Group Eleven Resources Corp. announced assay results from three (3) latest step-out holes at its Ballywire Zn-Pb-Ag discovery ("Ballywire"), PG West Project ("PG West", 100%-interest), Ireland. Each hole returned significant mineralization (including massive sulphides), expanding the footprint of known mineralization and demonstrating potential for further growth.

Drill Update at Ballywire: G11-468-10, extending known mineralization by 75m downdip, intersected mineralization over 67.0m (grading 0.9% Zn+Pb and 4 g/t Ag), containing three higher grade intervals; the best interval returned 4.1m of 3.6% Zn+Pb (1.4% Zn and 2.2% Pb), 22 g/t Ag and 0.12% Cu, including 0.6m of massive to semi-massive sulphide grading 5.3% Zn+Pss (2.5% Zn and 2.8% Pb), 73 g/t Ag and 0.,29% Cu (mineralization commenced at 336.5m downhole; true widths are at 50-70% of intersected widths; dip of the hole is -75deg, towards azimuth of 130deg); G11-468-08, extending known mineralization by 60m across strike, intersected mineralization over 15.0m (grading 1.1% Zn+Pb) containing 2.4m of 3.5% Zn+Pb ("3.2% Zn and 0.4% Pb) and 10 g/t Ag, including 0.2m of semi-massive sulphide grading 27.1% Zn+ Pb (25.3% Zn and 1.8% Pb) and 70 g/t Ag (starting at a 263.8m downhole; true width is 50-60% of intersected widths, dip of hole is -90deg); and (ii) 4.8m of 2.0% Zn+Pb(1.5% Zn and 0.6% Pb) and 7 g/t Ag (from 273.0m; true width is 90-100% of intersected width). Drilling continues with one rig, currently extending G11-468-09 (pre previously stopped at 171m); a second rig is planned to start over the coming weeks; Fieldwork in 2H 2023 is planned to focus on the Ballywire area, predominantly consisting of step-out drilling (at least 4,000m) over an area of 1.0km x 1.5km NE of the current discovery; Re-assay of certain key intervals from previously released holes, G11-468-01 and -06, returned high-gradegermanium, in line with levels announced on Nov. 22, 2022 from G11-468-03 from G11-468-01.

The Ballywire prospect at the Company's 100%-owned PG West Project in southwestern Ireland, is a recent discovery consisting of the following key intercepts to date: (i) 3.3m of 12.5% Zn+Pb and 48 g/t Ag (G11-468-01, announced 07-Sep-2021), (ii) 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03, 06-Sep-2022); and (iii) 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06, 02-Mar-2023; Three recent step-out holes are reported below. G11-468-10, extending known mineralization by 75m downdip and to the SSE, intersected a mineralized zone over 67.0m (grading 0.9% Zn+Pb and 4 g/t Ag), containing three higher grade intervals: (i) 4.1m of 3.6% Zn+Pb (1.4% Zn and 2.2% Pb), 22 g/t Ag and 0.12% Cu, including 0.6m of massive to semi-massive sulphide grading 5.3% Zn+Pb (2.5% Zn and 2.8% Pb), 73 g/t Ag and 0.29% Cu; (ii) 3.3m of 3.8% Zn+Pb (3.3% Zn and 0.6% Pb), 6 g/t Ag, including 1.5m of 5.8% Zn+Pb (4.8% Zn and 1.0% Pb) and 11 g/t Ag; and (iii) 2.3m of 2.3% Zn+Pb (0.3% Zn and 2.0% Pb), 21 g/t Ag. G11-468-08, extending known mineralization by 60m across strike and to the SW, intersected a mineralized zone over 15.0m (grading 1.1% Zn+Pb and 4 g/t Ag), including 2.4m of 3.5% Zn+Pb (3.2% Zn and 0.4% Pb) and 10 g/t Ag, including 0.2m of semi-massive sulphide grading 27.1% Zn+Pb (25.3% Zn and 1.8% Pb) and 70 g/t Ag (see Exhibit 3).

G11-468-11, in between G11-468-03 (discovery hole) and G11-468-07, intersected two zones of interest: (i) 4.6m of massive sulphide (predominantly pyrite) grading 26 g/t Ag, 252 ppm cobalt (Co) and 583 ppm nickel (Ni), including 1.2m of 23 g/t Ag, 543 ppm Co and 1,130 ppm Ni; and (ii) 4.8m of 2.0% Zn+Pb (1.4% Zn and 0.6% Pb) and 7 g/t Ag. Microscopy work is currently underway on the Co-Ni bearing sulphides to determine mineralogy and relationship with Zn-Pb mineralization which also occurs in elevated concentrations within the zone. Overall, conclusions from the most recent drilling and re-assays at Ballywire are as follows: (i) footprint of known mineralization at the immediate Ballywire discovery area has increased by 75m downdip to the SSE (from 225m to 300m NNW-SSE) and 60m across strike to the SW (from 60m to 120m ENE-WSW); (ii) Co and Ni-bearing massive sulphide is significant given Co-Ni enrichment is also present adjacent to the major faults at the historic Lisheen mine (located 50km to the ENE, along the Rathdowney Trend); and (iii) high-grade Ge in massive and semi-massive sulphides in the three best holes to date at Ballywire (G11-468-01, -03 and -6; together spanning over 470m across strike) demonstrate potential for an economic sweetener in addition to Zn, Pb and Ag (note that Ge prices are currently approx.

USD 40/oz, up 30% since Nov-2022 and 70% higher than Ag at USD 24/oz). The above conclusions add to Ballywire's prospectivity and bode well for the next phase of drilling, especially towards the untested area to the NE. Drilling continues with one rig, currently extending G11-468-09 (previously stopped at 171m).

A second rig is planned to start over the coming weeks. Fieldwork in 2H 2023 is planned to focus on the Ballywire area, predominantly consisting of step-out drilling (at least 4,000m) over an area of 1.0km x 1.5km NE of the current discovery, where no drilling has yet been completed. A small part of the overall exploration spending is planned to consist of detailed ground geophysical (gravity and magnetics) and select soil geochemical surveys in the NE area noted above.

Regionally, the Ballywire zinc discovery is located at the intersection of the south-westerly projection of the Rathdowney Trend (which hosts the past-producing Lisheen and Galmoy zinc mines) and the Pallas Green Corridor. Historic drilling at the Ballywire 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.