Mr. Bart Jaworski reports

GROUP ELEVEN DRILLS 18.8M OF 10.2% ZN+PB, 257 G/T AG AND 0.22% CU, INCLUDING 10.5M OF 14.7% ZN+PB, 399 G/T AG AND 0.31% CU AT BALLYWIRE ZINC-LEAD-SILVER DISCOVERY, IRELAND

Group Eleven Resources Corp. has released assay results from two recent stepout holes at its 100-per-cent-owned Ballywire zinc-lead-silver discovery, PG West project, Ireland.

Highlights from drill hole G11-468-12 at Ballywire:

• Two high-grade zones intersected, including the most extensive alteration and highest silver and copper grades discovered to date on the property:
  • 10.5 metres (m) of 14.7 per cent zinc plus lead (Zn+Pb) (5.8 per cent Zn and 8.9 per cent Pb), 399 g/t silver (Ag) and 0.31 per cent copper (Cu) from 292.0 m downhole, including 1.4 m of 33.2 per cent Zn+Pb (18.6 per cent Zn and 14.6 per cent Pb), 923 g/t Ag and 1.00 per cent Cu, in a broader interval of 18.8 m of 10.2 per cent Zn+Pb (3.9 per cent Zn and 6.3 per cent Pb), 257 g/t Ag and 0.22 per cent Cu (true width unknown), interpreted to be an important, steeply dipping feeder zone below the Waulsortian limestone;
  • 4.3 m of 8.8 per cent Zn+Pb (5.6 per cent Zn and 3.2 per cent Pb), 149 g/t Ag and 0.31 per cent Cu from 266.4 m downhole, including 0.58 m of 30.3 per cent Zn+Pb (11.0 per cent Zn and 19.4 per cent Pb), 990 g/t Ag and 2.22 per cent Cu, in a broader interval of 8.3 m of 5.7 per cent Zn+Pb (3.7 per cent Zn and 1.9 per cent Pb), 86 g/t Ag and 0.17 per cent Cu (true width is 90 to 100 per cent of reported interval), at the base of the Waulsortian limestone;
• Part of a wider interval of 66.9 m of 4.1 per cent Zn+Pb (2.0 per cent Zn and 2.1 per cent Pb), 86 g/t Ag and 0.09 per cent Cu;
• This hole represents an 80-metre stepout to the east (along strike) from G11-468-06 (which intersected 6.0 m of 12.4 per cent Zn+Pb (8.6 per cent Zn and 3.8 per cent Pb) and 68 g/t Ag;
• Ballywire strike length extended to 550 m from G11-468-01 (3.3 m of 12.5 per cent Zn+Pb and 48 g/t Ag) to G11-468-12, open in both directions to the east and west; downdip extent now at 510 m (open to north and south);
• Two additional stepout holes have recently been completed (assays expected in due course) and two rigs continue drilling further stepout holes along strike.

"We are very excited with the discovery of the feeder zone and associated Waulsortian-hosted mineralization, both of which delivered some of the highest silver grades recorded in Ireland and expanded the strike length of mineralization to 550 m," stated Bart Jaworski, chief executive officer. "Today's results demonstrate Ballywire's potential for exceptionally high grades, with the property remaining open for expansion of the current zone and additional new discoveries. The feeder zone is particularly significant as it will aid our vectoring efforts as we progress our drill program to the east, along the three-kilometre-long, undrilled strike projection of the mineralizing system. With a growing footprint of impressive grades, significant room to grow and a two-rig drill program, the next few months of drilling at Ballywire are poised to be transformational for Group Eleven."

New drill results at Ballywire discovery

The Ballywire prospect at the company's 100-per-cent-owned PG West project in the Republic of Ireland is a new discovery (initially announced in September, 2022). Two recent stepout holes (G11-468-12 and G11-468-09) are reported below.

