Group Eleven Resources Corp. announced that it intersected a wide zone of zinc-lead-silver mineralization 60m to the east of the discovery hole at its Ballywire zinc prospect ("Ballywire"), PG West Project ("PG West", 100%-interest), Republic of Ireland. Highlights: G11-468-06 intersected 6.04m of 12.4% Zn+Pb (8.6% Zn and 3.8% Pb) and 68 g/t Ag, including 2.48m of 29.2% Zn+Pb ("20.4% Zn and 8.8% Pb)) and 160 g/t Ag, within a wider zone of 10.08m of 8.6% Zn +Pb (6.1% Zn and 2.6% Pb) and 46 g/t Ag, in a 60m step-out from G11-468-03 (" discovery hole", true widths estimated to be 75-90% of intersected width).

Above intercept is within a broader zone of zinc mineralization over 98.69m averaging 1.6% Zn+Pb(1.0% Zn and 0.5% Pb) and 12 g/t Ag (true widths 75-90% of intercepted width). Discovery hole G11-468-03 intersected zinc mineralization over 66.02m averaging 2.8% Zn+Pb®? (2.1% Zn and 0.7% Pb) and 29 g/t Ag, including 6.85m of 15.4% Zn+ Pb (11.1% Zn, 4.3% Pb) and 160 g/tAg, within a wider interval of 10.76m of 10.0% Zn+Pb) (7.2% Zn and 2.8% Pb") and 109 g/t Ag (true widths 80-100% of intercepted width; G11-468-04 stepped out 110m north of the discovery hole, intersecting a 9.46m wide mineralized zone including massive and semi-massive sulphides over 0.88m grading 12.5% Zn+Pb.10.4% Zn and 2.2% Pb) and 27 g/t Ag, within an wider zone of 2.86m of 4.3% Zn+Pb ('3.5% Zn and 0. 7% Pb) and 9 g/t Ag (truewidths estimated to be 80-100% of intersected widths).

Mineralization described above is located at or near the base of the Waulsortian limestone, further demonstrating the general morphology of the zone as bedding-parallel (classic Irish-type). Three holes above totalled 972m of drilling, with the Company planning an additional 2-4 holes totaling up to 1,200m (continuing to utilize one drill rig; Completion of the remaining drill program is expected around end of first quarter 2023, with results to be reported upon receipt of assay results. Step-out distances are planned to range from 50m to 220m from discovery hole G11-468-03 and Ballywire discovery area remains open along strike for 3km to the NE, 1.5km to the W and up-dip to the NNW for at least 500m.

Follow-Up Drill Program at Ballywire Discovery, PG West Project (100%-interest), Ireland Three holes (totalling 972m) were drilled as part of the ongoing follow-up drill program at the Ballywire zinc discovery. The Company is planning an additional 2-4 holes totalling up to 1,200m, continuing to utilize one drill rig. Step-out distances are planned to range from 50m to 220m from discovery hole G11-468-03.

Completion of the remaining drill program is expected around end of First Quarter 2023, with results to be reported upon receipt of assay results. Ballywire discovery area remains open along strike for 3km to the NE, 1.5km to the W (towards 97-468-2) and up-dip to the NNW for at least 500m. G11-468-06, a 60m step-out from discovery hole G11-468-03, intersected 6.04m of 12.4% Zn+Pb (8.6% Zn and 3.8% Pb) and 68 g/t Ag, including 2.48m of 29.2% Zn+Pb (20.4% Zn and 8.8% Pb) and 160 g/t Ag, within a wider zone of 10.08m of 8.6% Zn+Pb (6.1% Zn and 2.6% Pb) and 46 g/t Ag.

G11-468-04, stepping-out 110m north of the discovery hole, intersected a 9.46m wide mineralized zone including massive and semi-massive sulphides over 0.88m grading 12.5% Zn+Pb (10.4% Zn and 2.2% Pb) and 27 g/t Ag, within a wider zone of 2.86m of 4.3% Zn+Pb (3.5% Zn and 0.7% Pb) and 9 g/t Ag (true widths estimated to be 80-100% of intersected widths). G11-468-05, stepping-out 120m NW from the discovery hole, also retuned mineralization, albeit at lower grades (4.15m of 0.38% Zn+Pb and 2 g/t Ag, see Exhibits 2 to 5). The new results suggest an area of mineralization approx.

150m by 200m, which is interpreted as a bedding-parallel layer at the base of the Waulsortian limestone. The results also suggest a NE-SW trending control on mineralization, interpreted to be related to a fault located approximately 200m south of the discovery hole. Robust mineralization intersected in G11-468-03 and -06 is hypothesized to continue approx.

400m to the SW, towards mineralization intersected in G11-468-01. Weaker mineralization encountered in G11-468-05 may suggest that the system is gaining strength towards the NE, where no drilling has taken place for 3km. Drilling to date at Ballywire consistently shows mineralized zones to be generally bedding-parallel along the base of the Waulsortian limestone, similar to the morphology of classic Irish-type zinc deposits.

The base of the Waulsortian limestone at Ballywire generally dips to the SE, shallowing to the NW. There appears to be good continuity over at least a 100m down-dip extent, between the highest grading intervals within holes G11-468-03, -04 and -06. Mineralization in G11-468-04 appears to be tapering towards the north, however, more drilling is required to determine if this tapering is broad-based or only a local feature.

Thickness of mineralization appears to widen toward the NE, from G11-468-01 to the most recent drilling, underlining exploration potential a further 3km towards the NE, where no drilling has yet taken place. The next nearest historic hole testing the target horizon towards the NE is 99-3552-05, which intersected 5.00m of 1.6% Zn+Pb (located 3km away). Importantly, both G11-468-03 and G11-468-06 contain mineralization which extends significantly (20-30m) below the base of the Waulsortian limestone suggesting proximity to a feeder structure and/or the strength of the mineralizing system.