Shares of Group Eleven Resources (TSX-Venture: ZNG) (OTCQB: GRLVF) are surging this morning as the company reported results from two new step-out holes at its Ballywire discovery within the PG West Project in Ireland, identifying a newly mineralized zone south of the main trend. Hole 25-3552-47, drilled roughly 100 metres south-southeast of a previous hole, encountered several significant intervals within the Waulsortian limestone, including a 20.3-metre section grading 2.6% combined zinc and lead with 6 g/t silver. Within that zone, the strongest interval returned 7.3 metres of 5.2% Zn+Pb and 10 g/t silver, featuring a higher-grade core of 3.8 metres at 7.3% Zn+Pb and 14 g/t silver, along with a peak interval of 1.9 metres grading 10.7% Zn+Pb and 19 g/t silver.
The hole also cut additional mineralization at the base of the Waulsortian, highlighted by 2.6 metres of 2.7% Zn+Pb and 19 g/t silver, including 0.8 metres at 6.7% Zn+Pb and 37 g/t silver. Deeper in the hole, two copper-silver zones were intersected: one starting at roughly 491 metres that returned 11.3 metres averaging 0.26% copper and 8 g/t silver, and another beginning near 617 metres that delivered 9.4 metres of 0.25% copper and 7 g/t silver. These results extend mineralization to the south and reinforce the potential for multiple metal-rich horizons at Ballywire.
"Today's results represent a positive surprise given we were not expecting robust Zn-Pb-Ag mineralization south of the main discovery trend at this particular location," stated Bart Jaworski, CEO. "In addition to successfully extending significant Deeper Cu-Ag mineralization down dip by over 200m from previous drilling, today's hole intersected strong Zn-Pb-Ag mineralization in a new part of the discovery. Long theorized, new zones of mineralization parallel to the main discovery trend at Ballywire were evidenced this September by hole 25-3552-44 which discovered a new Cu-Ag bearing feeder structure to the north of the main discovery. Today's results show a similar situation, but to the south, enhancing the potential for at least two additional mineralized zones. If borne out, this greatly expands Ballywire's tonnage potential."
Shares of ZNG are currently up 11.11% at $0.50, while U.S. listed shares (GRLVF) are hiking 8.24% higher at $0.36 in mid-morning trading.
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