G11-468-12 (minus 75 degrees dip, 330 degrees azimuth, 323 m depth), an 80-metre stepout to the east (along strike) from G11-468-06, intersected two significant zones of mineralization: (i) 10.5 m of 14.7 per cent Zn+Pb (5.8 per cent Zn and 8.9 per cent Pb), 399 g/t Ag and 0.31 per cent Cu, in a broader interval of 18.8 m of 10.2 per cent Zn+Pb (3.9 per cent Zn and 6.3 per cent Pb), 257 g/t Ag and 0.22 per cent Cu (true width unknown), interpreted to be an important steeply dipping and likely vertically extensive feeder zone below the Waulsortian limestone; and (ii) 4.3 m of 8.8 per cent Zn+Pb (5.6 per cent Zn and 3.2 per cent Pb), 149 g/t Ag and 0.31 per cent Cu, in a broader interval of 8.3 m of 5.7 per cent Zn+Pb (3.7 per cent Zn and 1.9 per cent Pb), 86 g/t Ag and 0.17 per cent Cu (true width is 90 to 100 per cent of reported interval), approximately at the base of the Waulsortian limestone.

The hole returned the most extensive alteration seen to date at Ballywire, consisting of intense dissolution. Mineralization within the Waulsortian limestone occurs as sphalerite, galena, pyrite and local chalcopyrite within massive to semi-massive sulphide lenses, disseminations, calcite veins and localized breccias.

Mineralization in the feeder zone occurs below the Waulsortian limestone, consisting of galena, sphalerite, pyrite and chalcopyrite and occurring within breccias, veins and massive sulphide lenses, interpreted to occur along a series of steeply dipping fractures related to a nearby inferred fault.

Separately, G11-468-09 (minus 70 degrees dip, 130 degrees azimuth, 546 m depth; a 125-metre stepout downdip from G11-468-10) returned three separate zones of mineralization within the Waulsortian limestone, the best of which totalled 2.4 m of 4.7 per cent Zn+Pb (2.3 per cent Zn and 2.4 per cent Pb), 101 g/t Ag and 0.64 per cent Cu (true width is estimated to be 70 to 80 per cent of the reported interval).

Mineralization at Ballywire has now been extended by 80 m along strike (to 550 m , spanning holes G11-468-01 to -12) and by 125 m downdip (to 425 m, spanning holes G11-468-04 to -09). Including previously drilled hole G11-3552-01, downdip extent is 510 m.

Next steps at Ballywire discovery

Two additional holes (G11-468-13 and G11-3552-02 drilled to intersect the base of the Waulsortian limestone 50 m updip and 100 m downdip from G11-468-12, respectively) have recently been completed (assays expected in due course). Two rigs continue drilling further stepout holes.

Background information on Ballywire discovery

Ballywire is located in the southeast portion of the company's 100-per-cent-owned PG West project, Republic of Ireland. PG West, including the nearby Tullacondra prospect, covers an area of 650 square km (251 square miles) and is contiguous with the company's Stonepark project (covering 184 square km; 76.56-per-cent interest). Ballywire is located approximately 20 km southeast of Glencore's Pallas Green deposit and approximately 50 km southwest of the historic Lisheen zinc mine (closed in 2015).

Geologically, Ballywire is situated at the intersection of the southwest projection of the Rathdowney trend, hosting the past-producing Lisheen and Galmoy zinc mines, and the Pallas green corridor, which hosts the undeveloped Pallas green deposit. Historic drilling at the Ballywire prospect was sparse, last being worked by operators in 2008. Group Eleven staked the prospect in 2016.

Group Eleven announced the Ballywire discovery in September, 2022. Key intercepts to date include: (i) 3.3 m of 12.5 per cent Zn+Pb and 48 g/t Ag (G11-468-01), (ii) 10.8 m of 10.0 per cent Zn+Pb and 109 g/t Ag (G11-468-03); (iii) 10.1 m of 8.6 per cent Zn+Pb and 46 g/t Ag (G11-468-06); and (iv) 10.5 m of 14.7 per cent Zn+Pb, 399 g/t Ag and 0.31 per cent Cu (G11-468-12).

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.

Quality assurance/quality control (QA/QC) information

Group Eleven inserts certified reference materials (CRMs), as well as blank material, to its sample stream as part of its industry-standard QA/QC program. The QC results have been reviewed by the qualified person, who is satisfied that all the results are within acceptable parameters. The qualified person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources Corp.

Group Eleven Resources is a mineral exploration company focused on advanced-stage zinc exploration in Ireland.

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