Drill Results
Group Eleven Drills Nine Cu-Ag Intervals, including 23.60% Cu, 506 g/t Ag, 2.04% Sb over 0.6m in a Wider 2.8m Zone and 6.6m of 1.60% Cu, 83 g/t Ag, 0.19% Sb
Group Eleven’s Ballywire discovery returned 23.6% copper, challenging the viability of its C$222 million market capitalization following a 39% stock slide.
Executive Summary
- The most recent release (June 11, 2026) reports assays from the Deeper Cu‑Ag target in hole 26‑3552‑57 at the Ballywire discovery.
- Nine separate Cu‑Ag intervals were intercepted, highlighted by:
- 0.6 m of 23.60 % Cu, 506 g/t Ag and 2.04 % Sb within a 2.8 m zone averaging 5.09 % Cu, 110 g/t Ag, 0.44 % Sb.
- 6.6 m grading 1.60 % Cu, 83 g/t Ag and 0.19 % Sb, including 1.0 m of 5.62 % Cu, 279 g/t Ag.
- Broad envelopes such as 14.9 m at 0.08 % Cu and 53 g/t Ag.
- True thickness is estimated at 70‑90 % of the downhole interval.
- The hole also contained the previously reported (May 28) Zn‑Pb‑Ag intercept of 62.5 m at 5.6 % Zn+Pb and 25 g/t Ag, now superseded by these deeper results.
- The Deeper Cu‑Ag mineralized strike now extends 430 m across three high‑grade drill fences.
- Four rigs are active at Ballywire, with 15 new holes completed or in progress; the funded 2026‑2027 program is increased to 67,000‑75,000 m, thanks to the C$12 M financing that closed in March.
Material Impact
- The release is a follow‑up assay from the same hole that was highlighted on May 28, where the presence of Deeper Cu‑Ag mineralization was already flagged. The market therefore knew copper‑silver intercepts were coming; the unknown was the grade.
- The grades are undeniably exceptional—23.60 % Cu over 0.6 m ranks among the highest reported in Ireland for decades—and they materially enhance the copper credit of the Ballywire project. However, the intercepts remain narrow and the zone is still defined over a modest 430 m strike.
- When placed against the stock’s recent sell‑off (from a peak of C$1.30 on May 11 to C$0.79 just before the news), the results may not re‑rate the shares dramatically. The market has already digested a stream of high‑grade Zn‑Pb‑Ag‑Cu results and is now likely focused on the capital intensity required to advance this to a resource, and on when—not if—further dilution will be needed.
- The financing closed at C$0.90, and with the stock now below that level, the capital structure is not signaling strong confidence.
- Positive, because the copper dimension is confirmed to be widespread and high‑grade, but no game‑changer: it’s an expected step in derisking the deeper target, not a surprise discovery.
ZNG · Price
Company Overview
- Group Eleven Resources is a mineral explorer focused on zinc‑lead‑silver (and now copper) in the Republic of Ireland.
- Flagship project: 100 %‑owned PG West, hosting the Ballywire discovery (Zn‑Pb‑Ag‑Cu‑Sb‑Ge). Ballywire is a large mineralized trend extending over 3.2 km within a 6 km prospective corridor defined by gravity highs.
- Other assets: 77.64 % interest in the Stonepark zinc project (Glencore holds the remainder), adjacent to Glencore’s Pallas Green deposit; and the Ballinalack zinc project (100 %).
- Ireland is a top‑tier zinc jurisdiction, but the company has no resource estimate, no mine plan, and no revenues.
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Jul 07, 2026 · 06:01