Group Eleven Continues Follow-up Drilling at Ballywire Discovery and Provides Results of Regional Drilling at Stonepark and PG West Zinc Projects, Ireland

Vancouver, Canada, January 31, 2023 - Group Eleven Resources Corp. (TSX-V: ZNG; OTC: GRLVF; FRA: 3GE) (“Group Eleven” or the “Company”) is pleased to announce that drilling continues at its Ballywire zinc discovery (“Ballywire”), PG West Project (“PG West”, 100%-interest), Ireland. The Company also reports results from regional drilling at its Stonepark Project (“Stonepark”, 76.56% interest) and its PG West Project, Ireland.

Highlights - Ballywire

• Follow-up drill program at the Ballywire discovery, consisting of five holes totalling approximately 1,500m (see news release dated Nov 22, 2022) is ongoing at a steady pace
• To date, three holes (totalling 972m) have been completed, with a fourth hole in progress
• Drill results from these initial three holes are expected in 4-6 weeks, pending assay results
• One or two additional holes (200-300m each) may also be added to the current drill program
• Completion of the planned drill program is expected around end of Q1 2023, with results to be reported thereafter, upon receipt of assay results
• Step-out distances to range from 60m to 120m from discovery hole G11-468-03, which intersected one of the best mineralized intervals in Ireland in recent years: 66.00m of mineralization, including (i) 6.85m of 15.4% Zn+Pb (11.1% Zn, 4.3% Pb) and 160 g/t Ag, (ii) 1.71m of 12.2% Zn+Pb (10.3% Zn and 1.9% Pb) and 38 g/t Ag and (iii) 5.00m of 8.3% Zn+Pb (6.2% Zn and 2.1% Pb) and 107 g/t Ag (true widths 80-100% of intercepted width; see news release dated Sept 6, 2022)
• Ballywire discovery area remains open for 3km to the ENE, 1.5km to the W and at least 500m to the NNW

Highlights – Other

• At Carrickittle West prospect (“Carrickittle West”; Stonepark Project; see news release dated June 16, 2022), drill applications have now been submitted and drilling is expected to start later this year (specific timing subject to receipt of permits, progress at Ballywire, etc)
• Drilling on the Company’s regional prospects within Stonepark and PG West has now been completed with results summarized below
• Key takeaway from regional drilling is that the major fault recently discovered at Carrickittle West is now hypothesized to extend another 10-20km to the SW and at least 30km to the NE, demonstrating the extent of the structural trend and increased prospectivity at Carrickittle West

“We are pleased with progress thus far at Ballywire and look forward to learning a great deal more about this exciting prospect as drilling progresses over the coming weeks,” stated Bart Jaworski, CEO. “Results from this program should go a long way towards determining the potential for Ballywire to be a Lisheen-scale zinc system in terms of size and grade. At Carrickittle West, it is very encouraging to see the major fault identified in June 2022, now appearing to be part of a larger structural trend 40-50km long. This significantly adds to Carrickittle West’s discovery potential.”

Group Eleven’s 2022 Drill Program in Ireland – Key Points

Group Eleven completed 6,596m of drilling (27 holes in total) in 2022, including 4,117m at its PG West Project (100% interest; see Exhibit 1), 2,316m at its Stonepark Project (76.56% interest) and 164m at its Silvermines Project (100% interest). Overall, this represents the highest annual level of drilling since the Company’s inception in 2015 (and an 86% increase from 3,548m drilled in 2021). Key highlights of 2022 are: (1) discovery of high-grade massive sulphides at Ballywire (see news release dated Sept 6, 2022 and (2) identification of a potential mineralizing ‘feeder’ structure at Carrickittle West (see news release dated June 16, 2022). In addition, regional drilling fulfilled two other objectives: (i) keeping prospecting licenses in good standing; and (ii) generating new ideas and high-priority prospects for future drilling.

Exhibit 1. Regional Map of the PG West (100%) and Stonepark (76.56%) Zinc Projects, Ireland

Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore (see Glencore’s Resources and Reserves Report dated December 31, 2021); (b) Stonepark MRE: see the ‘NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland’, by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in ‘Report on Prospecting Licence 464’ by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in ‘The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody’ by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in ‘Report on Mallow Property’ by David Wilbur, dated December 1973; and later summarized in ‘Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork’ by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. ‘Rathdowney Trend’ is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

Stonepark Project, Ireland (75.56% interest) – Regional Drill Program

At Stonepark, the first three holes (totalling 1,812m) of the drill campaign, were previously released (see news release dated June 16, 2022). The main highlight of this drilling was the identification of a major fault structure at Carrickittle West (see Exhibit 2), with at least 150m displacement, hypothesized to represent at least one of the feeder structures which may have sourced mineralization (e.g. Group Eleven’s Stonepark zinc deposit¹, Glencore’s nearby Pallas Green zinc deposit or any as yet undiscovered mineralization) within the Limerick Volcanic Complex (“LVC”). This potential ‘feeder’ fault is interpreted as the SW extension of the Coonagh Castle Fault which strikes for at least 30km NE of the LVC but whose presence, location and significance was highly uncertain within the SW portion of the LVC (the portion covered by Group Eleven’s prospecting licenses). The four remaining holes announced today (totalling 504m) add evidence of further extensions of major prospective trends to the SW.

