ZNG.V · 2025-01-15 12:00:00

Group Eleven Highlights Elevated Germanium Grades from Recent Drilling at Ballywire; Provides Drill Update

Exploration Programs

Group Eleven Highlights Elevated Germanium Grades from Recent

Drilling at Ballywire; Provides Drill Update

Vancouver, Canada, January 15, 2025 - Group Eleven Resources Corp. (TSX -V: ZNG; OTCBB: GRLVF;

FRA: 3GE) (“Group Eleven” or the “Company”) is pleased to announce the latest germanium assays

from recent drilling at the Company’s 100%-owned Ballywire zinc-lead-silver discovery (“Ballywire”),

PG West Project (“PG West”), Republic of Ireland.

New Germanium Assays

• Germanium (Ge) grades including 71.7 g/t, 41.2 g/t and 2 7.8 g/t returned from five (5) holes in

northeastern portion of Ballywire discovery (Ge price is approx. US$75/oz or US$2.40/gram1)

• Elevated Ge is now demonstrated over a strike length of 1.25km (from 890m previously)

• Highest Ge grades correlate well with the highest Zn grades (suggesting Ge occurs with sphalerite)

• Ge analyses over the other mineralized areas are ongoing, to be released periodically

Drill Update

• After the Christmas break, drilling at Ballywire reconvened on January 6th with two drill rigs

• In 2024, the Company drilled over 8,100m at Ballywire compared to 4,800m and 1,950m in 2023

and 2022, respectively

• In total, over 16,100m have been drilled at Ballywire by Group Eleven to the end of 2024, including

six (6) holes (totalling over 1,520m) expected to be released as assays become available

• At the Carrickittle West prospect, spanning the Stonepark and PG West Projects, drilling has been

completed according to plan with results expected mid-late Q1 2025

“We are excited to start our third consecutive year of intensive exploration at Ballywire. Last year was

transformative for us given the exceptional drill results attained, both in terms of grades and widths,

as well as shallowing depths of high-grade massive sulphide horizons. The continuation of elevated

germanium along the entire main trend of our discovery to date is also highly encouraging.

Germanium is approx. 2.5x more valuable than silver and is a key metal for the highly competitive

AI semiconductor industry.

With 42 holes drilled and announced, plus robust mineralization pierced over a 2.6km long trend, we

have a strong foundation from which to build further shareholder value at Ballywire in 2025. With two

rigs turning for the foreseeable future, the key drill targets for Ballywire include the remainder of our

6km prospective trend , hypothesized mineralization parallel to the discovery trend and a deeper

horizon highly prospective for copper and silver.”

Ongoing Drilling at Ballywire Discovery

The Ballywire prospect at the Company’s 100%-owned PG West Project in the Republic of Ireland, is a

new zinc-lead-silver discovery (first announced Sept-2022). To date, 42 holes (totalling 14,549m) have

been drilled and reported by Group Eleven.

1 Derived from Trading Economics (tradingeconomics.com): CNY 16,950 per kg (13-Jan-2025)

Exhibit 1. Plan Map Showing New and Previously Released Germanium Assays at Ballywire

Note: Ge assays above denote the highest single Ge assay within each hole (see full assays in Exhibits 4 and 5 and

Appendices); ‘Other Mineralization’ and ‘Massive Sulphide Zone’ denote robust Zn-Pb-Ag mineralization

Exhibit 2. Drill Hole Plan Map Showing Mineralized Intercepts and Pending Drill Holes

In total, over 16,100m have been drilled at Ballywire by Group Eleven to the end of 2024, including six

(6) holes (totalling over 1,520m) located in the northeastern portion of the discovery area (see G11-

3552-24 to -29 in Exhibit 2). Results from these holes are expected to be released as assays become

available. Exhibit 2 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit

1) of significantly mineralized drill intercepts (open in all directions).

Germanium Analyses

To attain accurate germanium (Ge) assays, the Company engages with ALS Global (Loughrea, Co.

Galway, Ireland) to re-analyse previous sample pulps using an assay technique specifically suited for

germanium, gallium and indium detection (lithium borate fusion). The process of re-analysing intervals

which are well mineralized with zinc and lead is well advanced, however, still incomplete. Further Ge

analyses are ongoing and will continue to be released periodically.

