Group Eleven drills 12.0 metres of 2.30% copper and 560 g/t silver at Ballywire, Ireland

Group Eleven Resources Corp. [TSXV: ZNG; OTC Pink: GRLVF; FSE: 3GE] reported assay results from four new holes from the ongoing drill program at the 100%-owned Ballywire zinc-lead-silver discovery, PG West Project, Republic of Ireland.

Highlights: 25-3552-31, a 65-metre step-out hole, intersected two strongly mineralized horizons: Cu-Ag horizon (starting at 348.7m downhole); 19.9m of 1.46% Cu and 356 g/t Ag, including 12.0m of 2.30% Cu and 560 g/t Ag, including 6.4m of 3.72% Cu and 838 g/t Ag.

Zn-Pb-Ag horizon (starting at 297.0m downhole); 47.1m of 4.5% Zn+Pb (3.1% Zn and 1.4% Pb) and 22 g/t Ag, including 25.9m of 7.4% Zn+Pb (5.1% Zn and 2.3% Pb) and 35 g/t Ag, including 12.9m of 11.0% Zn+Pb (7.7% Zn and 3.2% Pb) and 57 g/t Ag, including 3.7m of 20.4% Zn+Pb (15.8% Zn and 4.6% Pb) and 151 g/t Ag.

Up to 10.45% Cu (over 0.80m) and up to 1,880 g/t Ag (over 0.86m) intersected in the Cu-Ag horizon; to the Company’s knowledge, this represents the highest-grade Ag intercept in Ireland over the last >60 years (by any operator) and similarly, one of the highest-grade Cu intercepts.

Cu-Ag horizon consists of replacement-style mineralization along the base of the Waulsortian Limestone in proximity to a fault structure; mineralization appears to consist mostly of tennantite-tetrahedrite (detailed mineralogy work to be undertaken in due course).

Noteworthy is the presence of elevated antimony in the Cu-Ag zone, grading 0.27% Sb within the above 6.4-metre interval (including 0.80m of 10.45% Cu, 1215 g/t Ag and 0.83% Sb).

This hole expands the footprint of the 2.6km long discovery trend by at least 65m down-dip, to a total of at least 170m down-dip along this section (and remains open further down-dip).

Drilling continues at Ballywire with two rigs testing the NE extension and 1.3km ENE of the Ballywire discovery in the vicinity of the prospective ‘D’ gravity-high anomaly; a third rig was added this week, testing the deeper Cu-Ag target (below the Waulsortian Limestone).

“Intersecting spectacular copper-silver grades over significant thicknesses is a pivotal moment for the Ballywire discovery,” stated Bart Jaworski, CEO. “These results not only strongly point to a stratigraphically deeper Cu-Ag horizon but also represent a proof of concept that substantial grades and thicknesses of copper and silver exist at the discovery, in addition to excellent grades of Zn-Pb. The growing presence of critical minerals at Ballywire, namely, copper, germanium and now potentially antimony, highlights the rising strategic importance of this discovery for Ireland, the EU and our shareholders. With today’s Cu-Ag milestone, continued drilling to the NE and along our prospective 6km trend, plus the start of drilling with our third rig, we are poised to further grow shareholder value as the year progresses.”

The Ballywire prospect at the Company’s 100%-owned PG West Project in Republic of Ireland, represents the most significant mineral discovery in Ireland in over a decade. First announced in September 2022, the discovery has 52 holes drilled and reported by Group Eleven to date, including the most recent four holes (25-3552-30, -31, -32, and -33) reported today.

High-grade Zn-Pb mineralization from 25-3552-31 consists predominantly of sphalerite, galena and pyrite. High-grade Cu-Ag mineralization in this hole consists of suspected tennantite/tetrahedrite, chalcopyrite, sphalerite, galena and pyrite along and/or close to the base of the Waulsortian Limestone. Noteworthy is the presence of elevated antimony within the Cu-Ag zone. For example, the 6.39 metres interval below, grading 3.72% Cu and 838 g/t Ag, also grades 0.27% Sb (including 0.80m of 10.45% Cu, 1215 g/t Ag and 0.83% Sb).

True width of the mineralized interval in hole 25-3552-31, as a percentage of the down-hole interval, is estimated to be 50-70%; for photographs of Cu-Ag rich core.

Three other holes released today were drilled in a 150m gap to the NE of 25-3552-31. Hole 25-3552-30 returned nil mineralization, 25-3552-32 returned three intervals of mineralization up to 0.94 metres of 2.4% Zn+Pb (0.9% Zn and 1.5% Pb) and 8 g/t Ag, and 25-3552-33 returned three intervals of mineralization up to 0.82 metres of 2.9% Zn+Pb (1.1% Zn and 1.8% Pb) and 7 g/t Ag.

A second mineralized trend is also emerging to the south where the interpreted Cu-Ag rich ‘feeder’ fault pierced by drilling along the main discovery trend appears to correlate with mineralization approx. 350 metres along strike to the ENE, intersected in G11-3552-08. Drilling is ongoing in the NE area to test the above targets.

Today’s results add to a growing body of evidence that support the interpretation of a Cu-Ag ‘feeder’ fault parallel to and spatially associated with the main Zn-Pb-Ag discovery at Ballywire.

With up to 10.45% Cu and 1,880 g/t Ag in a mineralized horizon near a steeply dipping structure, mineralizing fluids are interpreted to have emanated from deeper in the sedimentary sequence. Meanwhile, the stratigraphy of the region suggests that the Lower Limestone Shale horizon exists approximately 100-200 metres below the discovery horizon (base of the Waulsortian Limestone). This horizon hosts four well known Cu-Ag historic occurrences in the surrounding area.

Given the compelling nature of this exploration model, Group Eleven added a third rig and began drilling this deeper Cu-Ag target this week.

Ballywire is located 20km from company’s 77.64%-owned Stonepark zinc-lead deposit located adjacent to Glencore’s Pallas Green zinc-lead deposit. The company’s two largest shareholders are Glencore Canada Corp. (16.1% interest) and Michael Gentile (16.0%).