Group Eleven Extends Mineralized Footprint by 50m to North at Ballywire Zinc-Lead-Silver Discovery, Reports Additional Germanium Assays and Expands Ground Position at Stonepark
Group Eleven Extends Mineralized Footprint by 50m to North at
Ballywire Zinc-Lead-Silver Discovery, Reports Additional
Germanium Assays and Expands Ground Position at Stonepark
Vancouver, Canada, January 30, 2024 - Group Eleven Resources Corp. (TSX-V: ZNG; OTCBB: GRLVF;
FRA: 3GE) (“Group Eleven” or the “Company”) is pleased to announce results from the last hole of the
2023 drill program at the Company’s 100% -owned Ballywire zinc-lead-silver discovery (“Ballywire”),
PG West Project (“PG West”), Republic of Ireland.
Highlights
• G11-3552-04, a 50m step -out north of G11 -3552-03, intersected a thick (72. 1m) package of
mineralization hosting two higher-grade zones:
o 2.5m of 4.4% Zn+Pb (3.4% Zn and 1.1% Pb) and 21 g/t Ag (starting at a depth of 225.0m)
including 0.8m of 6.5% Zn+Pb (4.8% Zn and 1.7% Pb) and 35 g/t Ag, and
o 2.7m of 3.5% Zn+Pb (1.9% Zn and 1.6% Pb) and 23 g/t Ag (starting at a depth of 253.0m),
including 0.4m of 14.2% Zn+Pb (9.6% Zn and 4.6% Pb) and 84 g/t Ag
o True widths are estimated to be approx. 100% of drilled intervals
o Mineralization occurs as sphalerite, galena and pyrite and is bedding parallel along and
close to the base of the Waulsortian limestone
• For reference, G11-3552-03 (announced 21-Nov-2023) returned 32.7m of 4.4% Zn+Pb and 37 g/t
Ag including 11.2m of 8.9% Zn+Pb and 83 g/t Ag
• Mineralization between the above two holes is interpreted to be offset by approx. 25m along a
steep-dipping fault (which will be used to help locate future drill targets to the east)
• As announced on 11-Jan-2024, t wo drill rigs have been mobilized to test gravity anomalies at
Ballywire; drilling is progressing well and on schedule
• In addition to the above, the Company reports further elevated germanium grades from re-assay
of previously announced high-grade Zn-Pb-Ag mineralized intervals
• A new licence was awarded to the Stonepark Joint Venture (76.56% owned by Group Eleven)
“It’s great to see the footprint of our Ballywire discovery continue to increase , especially as two rigs
recently re-started drilling on the project ,” stated Bart Jaworski, CEO. “ Demonstrating the scale
potential of the mineralizing system, the strike-length of known high-grade mineralization has recently
increased by 29% or 160m to the east from 550m to 710m . Including a massive sulphide intercept
from 1997, we have 1.7 kilometres of strike -length over which robust mineralization has been
intercepted. Gravity-high anomalies on either side of the discovery area have yet to be drilled and
indicate a prospective trend of about 6 kilometres. We very much look forward to systematically drill
testing these anomalies over the coming months.”
Last Hole from 2023 Drill Campaign at Ballywire
The Ballywire prospect at the Company’s 100%-owned PG West Project in Republic of Ireland, is a new
zinc-lead-silver discovery (announced Sept -2022). In addition to 20 holes drilled and reported by
Group Eleven to date, the final step-out hole (G11-3552-04) of the 2023 program is reported today.
This hole steps out 50m to the north from previously known mineralization (see Exhibits 1, 2 and 4).
2
Exhibit 1. Plan View of Last Step-Out Hole of 2023 Drill Program at Ballywire
Exhibit 2. Cross-Section of Last Step-Out Hole of 2023 Drill Program at Ballywire
For reference, G11-3552-03 (announced 21-Nov-2023) returned 32.7m of 4.4% Zn+Pb and 37 g/t Ag
including 11.2m of 8.9% Zn+Pb and 83 g/t Ag . Mineralization in the G11 -3552-03 and -04 is
interpreted to be offset by approx. 25m along a steep-dipping fault (see Exhibit 2). This fault may help
in the vectoring of drill targets towards the east.
