ZNG Group Eleven Resources Corp

VANCOUVER, March 19, 2020 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF; FRA: 3GE) ("Group Eleven" or the "Company") is pleased to announce that recent drilling at its 60%-interest Ballinalack Zinc Project ("Ballinalack") in the Republic of Ireland, has intersected a shallow and thick zone of strongly anomalous zinc and lead mineralization within the Navan Beds, located approximately five kilometres along trend from the existing Ballinalack zinc-lead deposit (5.4 million tonnes of 7.6% zinc and 1.1% lead¹ in the Inferred category; see news release dated November 28, 2018). Strongly anomalous zinc-lead mineralization was also intersected in the Navan Beds directly below the Ballinalack deposit (in addition to highly-elevated PGM-Cu-Ni-Co intercepts, as announced on January 14, 2020). Ballinalack is located approximately 50 kilometres west of Boliden's Navan (aka 'Tara') zinc-lead mine (one of the largest zinc deposits in the world²).

Highlights:

• G11-1345-01, an exploration hole drilled in the Ballycorkey townland approximately 5.0 kilometres along trend of the Ballinalack zinc deposit, intersected 22.30 metres of 0.48% Zn+Pb, including 7.5 metres of 0.95% Zn+Pb (with up to 2.64% Zn+Pb over 0.20 metres)³
• • Mineralization is shallow (approximately 100 metres) and hosted within the Navan Beds (the horizon hosting Boliden's Navan deposit)
  • Represents best zinc-lead intercept (outside the deposit area) at Ballinalack to date
  • Combined with data from nearby historic holes, G11-1345-01 suggests mineralization is strengthening towards the nearby crest of a regional antiform (which hosts the Ballinalack zinc deposit five kilometres away)
• G11-1344-03 intersected highly-anomalous zinc-lead over nearly five metres within the Navan Beds, below the Ballinalack deposit – suggesting proximity to stronger mineralization along strike
• Follow up regional and near-deposit drilling is warranted

"The latest drill results have been successful in identifying a new and very compelling zinc target at Ballycorkey with geological attributes similar to nearby zinc deposits at Navan and Ballinalack," stated Bart Jaworski, CEO. "The Navan Beds are clearly underexplored at the Ballinalack property and significant discovery potential remains both regionally and near the existing resource."

Details of Exploration Drilling at Ballinalack

In total, five (5) diamond drill holes (totalling 2,124 metres) were completed from early August to late November 2019, with all assays finalized in January and February 2020. Two of these holes were drilled near the Ballinalack deposit, whereas, the remaining three holes tested regional targets in the southern half of the property (see Exhibit 1), where Navan Beds are relatively shallow and have seen only limited historic exploration. In order to quantify the level of regional anomalism of zinc-lead in the Navan Beds, Group Eleven invested considerable effort into generating a comprehensive 'grade-metre' anomaly map of the property (see Exhibit 2). The following is a summary.

G11-1345-01 – Regional Exploration (Ballycorkey Prospect)

• Located approximately 5.0 kilometres southwest of the Ballinalack zinc deposit
• As projected, the hole successfully intersected the Navan Beds in the footwall of the Ballinalack fault
• The hole returned 22.30 metres of 0.48% Zn+Pb³ (interpreted to be near true-width), including 7.5 metres of 0.95% Zn+Pb³ (with up to 2.64% Zn+Pb³ over 0.20 metres)
• The intersection is relatively shallow (starting at 101.7 metres downhole) and is within the Upper Navan Beds
• The above interval represents the best zinc-lead drill result (highest grade over a >10 metre wide interval⁴) outside the deposit area (2.5 kilometre radius around the Ballinalack deposit) to date
• Four historic holes in the vicinity of hole G11-1345-01, together delineate a strong regionally anomalous zone, the Ballycorkey Prospect, measuring approximately 1,250 metres by 750 metres in area (see Exhibit 2)
• Combined with data from these historic holes, G11-1345-01 suggests mineralization is strengthening to the south-east, towards the nearby crest of a regional antiform (see Exhibit 3)
• Importantly, the Ballinalack zinc deposit, located five kilometres to the north-east, is hosted within the crest of the same regional antiform
• The four historic holes making up the Ballycorkey Prospect include:
• • TC-3936-004 – 24.2 metres of 0.16% Zn+Pb³
  • TC-3936-006 – 34.1 metres of 0.32% Zn+Pb³, including 8.3 metres of 0.57% Zn+Pb³;
  • TC-3936-007 – 27.7 metres of 0.20% Zn+Pb³
  • 99-BB-1 – 50.0 metres of 0.40% Zn+Pb⁴, including 7.6 metres of 0.75% Zn+Pb^4,5

