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Group Eleven Announces Results of Regional Drilling at PG West Zinc Project in Ireland

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Vancouver, Canada, November 3rd, 2020 - Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF; FRA: 3GE) (“Group Eleven” or the “Company”) is pleased to announce results from regional drilling at the Company’s 100%-interest PG West zinc project (“PG West”) in the Republic of Ireland. The Company also notes that drilling at the Carrickittle prospect at PG West is proceeding on schedule and results are expected over the coming weeks.

Highlights:

  • Five holes (totalling 1,053 metres) were completed on early-stage regional targets at PG West, with the last holes finished in September 2020
  • Drilling was done in part to fulfil licence expenditure requirements, but also to grow the Company’s pipeline of refined prospects across the Limerick Basin
  • Three prospects have been significantly advanced by the latest round of drilling
  • At Kilteely (located 1.1 kilometres from the Carrickittle prospect), a major fault structure (prospective for zinc) has been identified
  • At Corcamore, a thick, highly anomalous zone of mineralization was intersected, with near-term follow-up drilling being warranted
  • At Kilmallock, drilling appears to have identified a new sub-basin, which may have at least some genetic-links to historic high-grade mineralization in the vicinity

“This latest batch of drilling was largely reconnaissance in nature, and yet still managed to add significant evidence of prospectivity to three regional targets within our PG West project,” stated Bart Jaworski, CEO. “The drilling at Kilteely has the most immediate impact given the newly identified fault may have positive implications for our exploration efforts along the Carrickittle-Kilteely section of the Pallas Green Corridor.”

PG West Zinc Project, Ireland

PG West is situated within the Limerick basin, a geological feature which also hosts the Company’s contiguous 76.56%-owned Stonepark project and Glencore’s adjacent Pallas Green project (containing the Pallas Green zinc-lead deposit1; see Exhibit 1). PG West also hosts the Carrickittle prospect.

Five holes (totalling 1,053 metres) were completed on early-stage regional targets within PG West. Drilling was conducted in part to fulfil licence expenditure requirements (i.e. to keep the ground in good standing) but also to grow the Company’s pipeline of refined prospects across the Limerick Basin.

Exhibit 1. Location of New Drill Holes (Black Labels) at the 100%-owned PG West Project, Ireland

Exhibit 1. Location of New Drill Holes (Black Labels) at the 100%-owned PG West Project, Ireland

Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore; (b) The historic estimate at Denison was reported by Westland Exploration Limited in 1988, the historic estimate at Tullacondra was reported by Munster Base Metals Ltd in 1973 and the historic estimate at Gortdrum was reported by G.M. Steed in 1986; these 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.

Kilteely Zinc Prospect at PG West Project, Ireland

One drill hole (G11-2840-03) was drilled at the Kilteely prospect, located approximately 250 metres to the southwest of Group Eleven’s initial Kilteely hole drilled in 2019 (G11-450-02; see Exhibit 2). G11-2840-03 was drilled to a depth of 393 metres, testing the lithology and structure beneath the Limerick Volcanic Complex. Importantly, the hole encountered a significant amount of dissolution breccia within the entire target horizon (Waulsortian Limestone), providing compelling evidence for the presence of a large fault structure near-by (see Exhibit 2). Coupled with evidence of similarly disturbed lithologies in hole G11-450-02 and specifically, the down-drop of the Waulsortian limestone, the fault structure (or at least one of the fault structures) is believed to be located between the two holes.

Exhibit 2. Cross-Section of G11-2840-03, along Kilteely-Carrickittle part of Pallas Green Corridor

Exhibit 2. Cross-Section of G11-2840-03, along Kilteely-Carrickittle part of Pallas Green Corridor

Note: ‘sph’ = sphalerite (zinc-bearing mineral), ‘gal’ = galena (lead-bearing mineral); ‘py’ = pyrite (iron sulphide);
* G11-2840-04 – 10.3m of 19.6% Zn+Pb and 43 g/t Ag (news release dated July 6th, 2020)

G11-2840-03 is located 1.1 kilometres north-northwest of the Company’s Carrickittle prospect. The Carrickittle-Kilteely section is part of the larger (25-kilometre-long) Pallas Green Corridor, extending from Glencore’s Pallas Green zinc deposit1 to the Group Eleven’s Denison copper-silver prospect (see Exhibit 1). The Company’s hypothesis is that mineralization from the Carrickittle prospect extends northwards towards the Limerick Volcanic Complex along multiple parallel trends oriented in a possible north-west or north-northwest direction. Detailed drilling at Carrickittle is ongoing in order to determine the specific geometry and orientation of mineralization, with a view to extending those trends northward.

