First Assays from 2022 program at Boundary West discovery return best ever intersection at Macmillan Pass: 124 m of 12.3% Zinc, 1.3% Lead, and 45.9 g/t Silver Including 60 m of 19.0% Zinc, 1.6% Lead, and 64.7 g/t Silver

First Assays from 2022 program at Boundary West discovery return best ever intersection at Macmillan Pass: 124 m of 12.3% Zinc, 1.3% Lead, and 45.9 g/t Silver Including 60 m of 19.0% Zinc, 1.6% Lead, and 64.7 g/t Silver

Fireweed Metals CORP. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF, formerly Fireweed Zinc Ltd.) is pleased to announce the first results of the 2022 drill program at their flagship Macmillan Pass zinc-lead-silver project, located within the prolific Selwyn Basin zinc district of Yukon, Canada (Map 1).

Highlights

  • At Boundary West Hole NB22-002 intersected high-grade massive sulphides and veins: 124 m of 12.3% zinc, 1.3% lead, and 45.9 g/t silver including 60 m of 19.0% zinc, 1.6% lead, and 64.7 g/t silver, the best ever intersection recorded anywhere at Macmillan Pass, in terms of grade x thickness.
  • Step-out hole NB22-002 successfully extended the Boundary West massive sulphide mineralization, which remains open in multiple directions, including towards where geological vectors suggest a feeder zone may be present in which higher grades and thicknesses may be found.
  • Hole NB22-002 also intersected a new zone of massive sulphide and volcanics over 18.5 m grading 6.15% zinc, 0.39% lead, and 14.3 g/t silver that remains open to the south.

CEO Statement

Brandon Macdonald, CEO, stated, "The first results from the 2022 program include the best intersection that we have ever had at Boundary Zone, or anywhere on the property including our Tom and Jason deposits. Boundary West seems to get higher grade the more we chase it to depth, and we see great potential for this massive sulphide zone—it is open along strike on both sides, and at depth, including in the direction toward the potential feeder structure. These are exceptional assays to kick off reporting of our 2022 drill results."

NB22-002

Diamond drill hole NB22-002 intersected a long interval of high-grade, dense massive sulphide and vein-hosted mineralization from a downhole depth of around 286 m: 124.49 m of 12.31% zinc, 1.31% lead, and 45.9 g/t silver (Tables 1 and 4, Cross Section D-D'). The massive sulphides comprise pyrite and sphalerite with minor galena (Photo 1). This massive sulphide interval contains higher grade sections, for example, 59.96 m of 19.04% zinc including 18.27 m of 28.1% zinc (Tables 1 and 4). An interval of lead-silver rich, very-high grade massive sulphide mineralization grading 25.18% Zn, 9.39% lead, and 166.9 g/t silver over 4.26 m (Photo 2) occurs downhole of the massive sulphides and is tentatively interpreted to be a lateral equivalent of the high-grade lead-silver rich laminated zinc mineralization intercepted in nearby drillholes (e.g. NB21-002; see Fireweed news release dated September 16 th 2021 for details).

Table 1: NB22-001 and NB22-002 drilling highlights, Boundary West.

Drill hole Interval From
(m)
To (m) Width
(m)
Zn
(%)
Pb
(%)
Ag
(g/t)
Bulk
Density
(t/m
3 )
Style
NB22-002 primary 133.23 151.75 18.52 6.15 0.39 14.3 3.77 MS, Vo
NB22-002 primary 285.91 410.40 124.49 12.31 1.31 45.9 3.57 MS, V
NB22-002 >including 317.40 377.36 59.96 19.04 1.64 64.7 4.08 MS
NB22-002 >>including 332.00 350.27 18.27 28.10 0.65 68.4 3.90 MS
NB22-002 >and 388.98 393.24 4.26 25.18 9.39 166.9 3.65 MS
NB22-002 >and 406.97 410.40 3.43 9.57 0.55 29.3 4.11 MS
NB22-001 primary 437.65 442.52 4.87 6.71 1.56 40.5 3.25 LS

MS: Massive Sulphide, Vo: Volcanic, V: Veins, LS: Laminated Sulphide. Intersected widths reported in this table; true widths estimated at 60-80% of intersected widths.

