Group Eleven Resources Corp. has welcomed results from the first hole drilled at the Denison copper-silver prospect at its PG West project in Ireland, which has hit significant mineralization over a 116.7 metre (m) interval.
The company staked the Denison target back in 2019 when copper was below US$2.60 per pound - it is now around US$4.72 per pound. The project lies 25 kilometres (km) along the Pallas Green Corridor from Glencore's Pallas Green zinc deposit and sits 6 km and 12 km respectively from Group Eleven's Ballywire and Carrickittle zinc prospects.
Starting from just 4m depth, the hole highlighted hit 16.7m at a grade of 0.38% copper and 21 grams per ton (g/t) silver (0.54% copper-equivalent). That included a length of 44.7m of 0.82% copper and 47 g/t silver.
"We're delighted with this better-than-expected drill result at Denison which clearly illustrates the prospectivity of the Pallas Green Corridor and specifically Group Eleven's Denison, Tullacondra and Gortdrum copper-silver prospects in the Limerick region," said Group Eleven CEO Bart Jaworski in a statement.
READ: Group Eleven Resources finds high-priority structural corridor northwest of Zone 1 and 2 at Carrickittle Zinc prospect in Ireland
"While the Carrickittle and Ballywire zinc prospects remain our top priorities at the PG West project, we have now confirmed that strong copper-silver mineralization can be spatially associated with Limerick zinc systems, opening up significant new exploration opportunities for our shareholders," he added.
Notably, the hole also confirmed historically known mineralization and expanded the outer-boundary of the assayed lower-grade envelope thought to be at this area by between 30m and 50m, the company said.
A resource estimate from 1988 (not verified as being current resources) attributed Denison with 5.4 million tonnes grading 0.9% copper and 41 g/t silver.
This latest hole was sunk in an area, which formed part of this historic estimate, noted the firm. Other historic intercepts from this area include 100.6m at 0.64% copper-equivalent and 83.8m of 0.57% copper-equivalent.
Besides copper-silver, Denison also hosts a nearby zinc target, with two historic drill results showing 1.8m at 17.6% zinc, 5.1% lead and 288 g/t silver and 5.8m of 11.2% zinc, 1.3% lead and 77 g/t silver.
The company noted that from its experience at Carrickittle, Ballywire and other prospects in the Limerick region, it was possible that extensions of the mineralized east-west (EW)-trending shear zone may exist at Denison, along with other prospective fault orientations.
In addition, the zinc-bearing zone is also compelling "given its extent, geometry and relationship" with the copper-silver mineralization is not yet well established," said the company, adding that the high-grade zinc intercepts show similarities to those at Carrickittle. Further work is warranted to refine its exploration model.
Group Eleven is an explorer, focused on advanced stage zinc exploration in Ireland.
Contact the author at giles@proactiveinvestors.com