Group Eleven Announces Exercise of Warrants and Expanded Drill Program at Ballywire
Group Eleven Resources has received an additional $749,438 from warrant exercises, bringing total proceeds to $1,550,000 in 2024. These funds will support the continuation of the company's two-rig drill campaign at the Ballywire zinc-lead-silver discovery in Ireland beyond 2024. The drilling program has completed 6,589m to date, with a projected total of 7,500-8,000m for the year. The company plans to maintain or increase drilling pace at Ballywire in 2025, focusing on expanding beyond the current 2.6km drilled corridor along a 6km prospective trend.
Group Eleven Resources ha ricevuto ulteriori $749,438 da esercizi di warrant, portando il totale a $1,550,000 nel 2024. Questi fondi supporteranno la continuazione della campagna di perforazione con due impianti alla scoperta di zinco-piombo-argento di Ballywire in Irlanda oltre il 2024. Il programma di perforazione ha completato 6,589m fino ad oggi, con un totale previsto di 7,500-8,000m per l'anno. L'azienda prevede di mantenere o aumentare il ritmo di perforazione a Ballywire nel 2025, concentrandosi sull'espansione oltre il corridoio attualmente perforato di 2.6km lungo una tendenza prospettica di 6km.
Group Eleven Resources ha recibido $749,438 adicionales de ejercicios de warrant, llevando el total a $1,550,000 en 2024. Estos fondos apoyarán la continuación de la campaña de perforación con dos equipos en el descubrimiento de zinc-plomo-plata de Ballywire en Irlanda más allá de 2024. El programa de perforación ha completado 6,589m hasta la fecha, con un total proyectado de 7,500-8,000m para el año. La compañía planea mantener o aumentar el ritmo de perforación en Ballywire en 2025, centrándose en expandirse más allá del corredor perforado actual de 2.6km a lo largo de una tendencia prospectiva de 6km.
Group Eleven Resources는 추가로 $749,438을 워런트 행사로 수취하여 2024년의 총 수익을 $1,550,000으로 증가시켰습니다. 이 자금은 2024년 이후 아일랜드의 Ballywire 아연-납-은 광산 발견에서의 두 대의 드릴 캠페인이 지속될 수 있도록 지원할 것입니다. 현재까지 드릴링 프로그램은 6,589m를 완료했으며, 올해 예상 총 길이는 7,500-8,000m입니다. 회사는 2025년에도 Ballywire에서 드릴링 속도를 유지하거나 증가할 계획이며, 현재의 2.6km 드릴 코리도르를 넘어 6km의 잠재적인 트렌드로 확장을 집중할 것입니다.
Group Eleven Resources a reçu 749,438 $ supplémentaires provenant de l'exercice de warrants, portant le total à 1,550,000 $ en 2024. Ces fonds soutiendront la poursuite de la campagne de forage à deux foreuses sur la découverte de zinc-plomb-argent de Ballywire en Irlande au-delà de 2024. Le programme de forage a achevé 6,589m à ce jour, avec un total projeté de 7,500-8,000m pour l'année. L'entreprise prévoit de maintenir ou d'augmenter le rythme de forage à Ballywire en 2025, en se concentrant sur l'expansion au-delà du corridor foré actuel de 2.6km le long d'une tendance prospective de 6km.
Group Eleven Resources hat zusätzlich $749,438 durch Warrants eingenommen, wodurch die Gesamteinnahmen 2024 auf $1,550,000 steigen. Diese Mittel werden die Fortführung der Bohrkampagne mit zwei Bohranlagen am Ballywire Zink-Blei-Silber-Vorkommen in Irland über 2024 hinaus unterstützen. Das Bohrprogramm hat bisher 6,589m abgeschlossen, mit einem prognostizierten Gesamtvolumen von 7,500-8,000m für das Jahr. Das Unternehmen plant, das Bohrtempo in Ballywire 2025 beizubehalten oder zu erhöhen und sich darauf zu konzentrieren, über den aktuell gebohrten Korridor von 2.6km hinaus entlang eines 6km vielversprechenden Trends zu expandieren.
- Received $1.55 million from warrant exercises in 2024
- Drilling program expanded and fully funded beyond 2024
- Completed 6,589m of drilling with 5 holes pending assay results
- None.
Vancouver, British Columbia--(Newsfile Corp. - October 29, 2024) - Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce that it has received
Since its announcement on August 28, 2024 stating that Group Eleven received
Additional funds from the warrant exercises will allow the current two-rig drill campaign at Ballywire to continue at full capacity well beyond the end of 2024. Drilling this year at Ballywire currently totals 6,589m (including 5,320m reported to date and five holes pending assay results), with the expected total for the year to range between 7,500m and 8,000m. The Company will aim to keep the pace of drilling at Ballywire at similar or increased levels in 2025.
"We sincerely thank our shareholders for their continued support" stated CEO, Bart Jaworski. "We are very pleased to be able to keep drilling at Ballywire through the end of this year and comfortably into 2025. It's been over two years since our discovery hole at Ballywire and the footprint and intensity of the mineralized system intersected to date continues go from strength to strength. With the recently announced robust massive sulphide zone emerging in the northeast, a lot more step-out drilling is yet to be done beyond our current 2.6km drilled corridor, along our 6km prospective trend. Drill progress at Ballywire continues to be on schedule and we look forward to providing the next drill results in the near term."
Qualified Person
Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent 'Qualified Person' as defined under Canadian National Instrument 43-101.
About Group Eleven Resources
Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) and (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. Key intercepts to date include:
- 10.8m of
10.0% Zn+Pb and 109 g/t Ag (G11-468-03) - 10.1m of
8.6% Zn+Pb and 46 g/t Ag (G11-468-06) - 10.5m of
14.7% Zn+Pb, 399 g/t Ag and0.31% Cu (G11-468-12) - 11.2m of
8.9% Zn+Pb and 83 g/t Ag (G11-3552-03) - 29.6m of
10.6% Zn+Pb, 78 g/t Ag and0.15% Cu (G11-3552-12) and - 6.1m of
11.4% Zn+Pb, 85 g/t Ag (G11-3552-13) - 11.8m of
11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
The Company's two largest shareholders are Glencore Canada Corp. (
ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer
E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. The words "will", "expect", "plan," "intend" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the use of funds from the warrant exercises, the drill campaigns at Ballywire and Carrickittle West and the extent of drilling at Ballywire in 2024.
Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risk that the Company will not be able to use proceeds from the warrant exercises as currently anticipated, risks related to general economic and market conditions; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; and changes in national and local government regulation of mining operations, tax rules and regulations.
Although Group Eleven has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Group Eleven undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228148
FAQ
How much money did Group Eleven Resources (GRLVF) raise from warrant exercises in 2024?
What is the current drilling progress at Ballywire for Group Eleven (GRLVF)?
What is the extent of Group Eleven's (GRLVF) current drilling corridor at Ballywire?
