Group Eleven drills 4.4% Zn+Pb over 2.5 metres at PG West, Ireland

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Group Eleven Resources Corp. [TSXV-ZNG; OTCBB-GRLVF; FSE-3GE] reported results from the last hole of the 2023 drill program at the 100%-owned Ballywire zinc-lead-silver discovery, PG West project, Republic of Ireland.

Highlights – G11-3552-04, a 50m step-out north of G11-3552-03, intersected a thick (72.1m) package of mineralization hosting two higher-grade zones: 2.5 metres of 4.4% Zn+Pb (3.4% Zn and 1.1% Pb) and 21 g/t Ag (starting at a depth of 225.0m) including 0.8 metres of 6.5% Zn+Pb (4.8% Zn and 1.7% Pb) and 35 g/t Ag; 2.7metres of 3.5% Zn+Pb (1.9% Zn and 1.6% Pb) and 23 g/t Ag (starting at a depth of 253.0m), including 0.4 metres of 14.2% Zn+Pb (9.6% Zn and 4.6% Pb) and 84 g/t Ag.

True widths are estimated to be approx. 100% of drilled intervals. Mineralization occurs as sphalerite, galena and pyrite and is bedding parallel along and close to the base of the Waulsortian limestone.

Mineralization between the above two holes is interpreted to be offset by approx. 25 metres along a steep-dipping fault (which will be used to help locate future drill targets to the east).

As announced on January 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 re-assay of previously announced high-grade Zn-Pb-Ag mineralized intervals.

A new licence was awarded to the Stonepark Joint Venture (76.56% owned by Group Eleven).

“It’s great to see the footprint of our Ballywire discovery continue to increase, especially as two rigs recently re-started drilling on the project,” stated Bart Jaworski, CEO. “Demonstrating the scale potential of the mineralizing system, the strike-length of known high-grade mineralization has recently increased by 29% or 160 metres to the east from 550m to 710m. Including a massive sulphide intercept from 1997, we have 1.7 km 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 6 km. We very much look forward to systematically drill testing these anomalies over the coming months.”

The Ballywire prospect at the 100%-owned PG West Project in Republic of Ireland, is a new zinc-lead-silver discovery. In addition to 20 holes drilled and reported by Group Eleven to date, the final step-out hole (G11-3552-04) of the 2023 program is reported today. This hole steps out 50 metres north from previously known mineralization.

The above drill hole is located north of the high-grade trend associated with the recently announced ‘C1’ gravity-high anomaly. 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 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 (approx. US$41/oz vs silver at US$23/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.

Ballywire is located in the SE portion of the company’s 100%-owned PG West Project, Republic of Ireland. PG West, including the nearby Tullacondra prospect, covers an area of 650 km2 and is contiguous with the company’s Stonepark project (covering 184 km2; 76.56% interest). Ballywire is located approximately 20km SE of Glencore’s Pallas Green deposit (Mineral Resource Estimate of 45 mln tonnes of 7.2% Zn and 1.2% Pb, Inferred (Glencore, 31Dec22)) and approximately 50km SW of the historic Lisheen zinc mine (closed in 2015).

Geologically, Ballywire is situated at the intersection of the SW 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 located within the Stonepark Project (76.56% Group Eleven, 23.44% Arkle Resources PLC). The licence is underlain by the interpreted SW continuation of the prospective Coonagh Castle Fault.

The company’s two largest shareholders are Glencore Canada Corp. (18.2% interest) and Michael Gentile (15.0%).

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