ZNG.V · 2020-12-09 12:00:00

Group Eleven Intersects 7.2 metres of 23.9% Zinc, 6.6% Lead (30.5% Combined), 108 g/t Silver and 0.12% Copper in follow-up drilling at Carrickittle Prospect in Ireland

Drill Results

Group Eleven Intersects 7.2 metres of 23.9% Zinc, 6.6% Lead (30.5%

Combined), 108 g/t Silver and 0.12% Copper in follow-up drilling at

Carrickittle Prospect in Ireland

Vancouver, Canada, December 9th, 2020 - Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF; FRA:

3GE) (“Group Eleven” or the “Company”) is pleased to announce results from Phase 1 follow-up drilling

at the Carrickittle zinc prospect (“ Carrickittle”) at the Company’s 100%-interest PG West project (“PG

West”) in the Republic of Ireland.

Highlights:

• Top three zinc-lead intersections from follow-up drilling at Carrickittle are as follows:

o 7.20 metres of 23.9% zinc, 6.6% lead (30.5% combined), 108 g/t silver and 0.12% copper ,

including 5.20 metres of 32.2% zinc, 8.7% lead (40.9% combined), 144 g/t silver and 0.13%

copper in G11-2840-09, including massive sulphide (true width is approximately 60%)

o 5.35 metres of 12.3% zinc, 2.6% lead (14.9% combined), 32 g/t silver in G11 -2840-10,

including massive sulphides (true width is approximately 80%)

o 3.00 meters of 4.8% zinc and 6.0% lead (10. 8% combined), 35 g/t silver in G11-2840-12,

including massive sulphides (true width is approximately 100%)

• High silver values were also intersected with 1.00 metres of 736 g/t silver in G11-2840-11 (true width

is approximately 100%)

• The above follow-up drilling follows G11-2840-04 (announced July 6th, 2020) which intersected 10.30

metres of 14.6% zinc, 5.0% lead (19.6% combined) and 43 g/t silver

• In total, eight (8) holes ( 769 metres) were completed as part of Phase 1 of follow -up drilling at

Carrickittle, focused on Zone 1 of the prospect

• Phase 1 drill results, coupled with historic intercepts, now show two parallel bodies of massive

sulphide and vein -hosted mineralization, striking in a north -west orientation, with a currently-

drilled strike length of over 100 metres each, a down-dip extent of approximately 10 -30 metres

each and a true thickness of approximately 3-7 metres and 1-3 metres, respectively

• The bodies remain open for expansion along strike to the northwest and to a limited degree to the

southeast, with further follow-up drilling strongly warranted

“Not only did follow-up drilling at Carrickittle yield impressive high-grade mineralization over significant

widths, but , even more importantly, we have now determined the true orientation of the high -grade

massive sulphide lenses,” stated Bart Jaworski, CEO. “This provides us with a powerful template for tracing

mineralization further along strike at Zone 1 and for future drilling at Zones 2, 3 and 4, immediately to the

southwest at Carrickittle.”

PG West Zinc Project (100%-interest), Ireland

Carrickittle is hosted within the Company’s 100% -owned PG West project in southwestern 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).

Exhibit 1. Location of Carrickittle Prospect at the Company’s 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.

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

Drilling at Carrickittle Prospect at PG West Project, Ireland

Eight holes totalling 769 metres were completed as part of Phase 1 of follow-up drilling at Carrickittle (see

Exhibit 2, 4 and 10). All but one hole intersected meaningful zinc-lead mineralization.

Exhibit 2. Key Assays from Follow-Up Drilling at Zone 1 of Carrickittle Prospect, PG West Project, Ireland

Hole ID From

(m)

Int

(m)

(%)

Zn+Pb

(%)

(g/t)

(%)

