CEO.CA Chairman's Briefing

VANCOUVER, BC, Oct. 18, 2021 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") is pleased to announce that it has intersected a wide interval of significant copper and silver mineralization at its Denison copper-silver prospect ("Denison") within its 100%-owned PG West project ("PG West"), Ireland. The intercept confirms previously known mineralization and in part expands the outer-boundary of its assayed lower-grade envelope.

Highlights:

• G11-4474-01 intersected 116.7m of 0.38% Cu and 21 g/t Ag (0.54% CuEq), including 44.7m of 0.82% Cu and 47 g/t Ag (1.16% CuEq) (starting at 4.0m downhole; true width is estimated at 74%)
• The hole succeeded in confirming historically known mineralization and also expanded by 30-50m the outer-boundary of the assayed lower-grade (0.16% CuEq) envelope now interpreted at this locality
• The area drilled is part of a historic estimate¹ (see footnote) with a strike length of over 600m and hosting other historic intercepts such as 100.6m of 0.64% CuEq, 83.8m of 0.57% CuEq and 29.0m of 1.43% CuEq
• Besides copper-silver, Denison also hosts a nearby zinc target in the overlying Waulsortian limestone, including two historic intercepts of 1.8m of 17.6% Zn, 5.1% Pb and 288 g/t Ag and 5.8m of 11.2% Zn, 1.3% Pb and 77 g/t Ag
• Regionally, Denison is located 25 km along the Pallas Green Corridor from Glencore's Pallas Green zinc deposit²; 6 and 12 km from the Company's Ballywire and Carrickittle³ zinc prospects, respectively
• Denison is underexplored and under-conceptualized, especially with respect to the Company's recent experience elsewhere in the Limerick region – further exploration is warranted
• Group Eleven staked the Denison prospect in August 2019 when copper price was below US$2.60/lb
• At the Oola prospect, recent drilling returned anomalous cobalt (up to 0.11% Co over 0.69m)

"We're delighted with this better-than-expected drill result at Denison which clearly illustrates the prospectivity of the Pallas Green Corridor and specifically Group Eleven's Denison, Tullacondra and Gortdrum copper-silver prospects in the Limerick region," stated Bart Jaworski, CEO. "While the Carrickittle and Ballywire zinc prospects remain our top priorities at the PG West project, we have now confirmed that strong copper-silver mineralization can be spatially associated with Limerick zinc systems, opening up significant new exploration opportunities for our shareholders."

Drilling at Denison Copper-Silver Prospect at PG West Project (100%-interest), Ireland

G11-4474-01 (collar azimuth of 360°, dip of -80° and depth of 203.0m) was located on the eastern side of the Denison historic estimate³. Mineralization is contained within an area of approximately 600 metres in strike length and occurring along an arc-shaped shear zone generally oriented in an east-west direction (see Exhibit 1).

G11-4474-01 is the first hole drilled by Group Eleven at the Denison prospect (see Exhibit 1). The Company also completed two short holes (49.0m and 41.0m deep, respectively) elsewhere (10 km away) on the Denison property to define local stratigraphy.

The key aim of G11-4474-01 was to (a) confirm presence of previously known mineralization (part of the Denison historic estimate¹); (b) provide physical core from the prospect (given almost no historic core exists intact) and (c) identify the extent and characteristics of all mineralization (including structural information from oriented core).

The hole succeeded in the above objectives and intersected 116.7m of 0.38% Cu and 21 g/t Ag (0.54% CuEq), including 44.7m of 0.82% Cu and 47 g/t Ag (1.16% CuEq) (starting near-surface at 4.0m downhole depth; true width is estimated at 74%). The intercept also expanded by 30-50m the outer-boundary of the assayed lower-grade envelope (approx. 0.12% Cu and 5.4 g/t Ag or 0.16% CuEq) now interpreted at this locality (see Exhibit 2 and 3). Mineralization predominantly consists of chalcopyrite, with lesser bornite and tennantite. Malachite is relatively common along joint surfaces.

The lower half of G11-4474-01 may contain some copper-silver mineralization given its proximity to the shear zone and specifically higher-grade mineralization at the bottom of historic hole D-57 (see Exhibit 2). Note, visual identification of copper mineralization at Denison can be difficult due to the occurrence of tennantite which is grey and often difficult to distinguish within the host rock. The Company plans to assay the remainder of G11-4474-01 in due course.

