Group Eleven Announces $2.2 million in Early Warrant and Option Exercises and Provides Update on Carrickittle West ‘Pallas Green Lookalike’ Target
Group Eleven Announces $2.2 million in Early Warrant and Option
Exercises and Provides Update on Carrickittle West ‘Pallas Green
Lookalike’ Target
Vancouver, Canada, June 16, 2025 - Group Eleven Resources Corp. (TSX-V: ZNG; OTCQB: GRLVF; FRA:
3GE) (“Group Eleven” or the “ Company”) is pleased to announce funding from early warrant and
option exercise and provide an update on the Company’s Carrickittle West prospect, spanning 77.64%-
owned Stonepark Project (“Stonepark”) and 100%-owned PG West Project (“PG West”), Republic of
Ireland. Drilling continues with three rigs at the Ballywire discovery (“Ballywire”) at PG West.
Highlights:
• Early warrant and option exercises totalling proceeds of $2,206,752 received since C$2.5 mln
placement closed Feb-28-2025 (including $1,852,902 since publication of Q1 2025 financials)
• Extra proceeds provide flexibility to ramp-up 2025 drilling and/or extend drilling well into 2026
• At Carrickittle West, four holes were completed late 2024 and early 2025 (three holes located at
Stonepark and one hole located at PG West)
• Most significant target to emerge from this drilling is the Kilteely Prospect (large breccia body
spanning at least 1.5km in strike)
o G11-2840-30 (365m step-out) intersected numerous zones of weak breccia with pyrite
over narrow intervals throughout the Waulsortian Limestone; some breccias returned
anomalous Zn-Pb and Cu levels, with the base of the Waulsortian Limestone (key target
horizon) hosting minor disseminated pyrite and trace sphalerite
o Several occurrences of trace sphalerite are present in the hole, potentially suggesting
increasing proximity to stronger mineralization relative to previous drilling at Kilteely
• Three other target areas have also emerged at Carrickittle West, including the Bruff Prospect
o G11-449-03 (315m step -out), targeting part of the >50km long Coonagh Castle Fault ,
intersected extensively dolomitized Waulsortian Limestone and a very prominent zone of
calcite extending over 35m (from 294m), similar to Ballywire
o Base of Waulsortian is highly dolomitized over a 25m interval with similarities to ‘ fault
dolomite’ observed at Ballywire, which i ndicates intense hydrothermal fluid flow and
close proximity to a major fault; follow up drilling is highly warranted
“Carrickittle West continues to be one the best drill target s in Ireland,” stated Bart Jaworski, CEO.
“Being within only a few kilometres of 45 and 5 million tonnes of mineralization from Glencore’s Pallas
Green1 and our Stonepark 2 deposits, respectively, this prospect has a real chance at hosting the
southern half ‘mirror-image’ of the mineralizing system operating at the northern side of the Limerick
Volcanic Complex. Today’s drill results demonstrate the presence of key attributes – brecciation,
faulting, hydrothermal fluids and significant pyrite. The fact we’re also starting to pick up sphalerite
locally in some of the drilling suggests we may be getting close to the high-grade. We look forward to
follow-up drilling. Meanwhile, three rigs are turning at our Ballywire discovery and we anticipate the
next drill results over the coming few weeks.”
1 Pallas Green MRE is 45.4 million tonnes of 8.4% Zn+Pb (7.2% Zn + 1.2% Pb), Inferred (Glencore, Dec -31-2024)
2 Stonepark MRE is 5.1 million tonnes of 11.3% Zn+Pb (8.7% Zn and 2.6% Pb), Inferred (Apr -17-2018)
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Ballywire Drill Update
Drilling at Ballywire continues with three rigs. Currently, nine (9) new holes are completed (and in the
process of being logged, sampled and assayed). Seven of these holes are shown in Exhibit 1, with two
other holes near gravity-high anomaly ‘D’ (located 1.3km to the ENE). Additional funding described
above, nearly equal to Group Eleven’s most recent private placement, increases the Company’s cash
to approx. C$4.3 mln (as at 13-Jun-2025). This strengthened financial position provides Group Eleven
flexibility to either ramp-up drilling in 2025 and/or extend its runway for drilling well into 2026.
Exhibit 1. Plan Drill Hole Map of Ballywire Discovery, Showing New Drilling In Progress
New Step-Out Holes at Carrickittle West Target Area
The Carrickittle West target area spans the Company’s 77.64%-owned Stonepark Project and 100% -
owned PG West Project . In addition to holes G11 -2840-30 and G11-449-03 summarized above (and
shown in Exhibits 2-4), the following is a summary of the remaining two holes drilled (see Exhibit 2).
