Mr. Bart Jaworski reports

GROUP ELEVEN DRILLS 11.2M OF 8.9% ZN+PB AND 83 G/T AG AND EXTENDS STRIKE LENGTH OF HIGH-GRADE MINERALIZATION BY 160M FROM 550M TO 710M AT BALLYWIRE ZINC-LEAD-SILVER DISCOVERY

Group Eleven Resources Corp. has released drill results from five stepout holes at its 100-per-cent-owned Ballywire zinc-lead-silver discovery, PG West project, Republic of Ireland. One more stepout hole (plus two nearby regional holes) and germanium assays remain pending from the Ballywire area, with results expected over the coming weeks.

Highlights:

• G11-3552-03 (160-metre easterly stepout) returned 11.2 m of 8.9 per cent Zn+Pb (zinc plus lead) (5.6 per cent Zn and 3.3 per cent Pb) and 83 grams per tonne (g/t) Ag (silver), including 4.7 m of 9.7 per cent Zn+Pb (3.7 per cent Zn and 6 per cent Pb) and 79 g/t Ag (true width estimated to be 90 per cent to 100 per cent of drilled interval).
• G11-468-13 (50 m northerly stepout) returned 9.7 m of 7.5 per cent Zn+Pb (4.3 per cent Zn and 3.2 per cent Pb) and 43 g/t Ag, in a wider interval totalling 30.4 m of 4.3 per cent Zn+Pb (3 per cent Zn and 1.4 per cent Pb) and 25 g/t Ag, including 5.6 m of 9.8 per cent Zn+Pb (4.8 per cent Zn and 5.1 per cent Pb) and 60 g/t Ag (true width of 90 per cent to 100 per cent).
• G11-468-15 (80 m easterly stepout) returned 4.9 m of 11.8 per cent Zn+Pb (2.6 per cent Zn and 9.2 per cent Pb) and 84 g/t Ag (true width of 90 per cent to 100 per cent).
• G11-468-14 (80 m easterly stepout, 50 m south of G11-468-15) returned 10.2 m of 4.4 per cent Zn+Pb (0.7 per cent Zn and 3.7 per cent Pb) and 19 g/t Ag, including three m of 8 per cent Zn+Pb (0.8 per cent Zn and 7.2 per cent Pb) and 38 g/t Ag (true width of 70 per cent to 90 per cent).
• Mineralization above consists of sphalerite and galena, occurring bedding-parallel at or near the base of the Waulsortian limestone, which dips gently to the south-southeast.

"This is a very strong set of assay results from holes drilled significant distances from previously known mineralization," stated Bart Jaworski, chief executive officer. "The strike-length of known high-grade mineralization has increased by 29 per cent, or 160 m, to the east, from 550 m to 710 m. Including a massive sulphide intercept from 1997, we now have 1.7 kilometres of strike length over which robust mineralization has been intercepted. We are especially excited by the fact that we have yet to test two large gravity-high anomalies on either side of the discovery area, over a distance of 2.9 kilometres. And we have a further two gravity-high anomalies, also untested, giving us a total prospective trend of about six kilometres."

New drilling at Ballywire

The Ballywire prospect at the company's 100-per-cent-owned PG West project in Ireland is a new zinc-lead-silver discovery (initially announced in September, 2022). In addition to 15 holes drilled and reported by Group Eleven to date, five stepout holes are reported today. These holes step out from previously known mineralization by 50 m to the north, 80 m to the east and 160 m to the east.

Relative to recently announced gravity-high anomalies (see news release dated Oct. 17, 2023), the drill holes herein are located on the eastern margins of the C1 anomaly. Anomalies B, C2 and C3 remain to be drilled.

G11-468-13 (azimuth 330 degrees, dip minus-65 degrees) is a 50 m stepout hole located up-dip and to the north of G11-468-12. Strong results from both holes suggests robust mineralization is likely to continue farther north along this section. Weak results from G11-3552-02 (azimuth 330 degree, dip minus-65 degrees), located 105 m down-dip and south of G11-468-12, suggests that the mineralizing system is waning to the south at this locality, or that this hole intercepted an isolated dead spot, not uncommon in Irish-type zinc deposits in Ireland.

G11-468-14 (azimuth 335 degrees, dip minus-80 degrees) is an 80 m stepout east-northeast from G11-468-12. Strong mineralization was returned within the Waulsortian limestone, with mineralized veins also intersected below this unit. G11-468-15 (azimuth 335 degrees, dip minus-70 degrees) is a 50 m stepout north of G11-468-14, yielding strong mineralization in the hanging wall of an interpreted fault.

G11-3552-03 (azimuth 330 degrees, dip minus-75 degrees) is a 160 m stepout east-northeast ENE from G11-468-12, yielding the best mineralization of the suite of results in today's release. The company has completed a drill hole stepping out 75 m to the north of G11-3552-03, with assays expected over the coming weeks.

The above holes expand the strike length of known high-grade mineralization by 160 m, or 29 per cent, from 550 m to 710 m. Including a massive sulphide intercept from 1997, robust mineralization has been intercepted over 1.7 kilometres. Two large gravity-high anomalies yet to be drill tested on either side of the discovery area are highly prospective and total a distance of 2.9 km. A further two gravity-high anomalies, also untested, underpin an overall prospective trend of approximately six km (see news release dated April 25, 2023).

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 and announced the discovery in September, 2022.

Qualified person

Technical information in this news release has been approved by Professor 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, or standards) 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. Group Eleven announced the Ballywire discovery in September, 2022. Key intercepts to date include: (i) 3.3 metres of 12.5 per cent Zn+Pb and 48 g/t Ag (G11-468-01); (ii) 10.8 m of 10 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 copper (G11-468-12). The company's two largest shareholders are Glencore Canada Corp. (20.8-per-cent interest) and Michael Gentile (16.5 per cent).

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