Copper-silver mineralization is hosted mainly within the shear zone, but also as a lower-grade envelope within the Ballysteen Limestone and several lower lithologies (see Exhibit 2). In addition to copper-silver mineralization, the overlying Waulsortian Limestone is well preserved at Denison and hosts a number of historic holes which intersected zinc, lead and silver (mostly without any visible copper). The highest zinc grades were attained in hole 80/1 (1.83 m of 17.6% Zn, 5.1% Pb, or 22.8% combined, and 288 g/t Ag) and hole 80/8 (5.79 m of 11.2% Zn, 1.3% Pb, or 12.5% combined, and 77 g/t Ag; see Exhibit 1).

A summary of assay results from G11-4474-01 is shown below (see Exhibit 3), while historic assays from some of the strongest historic holes are shown in Exhibit 4.

From the Company's experience at Carrickittle, Ballywire and other prospects in the Limerick region, it appears possible that extensions of the mineralized EW-trending shear zone may exist at Denison, along with other prospective fault orientations. In addition, the zinc-bearing zone is also compelling given its extent, geometry and relationship with the Cu-Ag mineralization is not yet well established (note, the high-grade zinc intercepts above bear similarities to those at Carrickittle). Further work is warranted to refine the Company's exploration model.

Background Information on Denison Prospect, PG West Project (100%-interest), Ireland

Denison is located 25 km along the Pallas Green Corridor from Glencore's Pallas Green zinc deposit, as well as, 6 km and 12 km from the Company's Ballywire and Carrickittle zinc prospects, respectively (see Exhibit 5). The Denison prospect was discovered in 1965 (by Denison Mines Limited). Approximately 18,430 metres were drilled at the prospect prior to Group Eleven (1965 to 1988) by several operators, predominantly at the historic estimate¹. The area was never mined and continues to be a greenfield prospect.

Exhibit 3. Summary of Assay Results from G11-4474-01 at Denison Prospect, PG West Project

Exhibit 4. Several Key Historic Drill Intercepts from Denison Prospect, PG West (100%), Ireland

Drill Results from the Oola and Croom Prospects, PG West Project (100% interest), Ireland

At the Oola Cu-Ag prospect (see Exhibit 5), one hole (G11-2840-23) was completed to a depth of 259.0m. The hole tested below the Company's hole drilled in 2017 (G11-2840-02) which intersected a 24-metre interval of intrusive dyke with numerous occurrences of galena, pyrite and local chalcopyrite, including 0.45m of 0.34% Cu, 107 g/t Ag and 4.9% Pb. In preparation for drilling G11-2840-23, the Company re-logged and assayed a deeper, previously unsampled, portion of G11-2840-02, returning 0.69m of 0.55% Cu, 28 g/t Ag and 1140 ppm (0.11%) cobalt (within disseminated chalcopyrite and pyrite in limestone).

G11-2840-23 intersected the same intrusive dyke sequence as above (implying a nearly vertical dip) with eight associated zones of mineralization over a 53m downhole length. The zones varied in downhole width from 0.14m to 0.60m and contained up to 77 g/t Ag, 0.37% Cu, 0.34% Pb and 0.93% Zn. Three of these zones contain anomalous cobalt (310 ppm, 110 ppm and 107 ppm). The strongest single interval was 0.14m of 0.37% Cu, 77 g/t Ag, 0.17% Pb and 107 ppm cobalt.

The Company views the above results as encouraging and follow-up in due course is warranted. At the Croom prospect (see Exhibit 5), two holes were drilled (to depths of 103m and 195m) to define regional stratigraphy. The implications of the holes within the structural setting of the area were significant, pointing to a sizeable fault structure in the area. More work is warranted to further refine this prospect.  

Notes to Exhibit 5: (a) Pallas Green MRE is owned by Glencore; (b) Stonepark MRE: please refer to the NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland, with an effective date of April 26, 2018, as found on SEDAR; (c) 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.

Qualified Person

Technical information in this news release has been approved by David Furlong, P.Geo., Chief Operating Officer, and 'Qualified Person' as defined under Canadian National Instrument 43-101.

Quality Assurance/Quality Control (QA/QC) Information

Drill-core samples were prepared and assayed in the ALS Minerals Laboratory in Loughrea, Ireland. Samples were fine-crushed (CRU-31) to 70% < 2mm and pulverized and riffle-split to 85% < 75 µm. Zinc, lead and silver assays were obtained by multi-acid (4-acid) digestion/ICP-MS Package (48 Elements), with ore-grade samples analysed using multi-acid ICP-AES. Analytical accuracy and precision are monitored by the submission of 2 standards and 2 blanks inserted into the sample train of 122 samples by Group Eleven personnel. ALS analysed 2 blanks, 14 duplicates and 7 standards as part of their internal QC procedures.

About Group Eleven Resources

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.

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, 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.

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