Launches Work to Demonstrate Commercial in-Place Mining
For Distribution in the US Only
DALLAS, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Group 11 Technologies Inc., (“Group 11”) a US-based private company committed to testing and implementing environmentally responsible, commercially viable, in-place recovery of precious and other metals (“In Place Mining” or “IPM”), announced today it has successfully acquired four gold projects in Nevada and New Mexico (“the Projects”) for initial testing of its proprietary IPM technology. Together they represent a cross-section of potential applications of Group 11 IPM technologies, providing an opportunity to test diverse parameters for the application of IPM.
The projects have previously identified mineralization through drilling and sampling and represent a cross-section of potential applications of Group 11 IPM technologies. These projects provide an opportunity to test diverse parameters to consider their potential for IPM. Full data sets have been collected for each project and are being evaluated by Group 11’s technical team. Various factors including rock type, geologic setting, mineralogy, and water table levels are considered in project selection, criteria and initial test design work. Initial controlled lab testing of samples is to begin in the near future in advance of field testing. All projects are located in established US mining jurisdictions with excellent, all year access.
“The projects we have selected represent valuable precious metal opportunities which, for various reasons, have not advanced beyond exploration,” said Janet Lee-Sheriff, President. “Previous work has provided sufficient technical information to allow for design and testing of a variety of geologic settings and types of mineralization to determine the suitability of our technology for IPM recovery of gold and other metals. We are excited to begin this work and develop our thesis that IPM can revolutionize the mining industry.”
Lantern Project, Pershing County, Nevada
The Lantern project contains several types of gold and silver mineralization in a number of geological settings and is considered the most promising test project due to previous advanced exploration by several companies including Santa Fe Mining, Lac Minerals and Quincy Gold.
The geological setting is complex and includes gold and silver mineralization occurring as disseminations in lake sediments, volcanic fanglomerates, and quartz veins and stockworks in volcanic rocks. These settings offer a wide spectrum of deposit types to be tested for their amenability to Group 11’s IPM technology. In addition, both low-grade and high-grade mineralization and a variety of minerals including gold, silver, electrum and silver sulfosalts, sulfide, and selenides occur, furthering the range of possible testing parameters.
Historic drilling encountered gold and silver in several settings including:
13.72 m of 0.618 g/t gold from surface; and
6.09 m of 202.4 g/t silver from a depth of 25.91 m; and
21.33 m of 205.0 g/t silver from a depth of 56.39 m; and
13.72 m of 1.01 g/t gold from a depth of 149.35 m
Clayton Ridge Project, Esmeralda County, Nevada
The Clayton Ridge Project will be among the first mineralized projects tested by Group 11 as the style and type of near surface mineralization, with relatively simple geology, facilitates easy site access and bulk sampling. Mineralization includes precious metals occurring in quartz veins and stockworks veining hosted by moderately to strongly silicified sediments. In 1990 Billiton Minerals USA, Inc. mapped, grid sampled, trench sampled, and drilled 19 holes on the Clayton Ridge Project.
Significant intercepts from three of these holes include:
3.05 m of 2.12 g/t gold from 6.1 m
1.62 m of 1.03 g/t gold from 3.05 m and 3.05 m of 3.97 g/t gold from 10.67 m
3.05 m of 4.38 g/t gold from 10.67 m
Liberty Springs Project, Nye County, Nevada
The Liberty Springs project offers a wide array of parameters including outcropping mineralization. The geological setting includes gold and silver mineralization as disseminations, stockworks and veins hosted in metavolcanics, metasediments, and volcanics. Pegasus Gold drilled approximately 1,600 m, the only drilling on the project, with 14 of 19 holes containing significant gold and/or silver mineralization.
Significant drill intercepts from three of these holes include:
16.76 m of 0.615 g/t from 1.62 m
9.14 m of 0.752 g/t gold from 88.39 m
21.34 m of 0.513 g/t gold from 3.05 m
Questa Blanca Project, Sierra County, New Mexico
Unique geologic settings and modes of precious metals and uranium mineralization make the Questa Blanca Project an intriguing test for Group 11’s IPM testing. Gold and silver mineralization occur in fault breccias in volcanoclastic rocks adjacent to intrusive rock that contains disseminated gold and silver associated with pyrite.