3
Exhibit 3. Summary of Assays from Last Hole (G11-3552-04) of 2023 Drill Program at Ballywire
Item From (m) To (m) Int (m) Zn (%) Pb (%) Zn+Pb (%) Ag (g/t)
190.65 262.72 72.07 0.65 0.26 0.91 4.9
Incl. 214.03 214.90 0.87 3.15 1.04 4.19 34.4
And 224.95 227.40 2.45 3.36 1.06 4.43 21.4
Incl. 224.95 226.51 1.56 4.00 1.52 5.52 31.0
Incl. 224.95 225.77 0.82 4.84 1.69 6.53 34.6
And 231.21 232.09 0.88 4.07 0.33 4.40 6.3
And 250.22 260.89 10.67 0.98 0.89 1.87 12.9
Incl. 253.98 260.89 6.91 0.96 1.25 2.21 17.7
Incl. 250.22 254.82 4.60 1.80 0.90 2.70 13.1
Incl. 251.17 254.82 3.65 1.79 1.04 2.83 15.0
Incl. 253.01 255.66 2.65 1.88 1.61 3.49 22.8
Incl. 253.98 254.82 0.84 5.37 3.84 9.21 53.5
Incl. 253.98 254.39 0.41 9.62 4.55 14.17 83.9
Note: True width as a percentage of drilled intercept is approximately 100%
The above drill hole is located north of the high -grade trend associated with the recently announced
‘C1’ gravity-high anomaly (see news release dated 17-Oct-2023; see Exhibit 4). Anomalies ‘B’, ‘C2’ and
‘C3’ have not yet been drilled and are the focus of drill testing on the current (2024) drill campaign.
Exhibit 4. Plan Map of Last Hole of 2023 Program vs. Gravity-High Anomalies at Ballywire
In addition to the above, the Company recently selected several high -grade intervals from the
Company’s Ballywire drilling to test for germanium (using lithium borate fusion assay). The new assays
returned elevated germanium (Ge) levels, broadly similar to those previously reported (see Exhibit 5).
With Ge trading at nearly twice that of silver (approx. US$41/oz vs silver at US$23/oz) and deemed a
critical raw material by the European Union, these elevated Ge levels along with elevated silver grades
bode well for the future strategic value at Ballywire.
4
Exhibit 5. Summary of New and Previous Ge Assays from Recent Drill Holes at Ballywire
Item Hole ID From
(m)
To
(m)
Int
(m)
Zn
(%)
Pb
(%)
Zn+Pb
(%)
Ag
(g/t)
Ge
(g/t)
Prev G11-468-01 312.70 316.00 3.30 10.11 2.38 12.48 48.3 26.5
Prev G11-468-03 228.20 228.57 0.37 21.40 3.76 25.16 171.0 26.2
Prev “ 229.31 229.87 0.56 32.70 13.70 46.40 632.0 63.2
Prev “ 251.65 254.60 2.95 4.42 2.89 7.32 104.1 10.3
Prev “ 256.45 258.50 2.05 30.52 10.26 40.78 384.7 47.8
Prev G11-468-06 292.00 292.28 0.28 17.80 1.76 19.56 67.6 38.0
Prev “ 292.78 292.90 0.12 13.65 1.09 14.74 39.4 26.5
Prev “ 297.70 297.80 0.10 24.30 1.13 25.43 60.1 70.7
Prev “ 298.15 298.55 0.40 15.95 4.83 20.78 97.0 34.3
New “ 304.60 307.08 2.48 20.41 8.75 29.16 160.0 19.3
New “ 346.34 346.66 0.32 2.55 40.20 42.75 187.0 3.5
New G11-468-10 400.17 400.46 0.29 3.07 2.40 5.47 83.0 1.7
New G11-468-11 258.31 261.30 2.99 0.05 0.05 0.10 24.5 0.3
New G11-468-12 266.36 270.68 4.32 5.59 3.17 8.76 148.8 12.4
New Incl. 266.36 267.13 0.77 9.14 1.60 10.74 40.9 24.4
New And 269.00 269.57 0.57 13.95 1.70 15.65 45.8 25.1
New “ 292.00 295.14 3.14 10.81 11.99 22.81 510.0 10.1
New G11-468-13 264.45 265.20 0.75 11.25 2.43 13.68 57.6 15.8
New “ 272.05 273.27 1.22 10.67 11.50 22.16 107.8 7.4
New “ 281.08 281.60 0.52 15.05 0.99 16.04 63.2 6.6
New G11-468-15 272.38 272.57 0.19 11.35 10.85 22.20 199.0 11.4
New “ 273.26 273.80 0.54 8.16 23.30 31.46 170.0 10.5
New G11-3552-03 218.76 219.20 0.44 13.65 8.49 22.14 93.9 8.9