The increase in zinc, lead and silver grades towards the east and with depth at Boundary West suggests that the feeder structure is located to the east and/or at depth from hole NB22-002, where the massive sulphide zone remains open. The massive sulphide mineralization is also open at depth to the west of hole NB21-002 (Map 2). Laminated barite occurs within the massive sulphide (~366-375 m) and silicified black mudstone occurs around the margins of the zone.

An apparent offset of approximately 40 m to 50 m relative to other intersections of the massive sulphide zone reported from Boundary West to date, coupled with the absence of directly overlying massive sulphide in an adjacent hole (NB22-007, see Cross Section D-D'), lead to the interpretation that the massive sulphides intersected in NB22-002 are separated by a small-scale fault from the rest of the massive sulphides previously drilled at Boundary West. Angles of bedding to core axis within and on either side of the massive sulphides suggest that true thicknesses are likely to be approximately 60% to 80% of intersected thickness. Additional drilling is required to determine any potential extension of the massive sulphide to the east and to more accurately delineate structure and true thicknesses.

An additional intersection of a new zone of dense massive sulphide and volcanic-hosted mineralization only 130 m vertically from surface graded 6.15% zinc, 0.39% lead, and 14.3 g/t silver over 18.52 m including 7.41 m of 10.15% zinc, 0.73% lead, and 24.3 g/t silver (Tables 1 and 4, Cross Section D-D'). This represents a new zone of zinc mineralization that opens up the potential for additional mineralization at Boundary West towards the south.

NB22-001

Diamond drill hole NB22-001 resulted in a successful step-out intersection of the laminated zinc mineralization at Boundary West of 4.87 m grading 6.71% zinc, 1.56% lead, and 40.5 g/t silver (Tables 1 and 4, Cross Section D-D'). NB22-001 also demonstrated continuity of the massive sulphide zone at Boundary West with a separate 38.27 m intersection of dense massive pyrite-sphalerite and minor vein-hosted sphalerite that graded 1.22% zinc, 0.04% lead, and 14.9 g/t silver (Table 4).

Data verification

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance / quality control program using industry best practices. Drill intersections in this release are all HQ3 (split tube) size core (61.1mm / 2.4-inch diameter) with recoveries typically above 85% unless otherwise noted in the table of results. After drilling, core was logged for geology, structure, and geotechnical characteristics, then marked for sampling and photographed on site. The cores for analyses were marked for sampling based on geological intervals with individual samples 1.5 m or less in length. Drill core was cut lengthwise in half with a core saw; half-core was sent for assays reported in this news release, and the other half is stored on site for reference. Bulk density was determined on site for the entire length of each sample assayed by measurement of mass in air and mass in water. Sample duplicate bulk density determinations and in-house bulk density standard determinations were each made at a rate of 5%. Since 2017, four in-house bulk density standards (mineralized drill core from the Tom deposit that span a range of densities) have been used and show an acceptable long-term precision. Certified standard masses are used to calibrate the scale balance used for bulk density determinations.

A total of 5% assay standards or blanks and 5% core duplicates are included in the sample stream as a quality control measure and are reviewed after analyses are received. Standards and blanks in 2022 drill results to date have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the Bureau Veritas preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500 g split was sent to the Bureau Veritas laboratory in Vancouver, B.C to be pulverized to 85% passing 200 mesh size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by 1:1:1 Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Over-limit Pb (>25.0%) and Zn (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). Silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2005 accredited laboratory.

Results in this news release are length and bulk-density weighted averages as would be used in a Mineral Resource estimate. Readers are cautioned that in Fireweed news releases prior to 2020, only length weighted assay averages were reported which may result in slightly lower (under-reported) average values. Length and bulk-density weighted averages have been reported as these most accurately represent the average metal-content of the intersections.

Qualified Person Statement

Technical information in this news release has been approved by Dr. Jack Milton, P.Geo., Chief Geologist and a ‘Qualified Person' as defined under Canadian National Instrument 43-101.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. The Company has three projects located in northern Canada:

