Group Eleven Resources Corp (TSX-V:ZNG) is optimistic about the potential for a second major zinc discovery at its Carrickittle West prospect in the Republic of Ireland. This news comes as the company reports substantial intervals of sulphide mineralization from initial drilling efforts, with indications of a major fault that could be crucial for mineralization.
The company has announced plans for a 1,700-meter drilling program at Carrickittle West, which it aims to complete by the end of the year. This ambitious plan underscores Group Eleven's commitment to exploring and developing this promising site.
CEO Bart Jaworski also highlighted the company's previous significant zinc-lead discovery at Ballywire, where 29 drilled holes have revealed mineralization over a 2.6 km strike length within a 6 km prospective trend. Among the notable results from Ballywire was a 30-meter interval containing 11% zinc and 80 grams per ton of silver. These findings further bolster the company's confidence in the mineral potential of the region.
Glencore, a major player in the mining industry, is the largest shareholder in Group Eleven Resources, with Michael Gentile also holding a significant stake. This strong backing from prominent investors adds credibility to the company's exploration endeavors.
Jaworski expressed a bullish outlook for zinc, driven by global supply constraints and reduced treatment charges, which indicate a tight concentrate market. This market dynamic could favorably impact Group Eleven's projects, making their potential discoveries even more valuable.
The company plans to release upcoming drill results from both Ballywire and Carrickittle West, promising a busy and potentially transformative second half of the year for Group Eleven Resources.