Given re-sampling is focussed only on the highest-grade mineralized intervals, coverage is often non-

continuous and hence difficult to compare between drill holes. Therefore, the approach taken in

Exhibit 1 focusses on the highest grading single Ge sample from each hole as a preliminary illustration

of the Ge distribution across the Ballywire discovery trend.

Background Information on Germanium

Due to its application in high -tech industries and its scarcity on the Earth’s crust , the element

germanium (Ge) has been on the European Union L ist of Critical Raw Materials since 2010. Other

countries that designate Ge as a critical element include US, China, Australia and Canada. The

American Physical Society categorizes Ge as one of the ‘Energy Critical Elements’. China produces 60-

80% of global supply of Ge and as of 2019, “no trade agreements existed between China and EU

regarding germanium trade,” according to the European Commission. The primary use of germanium

is in fibre optics and high -end solar panel technologies , and increasingly, in high -end (AI capable)

semiconductors (computer chips).

Ge currently trades at approximately US$75/oz (US$2.40/gram), or about 2.5 times the price of silver

(US$30/oz). Germanium prices are sourced from Trading Economics and converted from Chinese Yuan

per kilogram (see Exhibit 3).

Exhibit 3. Seven Year Chart of Germanium Prices (CNY/kg)

Source: Trading Economics

Globally, Ge does not occur as primary deposits, instead occurs only as a by-product in some zinc or

coal deposits. According to the USGS2, the most significant carbonate-hosted zinc-lead-copper deposit

that contains notable amounts of germanium is the Kipushi deposit in the Democratic Republic of

Congo. USGS states that Kipushi contains an average grade of 68 g/t Ge. This is in line with Ivanhoe’s

recent announcement on Kipushi noting its Mineral Resource Estimate (Measured & Indicated; dated

June 14, 2018) hosting 11.8mt of 35.3% Zn, 0.80% Cu, 1.1% Pb, 23 g/t Ag, 13 g/t Co and 64 g/t Ge (see

Ivanhoe Mines news release dated Feb 14, 2022). Similarly, the Ballywire results above rank as some

of the highest grades of Ge within zinc deposits in Ireland.

Exhibit 4. New Germanium Assays from G11-3552-12

From

(m)

Int

(m)

Zn+Pb

g/t

G11-3552-12

283.44 284.26 0.82 4.39 0.99 5.38 13.9 14.2

284.26 285.16 0.90 13.15 2.22 15.37 33.8 27.8

285.16 285.30 0.14 0.37 1.46 1.82 16.0 NYA

285.30 285.90 0.60 7.09 2.25 9.34 25.6 15.4

285.90 286.27 0.37 4.42 5.13 9.55 22.6 11.8

293.44 293.80 0.36 5.94 17.70 23.64 68.8 4.9

293.80 294.12 0.32 1.29 8.89 10.18 37.3 1.1

294.12 294.78 0.66 3.18 38.30 41.48 127.0 1.9

294.78 295.66 0.88 1.96 19.80 21.76 70.6 1.2

295.66 296.34 0.68 3.68 17.45 21.13 77.4 2.7

296.34 297.25 0.91 2.55 18.90 21.45 66.3 2.7

297.25 298.21 0.96 2.50 29.70 32.20 96.2 2.2

298.21 298.55 0.34 13.05 3.17 16.22 63.4 13.1

298.55 299.08 0.53 1.98 0.80 2.78 10.8 3.0

299.08 299.34 0.26 14.25 10.85 25.10 70.1 9.2

299.34 299.63 0.29 2.30 0.77 3.07 8.0 3.4

299.63 300.07 0.44 21.80 4.65 26.45 88.3 19.9

300.07 301.12 1.05 0.57 0.22 0.79 8.2 1.2

301.12 302.24 1.12 3.45 2.19 5.64 84.4 3.3

302.24 303.10 0.86 10.20 11.15 21.35 353.0 5.5

303.10 303.93 0.83 17.10 7.15 24.25 319.0 15.3

306.77 307.26 0.49 7.94 4.32 12.26 172.0 7.3

308.19 308.66 0.47 4.18 3.79 7.97 571.0 3.3

283.44 286.27 2.83 7.55 2.21 9.77 24.0 17.8

298.21 303.93 5.72 8.20 4.33 12.53 132.5 7.1

298.21 300.07 1.86 10.46 3.54 14.00 46.6 9.8

Note: continuous intervals shown as shaded meterage; ‘NYA’ means not yet assayed, assumed nil; all other data (Zn, Pb, Ag)

previously announced

2 US Geological Survey; Professional Paper 1802-I titled “Germanium and Indium” (Shanks III et al, 2017)

Exhibit 5. New Germanium Assays from G11-3552-16, -17, -18 and -19

From

(m)