ZnEq

(%)

m x %

ZnEq

G11-2840-05 67.00 2.00 0.41 0.78 1.19 1.8 - 1.23 2.5

“ and 82.00 2.00 0.57 1.61 2.18 5.9 - 2.31 4.6

G11-2840-06 51.80 0.60 6.25 1.07 7.32 7.3 0.02 7.54 4.5

“ and 66.70 2.70 3.40 0.75 4.15 8.5 - 4.35 11.7

“ incl 67.30 0.30 7.87 1.77 9.64 29.8 0.02 10.34 3.1

G11-2840-07 27.10 0.50 2.64 0.61 3.25 4.6 - 3.35 1.7

G11-2840-08 - - - - - - - - -

G11-2840-09 18.26 7.24 23.87 6.64 30.51 107.9 0.12 33.22 240.5

“ incl 19.35 5.20 32.21 8.72 40.93 143.7 0.13 44.47 231.3

G11-2840-10 37.65 5.35 12.34 2.55 14.89 31.7 0.01 15.62 83.6

incl 37.85 0.30 32.20 7.81 40.01 115.0 0.07 42.73 12.8

incl 38.85 1.85 22.29 4.24 26.52 53.4 0.02 27.76 51.4

G11-2840-11 63.85 1.00 5.62 1.43 7.05 15.2 0.01 7.42 7.4

incl 63.85 0.30 11.20 3.48 14.68 36.2 0.03 15.57 4.7

and 71.00 1.00 0.05 0.09 0.14 736.0 0.01 16.26 16.3

G11-2840-12 28.00 3.00 4.83 6.00 10.83 34.6 0.04 11.71 35.1

incl 28.50 0.90 12.97 17.49 30.96 97.8 0.12 32.97 29.7

Note: As a percent of the drilled interval, true thickness is estimated to be 100% (for holes -11 and -12), 80-100% (-05, -07), 80%

(-06, -10) and 60% (-09); “ZnEq” combines Zn, Pb , Cu and Ag into a single number and is calculated from metal prices (US$) a s

follows: $1.00/lb Zn, $1.00/lb Pb, $15.00/oz Ag and $3.00/lb Cu;

The strongest mineralization was intersected in G11-2840-09 which returned 7.20 metres of 23.9% zinc,

6.6% lead (30.5% combined), 108 g/t silver and 0.12% copper (see Exhibit 3). True widths are estimated

to be approximately 60% of the drilled interval. This zone includes a down -hole width of 5.20 metres of

massive sulphides grading 32.2% zinc and 8.7% lead (40.9% combined), 144 g/t silver and 0.13% copper.

The highest grading portion of the massive sulphides returned 2.0 metres of 40.9% zinc and 12.7% lead

(53.6% combined), 149 g/t silver and 0.11% copper.

Phase 1 drill results were also noteworthy due to the presence of locally elevated copper and silver within

the mineralized zones. The highest copper intersected was 0.60% copper over 0.24 metres in G11-2840-

09, within the wider 7.20 metre interval (described above) which averaged 0.12% copper. In terms of

silver, G11-2840-11 returned a high-grade interval of 736 g/t silver over 1.00 metres. An additional assay

of the original sample submitted to the lab was carried out as a check and returned 810 g/t Ag.

Exhibit 3. Table of Drill Results from G11-2840-09 at Carrickittle, PG West Project, Ireland

From

(m)

Interval

(m)

(%)

Zn+Pb

(%)

(g/t)

(%)

Zn-Eq

(%)

Lithology

18.00 0.26 0.85 0.19 1.03 7.5 - 1.21 WL dolomitic

18.26 0.24 13.00 3.99 16.99 94.9 0.60 20.85 WL dolomitic

18.50 0.85 - - - - - - Cavity

19.35 0.65 35.90 9.97 45.87 153.0 0.13 49.62 Mostly massive sulphide

20.00 1.00 29.60 6.21 35.81 172.0 0.09 39.84 Massive sulphide

21.00 1.00 39.40 12.65 52.05 137.0 0.07 55.25 Massive sulphide

22.00 1.00 42.40 12.65 55.05 160.0 0.15 58.99 Massive sulphide

23.00 0.60 25.80 5.46 31.26 82.4 0.15 33.50 Massive sulphide

23.60 0.95 18.20 4.29 22.49 136.0 0.23 26.15 Massive sulphide

24.55 0.95 2.29 1.86 4.15 11.6 0.01 4.44 Altered dyke and WL

18.26 7.24 23.87 6.64 30.51 107.9 0.12 33.22 Entire interval (incl. cavity)

19.35 5.20 32.21 8.72 40.93 143.7 0.13 44.47 Massive sulphide and margins

21.00 2.00 40.90 12.65 53.55 148.5 0.11 57.12 Highest-grade massive sulphide

Note: As a percent of the drilled interval, true width of mineralization is estimated to be 60%; “ZnEq” combines Zn, Pb, Ag and Cu

into a single number and is calculated from metal prices (US$) as follows: $1.00/lb Zn, $1.00/lb Pb, $15.00/oz Ag and $3.00/lb Cu;

