ZNG Group Eleven Resources Corp

VANCOUVER, BC, July 25, 2023 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") is pleased to provide a drill progress update and announce the addition of a second drill rig at the Ballywire Zn-Pb-Ag-Ge discovery ("Ballywire"), PG West Project ("PG West", 100%-interest), Ireland.

• Two drill holes have been completed (G11-468-09 and -12), totalling 375m and 323m, respectively; results are to be announced over the coming weeks upon completion of assays expected in due course
• G11-468-09 was a 375m continuation (to a total depth of 546m) of a previous hole drilled by Group Eleven, which had been stopped at 171m (see news release dated 21-Jun-2023)
• G11-468-12 was an 80m step-out to the east (along strike) of G11-468-06 (which intersected 6.0m of 8.6% Zn and 3.8% Pb, or 12.4% Zn+Pb, and 68 g/t Ag; see news release dated 02-Mar-2023)
• Two drill rigs are now in operation, with the second rig added last week
• The Company is currently drilling hole G11-468-13 (stepping 50m north and up-dip of G11-468-12) and G11-3552-02 (stepping 150m south and downdip of G11-468-12)
• Results from the above holes will be released in due course

"We are pleased that drilling is now operational with two rigs at Ballywire," stated Bart Jaworski, CEO. "This accelerated phase of drilling should be instrumental in helping us determine the location and extent of the postulated and yet undiscovered centre of the mineralizing system, hypothesized to host the thickest and highest-grading mineralization."

The Ballywire discovery is located in the south-eastern portion of the Company's 100%-owned PG West Project, Republic of Ireland. PG West, including the nearby Tullacondra prospect, comprises 22 prospecting licenses covering 650 square kilometres and is contiguous with the Company's Stonepark project (six prospecting licenses covering 184 square kilometres; 76.56% interest), covering additional prospective stratigraphy in the Limerick region. Ballywire is located approx. 20 kilometres south-east of Glencore's Pallas Green deposit¹ and approx. 50 kilometres south-west of the historic Lisheen zinc mine (closed in 2015). Geologically, Ballywire is situated at the intersection of the south-westerly projection of the Rathdowney Trend (which hosts the past-producing Lisheen and Galmoy zinc mines) and the Pallas Green Corridor. Historic drilling at the Ballywire prospect was sparse, last being worked by operators in 2008. Group Eleven staked the prospect in 2016 based on compelling results from the two most-recent historic holes. Group Eleven announced its discovery hole (G11-468-03) on 06-Sep-2022. Recently completed and ongoing drilling described above is shown in Exhibit 1 below.

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.

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

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.

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.

SOURCE Group Eleven Resources Corp.