Group Eleven Resources Corp. announced that drilling continues at its Ballywire zinc discovery ("Ballywire"), PG West Project ("PG West", 100%-interest), Ireland. The Company also reports results from regional drilling at its Stonepark Project ("Stonepark", 76.56% interest) and its PG West Project, Ireland.

Highlights - Ballywire Follow-up drill program at the Ballywire discovery, consisting of five holes totalling approximately 1,500m is ongoing at a steady pace To date, three holes (totalling 972m) have been completed, with a fourth hole in progress Drill results from these initial three holes are expected in 4-6 weeks, pending assay results One or two additional holes (200-300m each) may also be added to the current drill program Completion of the planned drill program is expected around end of First Quarter 2023, with results to be reported thereafter, upon receipt of assay results Step-out distances to range from 60m to 120m from discovery hole G11-468-03, which intersected one of the best mineralized intervals in Ireland in recent years: 66.00m of mineralization, including (i) 6.85m of 15.4% Zn+Pb (11.1% Zn, 4.3% Pb) and 160 g/t Ag, (ii) 1.71m of 12.2% Zn+Pb (10.3% Zn and 1.9% Pb) and 38 g/t Ag and (iii) 5.00m of 8.3% Zn+Pb (6.2% Zn and 2.1% Pb) and 107 g/t Ag Ballywire discovery area remains open for 3km to the ENE, 1.5km to the W and at least 500m to the NNW Highlights – Other At Carrickittle West prospect, drill applications have now been submitted and drilling is expected to start later this year (specific timing subject to receipt of permits, progress at Ballywire, etc) Drilling on the Company's regional prospects within Stonepark and PG West has now been completed with results summarized below Key takeaway from regional drilling is that the major fault recently discovered at Carrickittle West is now hypothesized to extend another 10-20km to the SW and at least 30km to the NE, demonstrating the extent of the structural trend and increased prospectivity at Carrickittle West. At Stonepark, the first three holes (totalling 1,812m) of the drill campaign, were previously released. The main highlight of this drilling was the identification of a major fault structure at Carrickittle West, with at least 150m displacement, hypothesized to represent at least one of the feeder structures which may have sourced mineralization (e.g. Group Eleven's Stonepark zinc deposit1, Glencore's nearby Pallas Green zinc deposit or any as yet undiscovered mineralization) within the Limerick Volcanic Complex ("LVC").

This potential 'feeder' fault is interpreted as the SW extension of the Coonagh Castle Fault which strikes for at least 30km NE of the LVC but whose presence, location and significance was highly uncertain within the SW portion of the LVC (the portion covered by Group Eleven's prospecting licenses). The four remaining holes announced (totalling 504m) add evidence of further extensions of major prospective trends to the SW. Drill holes G11-449-01 and -02 (drilled 100m apart) intersected trace mineralization (cm-scale blebs of sphalerite and 4.0m of 0.24% Zn+Pb, respectively).

This was unusual given the holes did not intersect the target horizon (Waulsortian limestone), instead encountering sub-Waulsortian lithologies and a mineralized intrusive dyke. This hydrothermal activity can be interpreted as evidence of a fault structure nearby. Together with re-assessed historic drilling and outcrop geology, the presence of a major structure in the area is now an emerging hypothesis.

This structure may represent a SW continuation of the Coonagh Castle Fault.