Mr. Bart Jaworski reports

GROUP ELEVEN ADDS SECOND DRILL RIG AT BALLYWIRE ZINC-LEAD-SILVER-GERMANIUM DISCOVERY, PG WEST PROJECT, IRELAND

Group Eleven Resources Corp. has provided a drill progress update and has added a second drill rig at the Ballywire zinc-lead-silver-germanium discovery, PG West project (100-per-cent interest), Ireland.

Drill update at Ballywire

• Two drill holes have been completed (G11-468-09 and -12), totalling 375 metres and 323 m, respectively; results are to be announced over the coming weeks upon completion of assays expected in due course.
• G11-468-09 was a 375-metre continuation (to a total depth of 546 m) of a previous hole drilled by Group Eleven, which had been stopped at 171 m (see news release dated June 21, 2023).
• G11-468-12 was an 80 m stepout to the east (along strike) of G11-468-06 (which intersected 6.0 m of 8.6 per cent zinc and 3.8 per cent lead, or 12.4 per cent Zn plus Pb, and 68 g/t Ag; see news release dated March, 2, 2023).
• Two drill rigs are now in operation, with the second rig added last week.
• The company is currently drilling hole G11-468-13 (stepping 50 m north and up-dip of G11-468-12) and G11-3552-02 (stepping 150 m south and down dip of G11-468-12).
• Results from the above holes will be released in due course.

"We are pleased that drilling is now operational with two rigs at Ballywire," stated Bart Jaworski, chief executive officer. "This accelerated phase of drilling should be instrumental in helping us determine the location and extent of the postulated and yet undiscovered centre of the mineralizing system, hypothesized to host the thickest and highest-grading mineralization."

Ballywire zinc-lead-silver-germanium discovery, PG West project (100-per-cent interest), Ireland

The Ballywire discovery is located in the southeastern portion of the company's 100-per-cent-owned PG West project, Republic of Ireland. PG West, including the nearby Tullacondra prospect, comprises 22 prospecting licences covering 650 square kilometres and is contiguous with the company's Stonepark project (six prospecting licences covering 184 square kilometres; 76.56-per-cent interest), covering additional prospective stratigraphy in the Limerick region. Ballywire is located approximately 20 kilometres southeast of Glencore's Pallas Green deposit (1) and approximately 50 kilometres southwest of the historic Lisheen zinc mine (closed in 2015). Geologically, Ballywire is situated at the intersection of the southwesterly projection of the Rathdowney trend (which hosts the past-producing Lisheen and Galmoy zinc mines) and the Pallas Green corridor. Historic drilling at the Ballywire prospect was sparse, last being worked by operators in 2008. Group Eleven staked the prospect in 2016 based on compelling results from the two most-recent historic holes. Group Eleven announced its discovery hole (G11-468-03) on Sept. 6, 2022.

(1) Pallas Green mineral resource estimate (MRE): 45 million tonnes of 7.2 per cent zinc and 1.2 per cent lead, inferred (Glencore, Dec. 31, 2022).

Qualified person

Technical information in this news release has been approved by Prof. Garth Earls, EurGeol, PGeo, FSEG, geological consultant at IGS (International Geoscience Services) Ltd., and independent qualified person as defined under Canadian National Instrument 43-101.

About Group Eleven Resources Corp.

Group Eleven Resources is a mineral exploration company focused on advanced stage zinc exploration in Ireland. Additional information about the company is available at the company's website.

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