ZNG Group Eleven Resources Corp

VANCOUVER, BC, Sept. 6, 2022 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") is pleased to announce the discovery of high-grade massive sulphides as part of an initial step-out reconnaissance drill program at its 100%-interest Ballywire zinc prospect ("Ballywire"), PG West Project ("PG West"), Ireland.

• G11-468-03 intersected a broad zone of zinc-lead-silver mineralization over a width of 66.0m, including four higher-grade zones (true width estimated to be 80-100% of intercepted width):
• • 5.00m of 8.3% Zn+Pb (6.2% Zn and 2.1% Pb) and 107 g/t Ag (starting at 228.2m downhole), including 2.03m of 18.8% Zn+Pb (13.9% Zn and 4.9% Pb) and 227 g/t Ag
  • 6.85m of 15.4% Zn+Pb (11.1% Zn and 4.3% Pb) and 160 g/t Ag (starting at 251.6m), including 2.05m of 40.8% Zn+Pb (30.5% Zn and 10.3% Pb) and 385 g/t Ag
  • 1.71m of 12.2% Zn+Pb (10.3% Zn and 1.9% Pb) and 38 g/t Ag (starting at 268.9m) and
  • 0.96m of 5.1% Zn+Pb (4.4% Zn and 0.8% Pb) and 15 g/t Ag (starting at 274.7m)
• The above intercepts contain several massive sulphide zones up to 2.95m thick (downhole)
• This discovery hole represents a 410m step-out NE of G11-468-01 which intersected 3.30m of 12.5% Zn+Pb (10.1% Zn and 2.4% Pb) and 48 g/t Ag (see news release dated September 7^th, 2021)
• Discovery area around G11-468-03 remains open and untested along strike for approximately 3km to the ENE and 1.5km to the W, as well as, up-dip to the NNW for at least 500m
• Immediate follow-up drilling is highly warranted

"Given the large step-out, the wide zone of mineralization and grades up to 52.4% Zn+Pb, G11-468-03 is one of the best holes drilled in Ireland over recent years. This fantastic result validates our team's hard work building a robust geological understanding of our large license area over the last several years," stated Bart Jaworski, CEO. "Ballywire is situated at the intersection of the Pallas Green Corridor and the south-westerly projection of the famous Rathdowney Trend, which hosts the historic Lisheen and Galmoy zinc mines. Given the above results and coupled with hole G11-468-01 drilled in 2021, Ballywire is starting to exhibit signs of a large system with high-grade zinc-lead mineralization now pierced by three holes over approximately 1.5km. Exploration upside remains wide open reflecting sparse historic drilling. Notably, the next nearest historic hole to test the target horizon to the ENE is 3km away, and yet still hosts an appreciable 5.0m of 1.6% Zn+Pb."

"Unlike Carrickittle where high-grade mineralization is steeply dipping, Ballywire mineralization appears to be bedding-parallel along the base of the Waulsortian limestone. This implies relatively enhanced tonnage potential, as well as, similarities to the morphology of classic Irish-type zinc deposits. Overall, with our compelling deep target at Carrickittle West announced in June, high-grade massive sulphides discovered nearby at Carrickittle in 2020 and now this discovery at Ballywire, the prospectivity of our extensive land package has never been more exciting. We look forward to updating the market on next steps at Ballywire and our other projects over the near term."

The Ballywire zinc prospect is located at the intersection of the south-westerly projection of the Rathdowney Trend (which hosts the historic Lisheen and Galmoy zinc mines) and the Pallas Green Corridor (see Exhibit 1). Historic drilling at the prospect was sparse, last being worked by operators in 2008. Group Eleven staked the prospect in 2016 based on compelling results from the two most-recent historic holes.

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.

The 2022 drill program at Ballywire consisted of four step-out holes totalling 1,400m (see G11-468-02, G11-468-03, G11-2654-02 and G11-3552-01 in Exhibit 2). Individual holes stepped-out between 323-546m from G11-468-01, which intersected 3.30m of 12.5% Zn+Pb (10.1% Zn and 2.4% Pb) and 48 g/t Ag (see news release dated September 7th, 2021).

All four holes intercepted zinc mineralization; however, G11-468-03 returned an especially wide interval containing many high-grade lenses (see Exhibit 2, 3, 4 and 5). Also noteworthy, a second hole, G11-3552-01 (a 546m step-out to the ESE from G11-468-01) intersected a wide zone of mineralization over 38.55m grading 0.64% Zn+Pb (0.44% Zn and 0.20% Pb), including 0.58m of 4.54% Zn+Pb (3.25% Zn and 1.29% Pb) and 23 g/t Ag and 0.35m of 6.24% Zn+Pb (3.28% Zn and 2.96% Pb) and 13 g/t Ag (see Exhibit 2 and 3). High-grade mineralization consists of semi-massive and massive sphalerite and galena, with lower grade zones consisting of vein-hosted and/or disseminated sphalerite and galena (see Exhibit 5).

Drilling to date at Ballywire consistently shows mineralized zones to be generally bedding-parallel along the base of the Waulsortian limestone (see Exhibit 3), similar to the morphology of classic Irish-type zinc deposits. The base of the Waulsortian limestone at Ballywire dips to the SSE, shallowing to the NNW. Altogether, high-grade zinc-lead mineralization at Ballywire is now pierced by three holes over approximately 1.5km (see 97-468-02, G11-468-01 and G11-468-03 in Exhibit 2):

• 97-468-02 (1997): 2.50m of 6.21% Zn+Pb (3.00% Zn and 3.21% Pb), including 0.50m of 20.28% Zn+Pb (9.60% Zn + 10.68% Pb)
• G11-468-01 (2021): 3.30m of 12.48% Zn+Pb (10.11% Zn + 2.38% Pb) and 48.3 g/t Ag, including 0.40m of 25.45% Zn+Pb (20.10% Zn and 5.35% Pb) and 92.2 g/t Ag
• G11-468-03 (2022): 6.85m of 15.4% Zn+Pb (11.1% Zn and 4.3% Pb) and 160 g/t Ag, including 2.05m of 40.8% Zn+Pb (30.5% Zn and 10.3% Pb) and 385 g/t Ag

The discovery area around G11-468-03 remains open and untested along strike for approximately 3km to the ENE and 1.5km to the W, as well as, up-dip to the NNW for at least 500m (see Exhibit 2). Notably, the next nearest historic hole testing the target horizon to the ENE (99-3552-05) is 3km away and intersected 5.00m of 1.6% Zn+Pb. Immediate follow-up drilling is highly warranted.

Assay results from G11-468-03 are summarized in Exhibit 4 and shown in full in in Exhibit 5.

Exhibit 4. Summary of Assays from G11-468-03 at Ballywire Prospect, PG West Project, Ireland

Exhibit 5. Continuous Assays from G11-468-03 at Ballywire Prospect, PG West Project, Ireland

Note that significant zinc-lead mineralization in G11-468-03, occurs not only in the Waulsortian limestone, but also in the sub-Waulsortian lithologies (i.e. Ballynash and Ballysteen limestones; see Exhibit 5). This is not commonly observed in Ireland outside of known zinc deposits and may suggest the robust nature of the mineralizing system and/or proximity to at least one of the feeder structures. An example of high-grade mineralization from G11-468-03 is shown below (see Exhibit 6).

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.

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.

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

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.

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.