Mr. Bart Jaworski reports

GROUP ELEVEN EXTENDS MINERALIZED FOOTPRINT BY 50M TO NORTH AT BALLYWIRE ZINC-LEAD-SILVER DISCOVERY, REPORTS ADDITIONAL GERMANIUM ASSAYS AND EXPANDS GROUND POSITION AT STONEPARK

Group Eleven Resources Corp. has released results from the last hole of the 2023 drill program at the company's 100-per-cent-owned Ballywire zinc-lead-silver discovery, PG West project, Republic of Ireland.

Highlights:

• G11-3552-04, a 50-metre stepout north of G11-3552-03, intersected a thick (72.1 m) package of mineralization hosting two higher-grade zones:
  • 2.5 m of 4.4 per cent Zn+Pb (3.4 per cent Zn and 1.1 per cent Pb) and 21 grams per tonne Ag (starting at a depth of 225 m), including 0.8 m of 6.5 per cent Zn+Pb (4.8 per cent Zn and 1.7 per cent Pb) and 35 g/t Ag;
  • 2.7 m of 3.5 per cent Zn+Pb (1.9 per cent Zn and 1.6 per cent Pb) and 23 g/t Ag (starting at a depth of 253 m), including 0.4 m of 14.2 per cent Zn+Pb (9.6 per cent Zn and 4.6 per cent Pb) and 84 g/t Ag;
  • True widths are estimated to be approximately 100 per cent of drilled intervals;
  • Mineralization occurs as sphalerite, galena and pyrite and is bedding parallel along and close to the base of the Waulsortian limestone.
• For reference, G11-3552-03 (announced Nov. 21, 2023) returned 32.7 m of 4.4 per cent Zn+Pb and 37 g/t Ag, including 11.2 m of 8.9 per cent Zn+Pb and 83 g/t Ag.
• Mineralization between the above two holes is interpreted to be offset by approximately 25 m along a steep-dipping fault (which will be used to help locate future drill targets to the east).
• As announced on Jan. 11, 2024, two drill rigs have been mobilized to test gravity anomalies at Ballywire; drilling is progressing well and on schedule.
• In addition to the above, the company reports further elevated germanium grades from reassay of previously announced high-grade Zn-Pb-Ag mineralized intervals.
• A new licence was awarded to the Stonepark joint venture (76.56 per cent owned by Group Eleven).

"It's great to see the footprint of our Ballywire discovery continue to increase, especially as two rigs recently restarted drilling on the project," stated Bart Jaworski, chief executive officer. "Demonstrating the scale potential of the mineralizing system, the strike length of known high-grade mineralization has recently 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 have 1.7 kilometres of strike length over which robust mineralization has been intercepted. Gravity-high anomalies on either side of the discovery area have yet to be drilled and indicate a prospective trend of about six kilometres. We very much look forward to systematically drill testing these anomalies over the coming months."

Last hole from 2023 drill campaign at Ballywire

The Ballywire prospect at the company's 100-per-cent-owned PG West project in Republic of Ireland is a new zinc-lead-silver discovery (announced September, 2022). In addition to 20 holes drilled and reported by Group Eleven to date, the final stepout hole (G11-3552-04) of the 2023 program is reported today. This hole steps out 50 m to the north from previously known mineralization.

For reference, G11-3552-03 (announced Nov. 21, 2023) returned 32.7 m of 4.4 per cent Zn+Pb and 37 g/t Ag, including 11.2 m of 8.9 per cent Zn+Pb and 83 g/t Ag. Mineralization in the G11-3552-03 and -04 is interpreted to be offset by approximately 25 m along a steep-dipping fault. This fault may help in the vectoring of drill targets toward the east.

The above drill hole is located north of the high-grade trend associated with the recently announced C1 gravity-high anomaly (see news release dated Oct. 17, 2023). Anomalies B, C2 and C3 have not yet been drilled and are the focus of drill testing on the current (2024) drill campaign.

In addition to the above, the company recently selected several high-grade intervals from the company's Ballywire drilling to test for germanium (using lithium borate fusion assay). The new assays returned elevated germanium (Ge) levels, broadly similar to those previously reported. With Ge trading at nearly twice that of silver (approximately $41 (U.S.)/ounce versus silver at $23 (U.S.)/oz) and deemed a critical raw material by the European Union, these elevated Ge levels along with elevated silver grades bode well for the future strategic value at Ballywire.

New prospecting licence at Stonepark and 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 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 (mineral resource estimate of 45 million tonnes of 7.2 per cent Zn and 1.2 per cent Pb, inferred (Glencore, Dec. 31, 2022)) 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 in 2008. Group Eleven staked the prospect in 2016 and announced the discovery in September, 2022.

The company recently applied for and was subsequently awarded a prospecting licence (PL3824), located within the Stonepark project (76.56 per cent Group Eleven, 23.44 per cent Arkle Resources PLC). The licence is underlain by the interpreted southwest continuation of the prospective Coonagh Castle fault.

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, 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 the Republic of 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+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. (18.2-per-cent interest) and Michael Gentile (15 per cent).

We seek Safe Harbor.