G11-3936-01 – Regional Exploration

• Located 1.5 kilometres northwest of the hole G11-1345-01
• The target was the Navan Beds in the vicinity of a splay structure (interpreted from Tellus magnetic data) interpreted to be part of the Ballinalack fault system
• The hole returned 0.50 metres of 0.37% Zn+Pb³ (starting at 15.50m downhole; assumed to be true width) and 9.00 metres of 0.16% Zn+Pb³ (starting from 21.00m) including 1.90 m of 0.31% Zn+Pb³
• These results provide additional evidence that mineralization in the region appears to be strengthening towards the Ballycorkey Prospect

G11-622-01 – Regional Exploration

• Located 3.0 kilometres west of the hole G11-1345-01
• The target was the Navan Beds close to an interpreted splay structure from the Ballinalack fault system (also derived from Tellus magnetic data)
• Sphalerite blebs were encountered from 28.2 to 29.9 metres and from 39.4 to 40.0 metres
• As with G11-3936-01, these results provide further evidence that the vector of strengthening mineralization is towards the Ballycorkey Prospect

G11-1344-03 – Exploration near Ballinalack Zinc Deposit

• Located on the northwest end of the Ballinalack deposit (see Exhibit 1 and 2)
• Successfully intersected the entire key target horizon (the Bird's Eye Micrite) of the Navan Beds and the hangingwall side of, and adjacent to, the Ballinalack fault
• The Ballinalack fault was itself intruded by a PGM-bearing mafic dyke (see news release dated January 14, 2020)
• The hole intersected three horizons (ranging from 0.90 to 4.70 metres thick; assumed to be true width) of highly-anomalous zinc-lead mineralization over a stratigraphic interval of 125.5 metres:
• • 0.90 metres of 0.12% Zn+Pb³ (starting at 525.7 metres downhole depth)
  • 1.00 metres of 0.24% Zn+Pb³ (at 635.4 metres), and
  • 4.70 metres of 0.12% Zn+Pb³, including 1.00 metres of 0.30% Zn+Pb³ (at 651.2 metres), contained within a six-metre thick zone of hydrothermal breccia with disseminated sphalerite and pyrite
• The above intercepts are located approximately 75 metres away from B121 (from 1994) which tested the Navan Beds further away from the Ballinalack fault and intersected 1.0 metre of 3-4% zinc and 4.0 metres of 1-2% zinc (reported as visual estimates)
• The above results are encouraging given they suggest stronger mineralization may be present along strike in this prospective horizon
• Further drilling is warranted along strike towards to the main Ballinalack deposit and generally towards shallowing stratigraphy

G11-1344-04 – Exploration near Ballinalack Zinc Deposit

• This hole was collared 320 metres southwest of hole G11-1344-03 (see Exhibit 1 and 2), targeting the Navan Beds further along strike, underneath the centre of the Ballinlalack deposit
• A zone spanning 22 metres of highly-anomalous sphalerite and galena (representing the lateral extent of the Ballinalack deposit, located 300 metres to the east) was intersected at the top of the Waulsortian Limestone, including:
• • 5.80 metres of 0.45% Zn+Pb³ (starting from 149.6 metres) and
  • 1.70 metres of 0.24% Zn+Pb³ (starting from 168.6 metres)
• Further down, the hole intersected the top of the Navan Beds (at the expected depth)
• However, the Navan Beds were then cut by a major structure (at 540.5 metres) which removed the lower part of the Navan Beds containing the prospective 'Bird's Eye Micrite'
• Hence, the hole did not intersect the planned geological target and is therefore, inconclusive
• Interestingly, minor blebs of sphalerite were observed in carbonate filled fractures in the Lower Palaeozoic (at 564.5 metres) with abundant pyrite throughout (not assayed), confirming mineralizing activity at this depth
• As announced dated January 14, 2020, this hole also intersected a PGM-bearing mafic dyke which intruded along the Ballinalack fault in this area

