Mr. Bart Jaworski reports

GROUP ELEVEN STARTS TWO-RIG STEP-OUT DRILL PROGRAM AT BALLYWIRE ZINC-LEAD-SILVER DISCOVERY

Group Eleven Resources Corp. has begun a two-rig drill program at the company's 100-per-cent-owned Ballywire zinc-lead-silver discovery, PG West project, Republic of Ireland.

Highlights:

• Two drill rigs have been mobilized to Ballywire, with drilling to commence over the next few days;
• Drilling will focus on the gravity-high anomalies along strike from the discovery area at Ballywire (see news release dated Nov. 21, 2023, for more information), spanning a strike length of approximately 2.9 kilometres;
• Drilling is planned to also include stepouts from recently reported high-grade intersections.

"We are excited to hit the ground running and kick off the 2024 drill program at Ballywire," stated Bart Jaworski, chief executive officer. "Building off the success at Ballywire last year, we are about to test key target areas, which have a geophysical signature similar to that of the discovery area. The strike length of high-grade mineralization drilled to date recently increased by 29 per cent, or 160 metres, 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. The current phase of drilling aims to test gravity-high anomalies on either side of the discovery area, over a distance of 2.9 kilometres. Additionally, we have a further two gravity high anomalies, also untested, giving us a total prospective trend of about six kilometres."

Background information on Ballywire discovery

Ballywire is located in the southeast portion of the company's 100-per-cent-owned PG West project, Ireland. PG West, including the nearby Tullacondra prospect, covers an area of 650 square kilometres 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.

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 m of 12.5 per cent Zn plus Pb (zinc plus lead) and 48 grams per tonne Ag (silver) (G11-468-01); (ii) 10.8 m of 10 per cent Zn plus Pb and 109 g/t Ag (G11-468-03); (iii) 10.1 m of 8.6 per cent Zn plus Pb and 46 g/t Ag (G11-468-06); (iv) 10.5 m of 14.7 per cent Zn plus Pb, 399 g/t Ag and 0.31 per cent Cu (copper) (G11-468-12); and (v) 11.2 m of 8.9 per cent Zn plus Pb and 83 g/t Ag (G11-3552-03). The company's two largest shareholders are Glencore Canada Corp. (18.2-per-cent interest) and Michael Gentile (15 per cent).

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