Mr. Bart Jaworski reports

GROUP ELEVEN EXTENDS STRIKE AT BALLYWIRE TO 2.6KM AND INTERSECTS HIGH-GRADE SILVER AND COPPER, INCLUDING 4.4M OF 304 G/T AG AND 0.73% CU

Group Eleven Resources Corp. has released results from the first four holes of the 2024 drill program at the company's 100-per-cent-owned Ballywire zinc-lead-silver discovery, PG West project, Republic of Ireland.

Highlights:

• Mineralization intersected in all four stepout holes testing the previously undrilled C2 and C3 gravity-high anomalies (located 530 metres and 930 metres east of the Ballywire discovery area).
• Key intersections include:
• • 4.6 m of 5.2 per cent zinc plus lead (4.4 per cent Zn and 0.9 per cent Pb) and 15 grams per tonne silver (from 288.9 m down hole), including 1.9 m of 6.9 per cent Zn+Pb (5.5 per cent Zn and 1.4 per cent Pb) and 22 g/t Ag within a 59.7 m package of intermittent mineralization (not yet fully assayed) in G11-3552-08, a 930 m stepout (testing anomaly C3);
  • 2.7 m of 4.3 per cent Zn+Pb (1.1 per cent Zn and 3.2 per cent Pb) and seven g/t Ag, including 0.6 m of 12.9 per cent Zn+Pb (1.5 per cent Zn and 11.4 per cent Pb) and 16 g/t Ag (from 291.5 m down hole) within a 22.5 m wide zone of mineralization in G11-3552-06, approximately 100 m south of the above hole;
  • 4.4 m of 304 g/t Ag, 0.73 per cent copper and 1 per cent Zn+Pb (0.9 per cent Zn and 0.1 per cent Pb) (starting at 331.6 m down hole), including 0.6 m of 1,440 g/t Ag, 3.03 per cent Cu and 1.6 per cent Zn+Pb (1.5 per cent Zn and 0.2 per cent Pb), the highest silver value ever intersected by the company, within a 91.9 m package of intermittent mineralization in G11-3552-07, a 530 m stepout (anomaly C2).
• The above results, combined with the projection of the high-grade trend at the discovery area, suggest that the strength of the system is increasing to the north of the C2 and C3 anomalies.
• Drilling continues with two rigs, testing farther north on anomaly C3 and in between the discovery area and anomaly C2, respectively.

"We are very pleased that robust mineralization at Ballywire has now been intersected over a strike length of over 2.6 kilometres, up from 1.7 km previously," stated Bart Jaworski, chief executive officer. "This extended breadth includes 710 m at the discovery area, a historic intercept one km to the west and now stepout drilling up to 930 m to the east. The fact that gravity-high anomalies C2 and C3 are spatially associated with mineralization bodes well for the rest of our prospective trend which is defined by gravity-high anomalies over a strike length of six km. We look forward to systematically drill testing these anomalies over the coming weeks and months. With a 2.6 km long footprint, a six km long prospective trend and some of the highest silver values ever attained in Ireland, Ballywire is increasingly showing signs of a major zinc-lead-silver discovery."

First four holes from 2024 drill campaign 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 zinc-lead-silver discovery (first announced September, 2022). In addition to 21 holes drilled and reported by Group Eleven to date, the next four stepout holes (G11-3552-05 to -08) of the 2024 program are reported today. Holes G11-3552-09 to -11 are in progress.

Mineralization occurs as sphalerite, galena, pyrite, chalcopyrite and suspected tennantite-tetrahedrite, and is bedding parallel along and close to the base of the Waulsortian limestone. Notably, significant volumes of dark grey, dolomitic breccias are present in hole G11-3552-08. Today's drill results, combined with the projection of the high-grade trend at the discovery area, suggest that the strength of the mineralizing system is increasing to the north of the C2 and C3 gravity-high anomalies.

Stonepark -- planning under way

Planning is under way for a drilling program at the company's 76.56-per-cent-owned Stonepark project later in 2024. This will include follow-up on drilling at the Carrickittle West target in 2022, which resulted in the first intersection by Group Eleven of a major fault in the Limerick basin. The company expects to drill a series of widely spaced holes to examine mineralization, brecciation and Waulsortian thickness variations in the area to improve understanding of the best area of potential for a major discovery. This incremental follow-up on the target reduces the risk associated with a single, deep hole and follows the exploration model that successfully resulted in the Ballywire discovery in 2022. In addition, other prospective targets across the Stonepark project will be drill tested during the course of the program. Further details on the program will be provided in due course.

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 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 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); (iv) 10.5 m of 14.7 per cent Zn+Pb, 399 g/t Ag and 0.31 per cent Cu (G11-468-12); and (v) 11.2 m of 8.9 per cent Zn+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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