Group Eleven Resources (ZNG.V) has started a 20 hole drill program at Carrickittle which will drill around 20 holes for a total of 1,200 meters. These will be shallow holes as the first six holes will be drilled to an average depth of 100 meters each which indicates the remaining 14 holes will reach depths of just 40-50 meters.
The Phase I holes (the 6 holes for 600 meters) are designed to follow up on the discovery of the higher grade zone discovered earlier this year which contains just over 10 meters of 19.6% ZnPb. PG West is 100% owned by Group Eleven and is just south of both the Stonepark Zinc deposit (76.56% owned by Group Eleven) as well as the Pallas Green deposit owned by Glencore (GLEN.L) along the Pallas Green corridor.
The Carrickittle discovery earlier this year was made based on the investment thesis the historical holes in the mid-sixties were drilled in the wrong direction: whereas historical drilling was pointed towards the south and west, Group Eleven was oriented towards the east and this changed the entire perception of the mineralized system as you can see in the image below.
Whereas hole P18 in the Sixties encountered several thin layers of mineralization, the hole drilled by Group Eleven discovered the thick zone of zinc-lead-silver mineralization as the 10.3 Meters of 19.6% ZnPb and 43 g/t silver also included an ultra-high grade interval of 3.5 meters at 39.3% ZnPb and 79 g/t silver. Needless to say we are looking forward to seeing the assay results of the additional holes to see if Group eleven can build some tonnage around the discovery hole from earlier this year.
Disclosure: The author has a long position in Group Eleven Resources.