Int

(m)

Zn+Pb

g/t

G11-3552-16

255.52 256.16 0.64 28.00 5.96 33.96 106.0 22.9

G11-3552-17

144.46 145.04 0.58 23.70 4.70 28.40 209.0 15.2

150.15 150.39 0.24 19.55 5.09 24.64 257.0 71.7

151.85 152.81 0.96 27.10 2.49 29.59 326.0 25.5

167.78 168.11 0.33 28.90 5.40 34.30 147.0 66.1

210.02 210.44 0.42 14.15 0.12 14.27 35.5 21.4

210.44 211.38 0.94 14.35 0.12 14.47 25.5 8.4

211.38 212.33 0.95 11.90 0.06 11.96 28.9 NYA

212.33 213.31 0.98 19.40 2.88 22.28 33.5 34.1

210.02 213.31 3.29 15.12 0.92 16.05 30.1 15.3

G11-3552-18

255.59 255.82 0.23 18.55 8.59 27.14 48.1 41.2

257.50 258.56 1.06 17.85 18.25 36.10 218.0 17.5

258.84 259.26 0.42 19.25 14.00 33.25 188.0 22.7

263.22 263.45 0.23 27.10 5.23 32.33 110.0 38.9

G11-3552-19

199.69 200.40 0.71 13.95 1.65 15.60 31.6 25.3

200.40 201.15 0.75 5.32 0.14 5.46 26.0 4.9

201.15 201.73 0.58 5.35 0.31 5.66 18.6 12.0

201.73 202.55 0.82 20.50 0.53 21.03 60.4 25.1

202.55 203.46 0.91 21.00 6.32 27.32 62.1 14.2

203.46 204.38 0.92 20.70 11.75 32.45 83.1 14.2

204.38 205.33 0.95 19.35 7.31 26.66 91.9 12.8

205.33 206.23 0.90 29.60 7.77 37.37 95.7 12.2

206.23 206.90 0.67 32.20 2.59 34.79 80.1 22.1

206.90 207.72 0.82 16.05 7.19 23.24 121.0 19.6

207.72 208.38 0.66 17.45 6.22 23.67 269.0 6.0

199.69 208.38 8.69 18.78 5.08 23.86 85.0 15.3

Note: continuous intervals shown as shaded meterage; ‘NYA’ means not yet assayed, assumed nil; all other data (Zn, Pb, Ag)

previously announced

Exhibit 6. Regional Gravity at Ballywire Showing 6km Long Prospective Trend

Notes to Exhibit 7: (a) Pallas Green MRE is owned by Glencore (see Glencore’s Resources and Reserves

Report dated December 31, 2023); (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 esti mate 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 C u-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 res ource 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.

Exhibit 7. Regional Map of PG West (100% Interest) and Stonepark (76.56% Interest)

Stonepark Joint Venture

Prior to the start of the 2024 drill program at the Stonepark Project, Arkle Resources PLC (Group

Eleven’s joint venture partner on the project) elected not to finance their pro-rata share of program

costs. As a result, Group Eleven’s ownership in the Stonepark project is expected to increase from

76.56% to 77.64%. This increase is expected to be finalized later this year, upon payment of all

program costs and subsequent proportional issuance of shares (of TILZ Minerals Limited , Group

Eleven’s subsidiary which wholly owns the Stonepark project) to Group Eleven.

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.

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. 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

• 6.1m of 11.4% Zn+Pb, 85 g/t Ag (G11-3552-13)

• 5.6m of 13.1% Zn+Pb, 116 g/t Ag (G11-3552-17)

• 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)

• 8.7m of 23.9% Zn+Pb and 85 g/t Ag (G11-3552-19)

The Company’s two largest shareholders are Glencore Canada Corp. ( 17.1% interest) and Michael

Gentile (1 6.5%). 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.

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