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Group Eleven Resources Corp.
Summary
| Project: | Stonepark | |
|---|---|---|
| Deposit: | Stonepark | |
| Location: | Ireland | |
| Commodities: | Zinc | |
| Date: | 11/21/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 21-11-2017: Group Eleven Resources Corp. announces a Supporting Acquisition report for its Stonepark deposit at the Stonepark project. Amended technical report in support of acquisition. On July 17th, 2012, Teck Ireland Ltd. (“TIL”, a wholly owned subsidi | |
| Resources: | x | |
| CP/QP: | [Overall Report]: John George Kelly, Paul Gordon (SLR Consulting Ltd.) | |
| ABSTRACT: | On July 17th, 2012, Teck Ireland Ltd. (“TIL”, a wholly owned subsidiary of Teck Resources Limited, “Teck”) entered into a Joint Venture Agreement with Limerick Zinc Limited (“LZL”) in respect of the Stonepark Project (Monaster Block), consisting of six (6) prospecting licenses (“PL”s), in Co. Limerick, Ireland. LZL is a wholly-owned subsidiary of AIM-listed Connemara Mining plc (“CON”, now called Connemara Mining Company of Ireland Ltd.). TIL had previously entered into an agreement with CON on October 11th, 2007 under which TIL was given the option to acquire a 75% indirect interest in the licenses. Under the 2012 agreement and subject to approval by the EMD, the Monaster Block PLs were transferred to a joint venture company called JVCO Minerals Ltd. (“JVCo”) and TIL was given 75% of the shares in JVCo. At the time of writing, TIL held 4,604,512 shares in JVCo representing a 76.56% equity interest and LZL held 1,409,783 shares in JVCo representing a 23.44% equity interest. On September 8 2017, GERC completed a transaction with TIL to acquire its total accumulated equity interest of 76.56% in JVCo. As independent geologists, the Authors were requested to review the available exploration data for the Stonepark Project and confirm that it is an exploration project of considerable technical merit warranting further work. The Author has been requested to opine on the efficacy and effectiveness of the exploration programme (to be implemented by the JVCO) set out in this Report. This Report outlines the previous work carried out on the Project Area and particularly by TIL and JVCo since 2007 to the time of writing to this Report. This Independent Report is to support an initial public offering of shares in GERC and listing of its securities on the TSX Venture Exchange. | |
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