Last week, Group Eleven Resources (ZNG.V) released the assay results from three step-out holes that were completed on the Ballywire prospect, part of the PG West project in Ireland. The results of the holes are summarized below, and indicate the mineralized trend at Ballywire continues further east towards hole G11-3552-08, which encountered 4.6 meters of 5.2% ZnPb and 15 g/t silver.
Group Eleven currently has three active drill rigs on the property and one of those rigs is now drilling a fence of holes collared about 200 meters east of the aforementioned hole, in an attempt to establish the further continuation of the trend (the three holes the company reported on last week have already extended the main discovery corridor from 1,300 meters to 1,435 meters). A second rig is drill-testing the continuation of the high-grade mineralization towards the southwest, but we think most eyes will be on the results of the third rig.
That rig is currently drilling a fence of holes testing the deeper copper-gold target (hosted in the Lower Limestone Shale). This target is located approximately 100-200 meters below the zinc-lead-silver horizon. Two holes have already been completed on this target and a third hole is currently in progress. Group Eleven is also considering adding a fourth rig at Ballywire to complete a reconnaissance drill program, and adding that fourth rig will also help the company to effectively complete 25,000 meters of drilling this year (5,700 meters of drilling has already been completed).
Disclosure: The author has no position in Group Eleven but is watching with interest. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