Previous owners have completed several drill holes on the project with significant intercepts including:
6.1 m of 1.13 g/t gold from 6.1 m
42.67 m of 0.245 g/t gold and 12.64 g/t silver from 102.1 m
The Option Agreement
Group 11 has entered into agreement with Nevada Select Royalty Inc. to acquire a 100% interest in the Properties for total payments of $240,000 as follows:
US$24,000 cash at Closing (paid);
US$24,000 on the 1st anniversary of Closing;
US$24,000 on the 2nd anniversary of Closing; and
A final payment US$168,000 on the 3rd anniversary of Closing.
Nevada Select Royalty Inc. retains a 2% Net Smelter Royalty on each property. A one (1) mile area of interest applies to the acquisition of surrounding claims.
Background on Group 11 Technology for Non-Invasive Metal Extraction
IPM is perhaps best known from uranium and copper in-situ operations. In-situ recovery (ISR) is a type of IPM and is a non-invasive extraction method that has transformed the uranium industry. ISR uranium extraction uses oxygenated water based solutions that are circulated underground, dissolving the targeted metals, and then returned to surface for processing and recovery. ISR’s unparalleled environmental advantage includes no open pits or underground mining, no tailings or large waste dumps and no discharge of noxious chemicals at surface. It is a low-impact, low capital cost mining method. As for remediation and rehabilitation requirements, ISR delivers substantially reduced mine-closure time and costs compared to conventional practices. In addition, energy requirements, water usage and the environmental footprint of mining projects are significantly reduced by ISR technology.
The Group 11 Team
Non-invasive extraction of minerals has been successfully implemented in the mining sector with many innovators and patent holders now working at enCore Energy Corp., one of the Group 11 partners. These innovators pioneered ISR which has been successfully utilized to recover metals including uranium and copper using liquid solutions. Group 11 is committed to the development and application of ISR extraction for gold and other metals using EnviroLeach Technology Inc., patented environmentally friendly process along with enCore’s expertise in ISR extraction. This combination of expertise will advance a business model that has potential to disrupt the conventional mining industry.
Each Group 11 partner brings a vital skill set to address these challenges and create a unique business opportunity. Group 11 is backed by a top tier staff of scientists and engineers; an extraordinary data set; independent technical validations; strategic relationships; over $20 million in research and development and commercially proven processes and technologies.
About Group 11 Technologies Inc. (‘Group 11’)
The future of metals extraction is a serious challenge as the mining industry must address mounting concerns over its environmental and carbon footprint, energy consumption, operational safety and its impact on water use and water quality while responding to an ever-increasing need for metals in our daily lives.
Group 11 is a private US-based company committed to the development and application of environmentally and socially responsible precious metals mineral extraction through IPM. The combination of non-invasive extraction technology and environmentally friendly processes to recover gold and other metals provides a possible alternative to conventional open pit and underground mineral extraction. The goal of advancing sustainable extraction considers growing concerns surrounding water use and discharge, carbon footprint, energy consumption, community stakeholders and workplace safety while addressing a growing global need for metals in our daily lives. Group 11 is owned by Enviroleach Technologies Inc. (OTCQB: EVLLF) (CSE: ETI), Encore Energy Corp. (OTCQB: ENCUF) (TSXV: EU) and Golden Predator Mining Corp. (OTCQB:NTGSF) (TSXV:GPY).
Group 11 is a group of elements in the periodic table, also known as the coinage metals, consisting of gold (Au), silver (Ag) and copper (Cu).
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements within the meaning of applicable securities laws including transactions and other properties, and the potential advancement thereof. Forward- looking statements are statements that relate to future, not past, events. In this context, forward- looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Estimates of mineral resources and reserves are also forward looking statements because they constitute projections regarding the amount of minerals that may be encountered in the future. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms and completion of the transaction are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.