Group Eleven Resources Corp. announced results of a ground gravity survey carried out during June 2023 at its 100%-owned Ballywire zinc-lead-silver discovery, PG West Project, Republic of Ireland. New Gravity Survey 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.

In April 2023, the Company announced that re-processing of data from a historic (2000) ground gravity survey identified four gravity-high anomalies (named A, B, C; and D), covering an approximately area of 6km x 2km at the Ballywire prospect. In June 2023, the Company commissioned a detailed (100m x 100m spaced) follow-up ground-gravity survey over an area of approximately 2km by 2.5km, covering anomalies B and C. The newly acquired gravity data was inverted by Dr Hernan Ugalde from DIP Geosciences (based in Canada) and separately by iCRAG (based in Ireland). Inversion is the process of identifying a 3D density distribution that satisfies the measured gravity data, within the constraints of known geological information.

Both inversion models generated similar results, in terms of the magnitude and location of density anomalies. The inversions confirmed the presence of both anomalies, showing anomaly B to be larger than previously interpreted and anomaly C to consist of three separate density-high anomalies, C1, C2 and C3. Anomaly C1 was previously unrecognized and coincides with the immediate discovery area, while, anomalies C2 and C3, located 870m and 1,275m east of discovery hole G11-468-03, respectively, are yet to be drill tested.

A broader gravity-high anomaly (including C1, C2 and C3 anomalies) covers an area of 1.5km by 0.5km. Note, the location of density-high anomalies is a mathematical estimation based on a number of inputs and therefore several holes may be needed to fully test each anomaly. Next Steps at Ballywire Discovery: Since the most recent drilling update on September 7, 2023, five holes have been completed: two holes on the same section at G11-468-12; two holes on a section 80m to the east of G11-468-12; and one hole 160m to the east of G11-468-12.

The area being drill tested is located between anomalies C1 and C2. Drilling continues and assays are expected in due course. Background Information on Ballywire Discovery: Ballywire is located in the SE portion of the Company's 100%-owned PG West Project, Republic of Ireland.

PG West, including the nearby Tullacondra prospect, covers an area of 650km2 (251 square miles) 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 and approximately 50km SW of the historic Lisheen zinc mine (closed 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 by operators in 2008. Group Eleven staked the prospect in 2016 and announced the discovery in September 2022.