday.
“Not only does this intercept extend strike and show exceptional mineralized thickness but also demonstrates zones of strong copper-silver values,” Group Eleven CEO Bart Jaworski said in a release. “This adds to growing evidence suggesting a deeper copper-silver horizon one to two hundred metres below the main Ballywire discovery horizon.”
The result comes almost two months after the company reported it had drilled some of the highest grade silver intercepts in Ireland in more than 60 years.
Group Eleven shares gained 18.5% to 39¢ apiece on Wednesday morning in Toronto, for a market capitalization of $86.2 million. The stock has traded in a 12-month range of 14¢ to 42¢.
Copper-silver strength
Hole 25-3552-35 also cut copper-silver enriched zones below the main intercept, which included 5.5 metres grading 2.46% copper and 831 grams silver; and 3.5 metres at 0.63% copper and 224 grams silver.
The results extended the strike length of the Ballywire discovery corridor by 50 metres to 1,300 metres. The corridor is hosted inside a 2.6-km-long trend of mineralization.
Group Eleven is now drilling with three rigs at Ballywire. It’s completed more than 4,000 metres so far, out of this year’s target of 8,000 to 10,000 metres.
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