TSX-V-listed Group Eleven Resources has started drilling on its Stonepark project, in Ireland, and has unveiled plans for an initial drilling campaign at the recently staked Tullacondra copper/silver project, near the PG West project.
The first hole of a six-hole programme at Stonepark, in which Aim-listed Arkle Resources holds 23.44%, began earlier this week at the Carrickittle North locality.
With a target depth of 750 m, this hole represents a 250-m step-out from previous drilling, targeting the unexplored southern margin of the Limerick volcanic complex, which the company believes has the potential to host zinc mineralisation similar to Glencore’s nearby Pallas-Green zinc/lead deposit.
Separately, Group Eleven is finalising plans to drill one hole of about 150 m deep at Tullacondra, starting in the next four to eight weeks. Tullacondra hosts an historic estimate of copper and silver, as well as potential elevated cobalt levels.
Meanwhile, the company also announced a nonbrokered private placement of up to 12.5-million units at C$0.12 each for gross proceeds of C$1.5-million. The proceeds will be used for exploration in Ireland, including at the Ballywire zinc prospect at the PG West project.
Michael Gentile, who currently holds 23.35-million shares and 5-million share purchase warrants, will subscribe for 15% of the placement.