Exhibit 2. Drill Hole Map of the Stonepark (76.56%) Zinc Project, Ireland

Note: Iapetus Suture is a fault zone marking a collision (400 mln years ago) between northern and southern parts of Ireland; “Py-BMB” = pyrite-bearing black-matrix-breccia; “sph” = sphalerite; “ABL” = sub-Waulsortian lithology

Drill holes G11-449-01 and -02 (drilled 100m apart) intersected trace mineralization (cm-scale blebs of sphalerite and 4.0m of 0.24% Zn+Pb, respectively). This was unusual given the holes did not intersect the target horizon (Waulsortian limestone), instead encountering sub-Waulsortian lithologies and a mineralized intrusive dyke. This hydrothermal activity can be interpreted as evidence of a fault structure nearby. Together with re-assessed historic drilling and outcrop geology, the presence of a major structure in the area is now an emerging hypothesis. This structure may represent a SW continuation of the Coonagh Castle Fault (see ‘Hypothesized CCF Extension’ in Exhibit 2).

In the northern part of the Stonepark property, two other holes also provided useful information supporting the presence of a 10km-long prospective trend starting at the Stonepark zinc deposit¹ and extending to the SW (see Exhibit 2). G11-2927-01 intersected a small fault with an associated mineralized zone (0.36m of 1.30% Zn+Pb). This mineralized fault confirms tectonic and hydrothermal activity in the area, corroborating geophysical evidence (gravity and airborne magnetics) suggesting the presence of a large uplifted (‘horst’) feature present along most of this trend. G11-3367-01 intersected strong alteration, suggesting large fault structures nearby. Importantly, a potential vector (extensive pyritic black-matrix-breccia or ‘BMB’), occurs nearby.

PG West Project, Ireland (100% interest) – Regional Drill Program

At PG West, 11 regional holes (totalling 1,999m) were drilled in 2022 (see Exhibit 3). Most interestingly, G11-3267-01 intersected 20m of trace sphalerite (including 0.65m of 0.23% Zn) and trace chalcopyrite (0.15m of 0.27% Cu). This locality hosts a strong, generally NE-trending zinc-in-soil anomaly (approx. 4km long), with a number of float rock samples along a 2km distance, containing visible sphalerite, galena, chalcopyrite, chalcocite and tetrahedrite. A portion of this anomaly is underlain by an extensive shear zone. Re-assessing this area from a regional perspective, and taking into account the Company’s recent drilling at Stonepark, suggests this area may host the further SW-extension on the Coonagh Castle Fault.

Drill holes G11-1584-02 and G11-3366-02 also returned interesting results. G11-1584-02 intersected mineralized boulders (0.09m of 2.9% Zn+Pb; and 15cm of 0.55% Zn+Pb) within the overburden, corroborating an extensive 2-3km long zinc-in-soil anomaly in the area. Both holes intersected stratigraphy dipping steeply to the south, towards an interpreted fault. Based on the 2022 drill hole data, together with historic holes, the implied offset of the fault system appears to be over 300m. This interpreted fault system appears to be roughly on-trend with the above-described prospective trend identified at Stonepark.

Drill hole G11-2835-02, drilled in the northern licenses, intersected the best mineralization to date at this locality, returning 3.60m of 0.79% Zn+Pb, including 0.60m of 1.37% Zn+Pb. The mineralization was intersected in a partially-dolomitic breccia (i.e. potentially approaching classic BMB), adding encouragement. Further drilling is warranted to the south, where mineralization appears to be increasing towards an interpreted fault zone.

The last hole of note is G11-3782-01, drilled approximately 7km E and generally along-strike of the Company’s Ballywire discovery. The hole intersected minor faulting and local trace zinc mineralization.  This hole, plus several nearby historic holes which also intersected minor faulting and trace sphalerite, all suggest that this area is distal to any major mineralized zone (notionally the Ballywire discovery). The fact mineralization is still seen at least 7km from the Ballywire discovery may be indicative of the overall size of the mineralizing system.

The remaining six holes at PG West returned useful information, however, represent much earlier-stage prospects. At Silvermines, a reconnaissance hole was drilled at the Cooleen prospect, located about 1km E from the historic Silvermines zinc mine. The hole attempted to test a prospective newly-modelled fault, however, encountered bad ground (numerous cavities) and was abandoned. A second attempt nearby encountered similar problems. The cavities likely corroborate evidence of a nearby fault structure, with additional drilling warranted in future.

Exhibit 3. Drill Hole Map of the PG West (100%) Zinc Project, Ireland

Note: Iapetus Suture is a fault zone marking a collision (400 mln years ago) between northern and southern parts of Ireland; “BMB” = black matrix breccia; “Py-brxx w diss sph” = pyrite-breccia with disseminated sphalerite; “Cpy” = chalcopyrite; “displ” = displacement; “BOR” = base of reef (Waulsortian Limestone)

Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, 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 programme. 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

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

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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.