• G11-450-04 (570m step-out from previous drilling in area)
o Planned to test the hanging wall (north side) of the Kilteely Fault but intersected the
footwall (south side) instead
o The base of the Waulsortian Limestone comprises a fine -grained dolomite, similar to
Ballywire, with a series of breccias similar to black matrix breccia (“BMB”, host alteration
to Zn-Pb mineralization at Lisheen, Galmoy, Silvermines and Pallas Green)
o Pyrite is extensive in breccias with anomalous levels of base metals
o Colloform semi-massive pyrite is present from 265.27m to 265.73m and at 267.5m
o Future drilling will target base of Waulsortian on the hanging wall of the Kilteely Fault
• G11-2531-02 (710m step-out from previous drilling in area)
o Planned to test the hanging wall of Coonagh Castle Fault, but intersected the footwall
instead
o Waulsortian is dolomitized throughout and contains extensive zones of pyritic
brecciation at the top and base of the Waulsortian Limestone
o Breccias have vague similarity to Stonepark-style BMB
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A follow up drill program is being designed, with one hole planned at Stonepark later this year and the
remainder of holes to be drilled in 2026.
Exhibit 2. Plan View of New Drilling at Carrickittle West Target Area
Note: Carrickittle West target area (including the Kilteely and Bruff prospects) is located along the south side of the Limerick
Volcanic Complex; ‘Fault (Removed)’ denotes previously inferred fault removed from new interpretation; ‘Fault (Added)’
denotes newly inferred fault
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Exhibit 3. Plan View of Kilteely Prospect Showing New and Historic Drilling
Note: ‘?’ = areas of prospectivity; Red dot = hole with sphalerite but no galena or massive pyrite; Orange dot = hole without
sphalerite or galena but with massive or semi-massive pyrite; Yellow dot = hole with trace-minor pyrite; ‘M.Py’ = massive or
semi-massive pyrite; ‘Ox.’ = intense oxidation; drilling at Carrickittle’s Zn-Pb mineralized zones not shown
Exhibit 4. Cross-Section of the Bruff Prospect
Note: ‘Future Hole?” denotes one of several possible hole locations which may be drilled in the area; ‘brxx’ = breccia
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Exhibit 5. Regional Map of Ballywire Discovery and Carrickittle West Target Area
Notes to Exhibit 5: (a) Pallas Green MRE is owned by Glencore (see Glencore’s Resources and Reserves
Report dated December 31, 2024); (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.
Qualified Person
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.
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Sampling and Analytical Procedures
All core drilled at Carrickittle West is NQ (47.6mm) and is cut using a rock saw. Sample intervals vary
between 0.32m to 1. 4m with the majority of samples in the 0. 80m to 1.00m range. The half-core
samples are bagged, labelled and sealed at Group Eleven ’s core store facility in Limerick, Ireland.
Selected sample bags are examined by the Qualified Person. Transport is via an accredited courier
service and/or by Group Eleven staff to ALS Laboratories in Loughrea Co. Galway, Ireland. Sample
preparation at the ALS facility comprises fine crushing 70% < 2mm, riffle splitter, pulverise up to 250g
85% < 75um. Analytical procedures are 34 element four acid ICP-AES (codes ME-ICP61 and ME-OG62).
Other than paying for a professional analytical service, Group Eleven has no relationship with ALS.
Quality Assurance/Quality Control (QA/QC) Information
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. T he 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.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF and FRA: 3GE) is drilling the most
significant mineral discovery in the Republic of Ireland in over a decade. The Company announced the
Ballywire discovery in September 2022 , demonstrating high grades of zinc, lead, silver, copper,
germanium and locally, antimony. Key intercepts to date include:
• 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
• 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
• 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
• 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
• 29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
• 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
• 15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu (G11-3552-27)
• 12.0m of 1.4% Zn+Pb, 560 g/t Ag, 2.30% Cu and 0.17% Sb (25-3552-31), including
• 6.4m of 2.1% Zn+Pb, 838 g/t Ag, 3.72% Cu and 0.27% Sb (25-3552-31)
Ballywire is located 20km from Company’s 77.64%-owned Stonepark zinc-lead deposit2, which itself is
located adjacent to Glencore’s Pallas Green zinc -lead deposit 1. The Company’s two largest
shareholders are Glencore Canada Corp. ( 16.1% interest) and Michael Gentile ( 16.0%). 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: [email protected] | T: +353-85-833-2463
E: [email protected] | T: 604-644-9514
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.
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Cautionary Note Regarding Forward-Looking Information
Technical and scientific information disclosed from neighbouring properties does not necessarily apply
to the current project or property being disclosed . 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 delinea tion 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 typical ly 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 a ny 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.