RE: Jack this answers your questions I think17 May 2020 21:44
Also let me refer you back to this...
Now, the Pallas Green grades are probably not material to the Glencore share price, so it may be true that the full picture there isn’t in the public domain. But even so, there was clearly grounds for a good discussion if nothing else.
What moved it on, though, is the potential that Stonepark offers for upside. The asset sat for a long while inside the John Teeling vehicle Connemara Mining, at a time when the dearth of funding available to juniors seriously hampered progress. A change of management at Connemara – and a name change too, to Arkle Resources (LON:ARK) – and the arrival of Group Eleven onto the scene, has transformed the picture.
Group Eleven has managed to put serious money into exploration work in the short time it’s been in control and perhaps even more importantly has been able to formulate some intriguing new geological propositions.
“Stonepark is part of the same geological system as Pallas Green,” says Bart Jaworski, the chief executive of Group Eleven.
“This area is called the Limerick area and is very much in its infancy in terms of exploration.” Jaworski cites in particular a hole drilled by Group Eleven earlier this year, which penetrated under the volcanics which underly both Stonepark and Pallas Green.
“We discovered a 200 metre thick hydrothermal system. It could be the outer edge of a new zinc system. After we announced that hole, we started to get a lot more attention from industry specialists.”
One of those paying attention was Glencore, and the kind of attention it was prepared to lavish on Group Eleven can be gleaned from the 140% premium it was prepared to stump up to get in on the action.
But if Glencore was keen to get on board, Jaworski was no less keen to have them.
“There’s no better investor for us than Glencore,” he says. “It’s the best partner we could have had in terms of the natural fit here.”
And with the backing of Glencore, he can afford to broaden the company’s horizons somewhat.
“2020 will be a very active year for us. Stonepark will be our key focus and work will consist of drilling and probably some geophysics.
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