“WL” = Waulsortian limestone;

Exhibit 4. Drill Hole Plan View of Carrickittle Prospect, Showing Newly Interpreted Mineralized Zones

Phase 1 drill results, coupled with historic intercepts, now clearly indicate two parallel bodies of massive

sulphide and vein -hosted mineralization (‘Main Lens ’ and ‘ Lens Two ’ on section A -A’ and B -B’,

respectively, in Exhibit 4) striking in a north-west orientation, with a currently-drilled strike length of over

100 metres each, a down-dip extent of approximately 10 -30 metres each and a true thickness of

approximately 3-7 metres and 1-3 metres, respectively.

The mineralized lenses plunge (deepen) towards the northwest (see Exhibit 5 and 6) and dip (are tilted)

sub-vertically (see Exhibit 7 and 8 ). Looking end -on, the lenses can be generally described as having

thicker, generally flat-lying mineralization (commonly massive sulphide consisting of sphalerite, galena

and pyrite) near the base , with lower grade and narrower vein -hosted mineralization (generally sub-

vertical and striking north-west) near the top of the mineralized zone.

It is interpreted that mineralization in G11-2840-11 and G11-2840-12 likely intersected the thinner top of

the mineralized zone and that a thicker zone of mineralization may occur directly below these intercepts.

Exhibit 5. Long-Section (A-A’) along Main Lens at Carrickittle, PG West Project, Ireland

Exhibit 6. Long-Section (B-B’) along Lens Two at Carrickittle Prospect, PG West Project, Ireland

In addition to variability of thickness in a vertical direction, there also appears to be variability along strike.

Given its higher level of drilling and pierce points, the Main Lens exhibits this variability most prominently.

Two wider zones appear to be connected by a narrower zone (i.e. exhibiting a possible pinch and swell

geometry; see Exhibit 4).

Given the above geometric variability, the task of determining a true width is in some cases quite difficult.

An example of this is G11 -2840-10 (see Exhibit 6), where true width may range from 80% to 100% or

lower, based on the shape of the zone assumed.

Both the Main Lens and Lens Two remain open for expansion along strike to the northwest, whereas, Lens

Two is also open, albeit to a limited degree, to the southeast (see Exhibit 6). An area of particular interest

on Lens Two is where the zone shallows towards surface and is interpreted to approach the apex of the

intrusive dyke.

Phase 1 drill results suggest a close association of zinc -lead mineralization with intrusive activity as

evidenced by close spatial proximity, but also the presence of zinc -lead mineralization hosted locally

within the intrusive dykes.

Exhibit 7. Cross-Section (C-C’) Across Main Lens and Lens Two at Carrickittle, PG West Project, Ireland

The above cross-section (Exhibit 7) shows Group Eleven’s drilling which suggests (at least on this section)

that the Main Lens and Lens Two are not connected (see G11 -2840-08 and G11 -2840-10). This section

also shows the irregular shape of the lenses, its sub-vertical component and the fact the lenses tend to be

thickest at the base and narrowest at the top. The mineralized bodies are spatially associated with inferred

fault structures. Local intrusive activity (dykes) is also likely fault controlled . There appears potential to

extend Lens Two (eastern-most) towards the east with further drilling.

Exhibit 8. Cross-Section (D-D’) Across Main Lens at Carrickittle Prospect, PG West Project, Ireland

The above section (Exhibit 8) shows the strongest intercept within the entire Phase 1 follow-up program

(see G11-2840-09). Close proximity to the intrusive dyke is noted, along with a historic intercept of 0.8

metres of 8.3% zinc and lead within the dyke.

Next Steps and Outlook

Overall, Phase 1 follow-up drilling at Carrickittle has been successful in vastly increasing the Company’s

understanding of the extent and nature of mineralization at Carrickittle. Specifically, drilling has

demonstrated continuity of mineralization and shown the o rientation of the mineralized trends. This

information will be invaluable for further exploration at Zone 1, as well as, the start of modern exploration

at Zones 2, 3 and 4 (see Exhibit 9), where impressive historic intercepts have not been re-visited since the

mid-1960s. Further close-spaced drilling at Carrickittle is strongly warranted.

← Back to feed