Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Group Eleven Resources Corp. has updated the resource estimate for its 60%-owned Ballinalack zinc project. It hopes to develop the country’s next major zinc mine. (The remaining 30% of the project belongs to Shenzhen Zhongjin Lingnan Nonfemet Co.)
Ballinalack has a historic resource of 7.7 million tonnes grading 7.3% combined zinc and lead based on a 1991 report. Group Eleven has spent more than $30 million at the project to bring its resource estimate up to 43-101 standards.
The property has 43-101-compliant inferred resources of 5.4 million tonnes grading 7.6% zinc and 1.1% lead. The mineralization is near-surface, occurring from 10 to 300 metres below surface and open along and across strike. Assays for silver averaged 9.0 g/t.
Group Eleven based its estimate on 102 diamond drill holes totaling 26,042 metres. A 40- by 40-metre grid was employed.
This story first appeared on Canadian Mining Journal.