Corcamore Zinc Prospect at PG West Project, Ireland

The Corcamore prospect is located approximately 15 kilometres west-northwest of the Stonepark zinc deposit (5.1 million tonnes of 8.7% zinc and 2.6% lead in the inferred category; see Technical Report dated April 26th, 2018). Similar to the Stonepark deposit, the Corcamore prospect is situated proximal to volcanics related to the Limerick Volcanic Complex (see Exhibit 3).

Exhibit 3. Compilation Map of the Corcamore Prospect (showing G11-2696-01), PG West, Ireland

Exhibit 3. Compilation Map of the Corcamore Prospect (showing G11-2696-01), PG West, Ireland

Note: ‘Zn’ = zinc; ‘Pb’ = lead, ‘sph’ = sphalerite (zinc-bearing mineral), ‘gal’ = galena (lead-bearing mineral), ‘py’ = pyrite, ‘Waulsortian Lmst’ = target horizon for zinc in Ireland (limestone), “BMB” = black matrix breccia (prospective for zinc);

Hole G11-2696-01 was drilled approximately 500 metres south-east of historic hole 07-2696-04 (drilled by Lundin Mining in 2007) which intersected 1.3 metres of 1.74% Zn+Pb and an adjacent zone of semi-massive pyrite over 0.5 metres. G11-2696-01 is located near a strong zinc-in-soil anomaly and is designed to test the prospective hangingwall of a large inferred fault structure (see Exhibit 4).

Exhibit 4. Interpreted Cross-Section of G11-2696-01 at the Corcamore Prospect, PG West, Ireland

Exhibit 4. Interpreted Cross-Section of G11-2696-01 at the Corcamore Prospect, PG West, Ireland

Note: ‘Zn’ = zinc; ‘Pb’ = lead, ‘EOH’ = end of hole

G11-2696-01 intersected the top of the target horizon (Waulsortian Limestone) at a deeper level than 07-2696-04, hence corroborating the presence of a fault in between the two holes. Importantly, G11-2696-01 intersected a highly-anomalous zone of mineralization (6.15 metres of 0.19% Zn + Pb, including 0.95 metres of 0.82% Zn+Pb) at the top of the Waulsortian unit. This is encouraging as it confirms the presence of a mineralizing system and increases the probability of robust mineralization at the target zone (base of the Waulsortian limestone; see Exhibit 4).

Due to budgetary constraints at the present time, Group Eleven planned to complete only the first section of the hole (to a depth of 171.0 metres), as this was sufficient to keep the ground in good standing. The casing has been left in the hole such that drilling can resume at a later date. Given the encouraging results thus far, Group Eleven sees finishing this hole in the near-medium term, as a high priority.

Remaining Holes at PG West, Ireland

Three other holes were drilled at the PG West project. G11-2835-01, was drilled to a depth of 159.1 metres in the Crokerspark townsland, approximately eight kilometres west of G11-2696-01. This hole encountered trace sphalerite (zinc-bearing mineral) within the Waulsortian limestone at a shallow depth (5.8 metres). Pyrite was also noted throughout the hole and almost the entire Waulsortian limestone showed weak to well-developed dissolution breccias. A historic hole 450 metres to the south, intersected disseminated zinc over 22 metres and black-matrix-breccia (“BMB”) over 72 metres.

The evidence from both these holes clearly indicates a significant hydrothermal event has affected the area, which together with recently interpreted Tellus geophysical data (showing a number of east-northeast trending structures in the region), significantly increases the prospectivity of the Crokerspark area. Future work is strongly warranted.

Two holes were drilled in the Kilmallock area of PG West. The geology in this area was poorly understood and appeared to be potentially disturbed by faulting. Both holes aimed to provide a better geological context to this area. For reference, 2-3 kilometres southeast of the above drilling is Unicorn Minerals’ Kilmallock property which hosts the Bulgaden zinc occurrence (e.g. historic drill intercept returned 6.0 metres of 10.4% zinc and 1.8% lead). Also, interpretation of the recent Tellus geophysical data over PG West shows substantial volcanic/intrusive activity in the area, adding considerable prospectivity.

G11-1948-01 was drilled to a depth of 249.0 metres and encountered an unusual lithology not previously encountered by Group Eleven. This lithology suggests the presence of a localized sub-basin, likely bounded by significant faulting. Approximately 1.6 kilometres to the southwest, Group Eleven drilled hole G11-1947-01, to a depth of 81.0 metres. This hole confirmed the presence of Waulsortian limestone in the area. The above results warrant further drilling to better define the location of large fault structures and their possible genetic link to mineralization to the south and more broadly in the Limerick basin.

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. 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

E: b.jaworski@groupelevenresources.com  |  T: +353-85-833-2463
E: s.heinrichs@groupelevenresources.com  |  T: +604-630-8839

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.

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.


1 Resources and Reserves Report (Glencore, December 31, 2019) – 45.4 million tonnes of 7% Zn + 1% Pb (Inferred)

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