New “ 280.56 281.29 0.73 31.40 7.25 38.65 160.0 24.4
New “ 285.12 286.05 0.93 8.20 8.87 17.07 81.9 6.5
New “ 291.62 291.80 0.18 24.00 3.12 27.12 397.0 12.4
Note: True width as a percentage of drilled intercept is: 90-100% for G11-468-11, G11-468-12, G11-468-13, G11-468-15 and
G11-3552-03; 80-100% for G11-468-03; 80-85% for G11-468-01; 75-90% for G11-468-06; and 50-70% for G11-468-10; “Prev”
means previously announced Ge results; “New” means includes Ge assays announced today; Note all above Zn, Pb, Zn+Pb
and Ag results have been previously announced
New Prospecting Licence at Stonepark and Background Information on Ballywire Discovery
Ballywire is located in the SE portion of the Company’s 100% -owned PG West Project, Republic of
Ireland (see Exhibit 6). PG West, including the nearby Tullacondra prospect, covers an area of 650km2
and is contiguous with the Company’s Stonepark project (covering 184km2; 76.56% interest). Ballywire
is located approximately 20km SE of Glencore’s Pallas Green deposit (Mineral Resource Estimate of
45 mln tonnes of 7.2% Zn and 1.2% Pb, Inferred (Glencore, 31 -Dec-2022)) and approximately 50km
SW of the historic Lisheen zinc mine (close d in 2015). Geologically, Ballywire is situated at the
intersection of the SW projection of the Rathdowney Trend, hosting the past -producing Lisheen and
Galmoy zinc mines, and the Pallas Green Corridor, which hosts the undeveloped Pallas Green deposit.
Historic drilling at the Ballywire prospect was sparse, last being worked in 2008. Group Eleven staked
the prospect in 2016 and announced the discovery in September 2022.
The Company recently applied for and was subsequently awarded a prospecting licence (PL3824; see
Exhibit 6), located within the Stonepark Project (76.56% Group Eleven, 23.44% Arkle Resources PLC).
The licence is underlain by the interpreted SW continuation of the prospective Coonagh Castle Fault.
5
Exhibit 6. Regional Map of PG West (100% Interest) and Stonepark (76.56% Interest) Projects
Notes to Exhibit 6: (a) Pallas Green MRE is owned by Glencore (see Glencore’s Resources and Reserves
Report dated December 31, 2022); (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 Prop erty’ 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 ke y 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 res ources. ‘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.
6
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; OTCBB: GRLVF and FRA: 3GE) is a mineral exploration
company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven
announced the Ballywire discovery in September 2022. K ey intercepts to date include: (i) 3.3m of
12.5% Zn+Pb and 48 g/t Ag (G11-468-01), (ii) 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03); (iii)
10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06); and (iv) 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31%
Cu (G11-468-12). The Company’s two largest shareholders are Glencore Canada Corp. (18.2% interest)
and Michael Gentile (1 5.0%). 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.
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, ref er 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.