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Group Eleven Re-Commences Drilling at Stonepark Project, Ireland and Provides Exploration Update

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Vancouver, Canada, September 15, 2022 - Group Eleven Resources Corp. (TSX-V: ZNG; OTC: GRLVF; FRA: 3GE) (“Group Eleven” or the “Company”) is pleased to announce the re-commencement of drilling at its 76.56%-interest Stonepark zinc prospect (“Stonepark”), Ireland.

Highlights:

  • Drilling continues with two rigs on Group Eleven’s zinc prospects in Ireland, as part of a previously announced and fully-funded drill program totalling over 6,000m in 2022
  • At Stonepark, three holes of the previously announced six-hole program (totalling 2,300m) have been completed and were announced (see news release dated June 16, 2022)
  • The next hole, started earlier this week, is located on the southwest portion of the Stonepark Project area
  • Following completion of the above hole, drilling will resume on Group Eleven’s 100% owned PG West Project, after which the remaining two holes of the Stonepark program will be completed before year-end

“We are on-track to complete at least 6,000m of drilling this year as per plan,” stated Bart Jaworski, CEO and Director. “The above work does not include follow-up drilling at our recent discovery at 100%-owned Ballywire prospect announced last Tuesday or the deeper target identified at 76.56%-owned Carrickittle West prospect announced on June 16th. We look forward to updating the market on next steps at Ballywire and Carrickittle West in the near term.”

Options and Deferred Share Units Issuance

The Company also announces that it has granted incentive stock options to directors, officers and employees of the Company, on September 13, 2022, to purchase up to 1,585,000 common shares in the capital stock of the Company. These options vest over a period of two years from the date of grant, at an exercise price of $0.10 per share. All options granted are subject to the policies of the TSX.V.

The Company has also granted 600,000 deferred share units to three independent directors as an annual award for services provided, in accordance with the provisions of the Company’s deferred share unit plan.

About Group Eleven Resources

Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in Ireland. Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

E: b.jaworski@groupelevenresources.com  |  T: +353-85-833-2463
E: j.webb@groupelevenresources.com  |  T: 604-644-9514

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

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