New and Surrendered Licenses

Over the last few months, the Company made a strategic decision to surrender five prospecting licenses (5) in the northern half of the Ballinalack project area, reflecting the fact that the target horizons are prohibitively deep (as interpreted from available seismic data). Concurrently, in order to protect the eastern extension of property, Group Eleven acquired a new license (PL 1347). This eastern area is prospective given (i) the suspected presence of increasingly large basin-bounding faults, (ii) the presence of chert in the area which may be of hydrothermal origin and (iii) the possible eastern extension of the recently announced PGM-bearing dyke.

Next Steps

Group Eleven looks forward to continuing to test the hangingwall Navan Beds under the existing Ballinalack deposit, while in parallel starting to define the shallower mineralization in the Navan Beds on the footwall of the Ballinalack fault, where historic step-out drilling intersected significant mineralization (e.g. 4.0 metres of 8.4% Zn+Pb³ and 1.4 meters of 20.4% Zn+Pb³), suggesting potential to expand the existing Ballinalack deposit.

The Company has also made great strides in reinvigorating regional exploration on this long-standing property, specifically in the shallower regional prospects to the south. Group Eleven looks forward to follow-up drilling at the Ballycorkey Prospect in due course.

Quality Assurance / Quality Control (QA/QC)

Drill-core samples were prepared and assayed in the ALS Minerals Laboratory in Loughrea, Ireland. Samples were fine-crushed (CRU-31) to 70% < 2mm and pulverized and riffle-split to 85% < 75 µm. Zinc, lead and silver assays were obtained by multi-acid (4-acid) digestion/ICP-AES Package (48 Elements). Analytical accuracy and precision are monitored by the submission of one standard and 3 blanks inserted into the sample train of 65 samples by Group Eleven personnel. No duplicate samples were sent to the lab. ALS ran 5 blanks and 5 duplicates as part of their internal QC procedures.

About the Ballinalack Project

The Ballinalack project is a joint venture between Group Eleven (60% interest) and Shenzhen Zhongjin Lingnan Nonfemet Company Limited (40% interest), one of the largest zinc producers in China, and is located in Counties Westmeath and Longford, north-east Ireland. The property contains what is believed by the Company to be the third largest undeveloped zinc-lead occurrence in Ireland and is located approximately 50 kilometres west from the currently producing Navan (Tara) Zinc-Lead Mine (Boliden AB).

Summary Table – Disclosure of Individual Zinc and Lead Grades

Summary Table – Azimuths and Dips of Drill Holes Announced in this News Release

Qualified Person

Technical information in this news release has been approved by David Furlong, P.Geo., Chief Operating Officer, and 'Qualified Person' as defined under Canadian National Instrument 43-101.

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. The Company's large land package allows Group Eleven to leverage new geological approach and geophysical technology to systematically rethink key aspects of the Irish zinc district. The Company's two key projects in Ireland include: a 60% interest in the Ballinalack project (joint ventured with Nonfemet - one of the largest zinc producers in China), located in north-east Ireland, hosting potential Navan Bed mineralization in the Navan Beds; and a 76.56% interest in the Stonepark project (joint ventured with Arkle Resources plc), located near Limerick, next to one of the world's largest undeveloped zinc deposits: Pallas Green deposit. The Company's team includes accomplished mining professionals with direct experience in finding mines, building companies and exploring Irish zinc deposits.

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

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.

SOURCE Group Eleven Resources Corp.