  • Macmillan Pass Zinc-Lead-Silver Project: Fireweed owns 100% of the district-scale 940 km 2 Macmillan Pass project in Yukon, Canada, which is host to the Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study (see Fireweed news releases dated 10 th January 2018, and 23 rd May 2018, respectively, and reports filed on www.sedar.com for details) as well as Boundary Zone (including Boundary Main and Boundary West), Tom North and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims with known showings and significant upside exploration potential. A large, four-rig 2022 drill program is now complete and assays are being reported as they are received and interpreted.
  • Mactung Tungsten Project: The Company has a binding Letter of Intent to acquire 100% interest in the 37.6 km 2 Mactung Tungsten Project located adjacent to the Macmillan Pass Project. Mactung contains historic resources that make it one of the largest and highest-grade undeveloped tungsten resources in the world. Located in Canada, it is one of the rare large tungsten resources outside of China. Due diligence and validation work on historic data as well as relogging and sampling of historic drill core is underway and will support a new mineral resource estimate.
  • Gayna River Zinc-Gallium-Germanium Project: Fireweed has 100% of the 128.75 km 2 Gayna River project located 180 kilometres north of the Macmillan Pass project. It is host to extensive critical minerals mineralization including zinc, gallium and germanium as well as lead and silver, outlined by 28,000 metres of historic drilling and significant upside potential. The 2022 field program of airborne LiDAR topographic surveying, and ground gravity geophysics was recently completed, and data is being interpreted toward defining 2023 drill targets.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies and is DTC eligible for enhanced electronic clearing and settlement. The Company is current in its reporting and undergoes an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com. In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.

Additional information about Fireweed and its projects can be found on the Company's website at www.FireweedMetals.com and at www.sedar.com.

ON BEHALF OF Fireweed Metals CORP.

" Brandon Macdonald "

CEO & Director

Contact :
Brandon Macdonald
Phone: (604) 646-8361
Email: info@fireweedmetals.com

Neither the 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 Statements

Forward Looking Statements

This news release may contain "forward-looking" statements and information relating to the Company and its projects that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company's operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events.   There is no assurance that technical interpretations and projections described in this news release, including but not limited to how they may relate to a potential high grade feeder structure at the Boundary West Zone, are correct, and accordingly, readers are advised not to place undue reliance on such forward looking statements.   Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward    looking statements or forward    looking information, except as required by law.

Map 1: Macmillan Pass and Mactung location map: https://www.globenewswire.com/NewsRoom/AttachmentNg/dc3f57fc-eac1-43e6-a0f9-c17fb02d482e

Map 2: Boundary Zone drilling and location of cross-section D-D': https://www.globenewswire.com/NewsRoom/AttachmentNg/fb47e975-12d5-486e-bdfe-880d5a4d28db

Cross-section D-D' showing preliminary interpretation of the mineralized zone around NB22-002. Detailed visual mineralization observations have not yet been disclosed for holes NB22-004 and NB22-007 as assays are pending for these two holes: https://www.globenewswire.com/NewsRoom/AttachmentNg/6a3e96b2-e3d4-4012-b0f8-3cc66f68eedf

Photo 1 Scanned images of massive sulphide mineralization core, NB22-002: 337.1-340.2 m. Images are from within a broader interval of 18.27 m of 28.1% Zn, 0.65% Pb, and 68.4 g/t Ag: https://www.globenewswire.com/NewsRoom/AttachmentNg/512bddb4-96e2-452b-ab87-a4456fd9b9bf

Photo 2 Scanned images of massive sulphide core from NB22-002: 388.4 m to 393.6 m visible. Interval 388.98-393.24 m graded 25.18% Zn, 9.39% Pb, 166.9 g/t Ag: https://www.globenewswire.com/NewsRoom/AttachmentNg/0a90c883-37f0-4747-add5-afc002042493

Table 2: Summary of drill results from 2022 program

Drill hole Zone Hole
length
(m)
Significant
intersections
Type
NB22-001 BW 463 Disclosed in this release Infill & Step-out
NB22-002 BW 491 Disclosed in this release Step-out & New Discovery
NB22-003 BW 64 Hole abandoned -
NB22-004 BW 403 Moderate zone Step-out
NB22-005 BM 326 Weak zones Step-out
NB22-006 BM 375 Wide zone Step-out
NB22-007 BW 365 Narrow zones Step-out
NB22-008 BM 213 Wide zone Step-out & New Discovery
NB22-009 BM 147.5 Wide zone Infill
NB22-010 BM 91 Wide zone Infill
NB22-011 BM 265.3 Wide zone Infill & Step-out
NB22-012 BM 353 Wide zone Step-out
NB22-013 BM 125.4 Moderate zone Infill
NB22-014 BM 31 Hole abandoned -
NB22-015 BM 145 Moderate zone Infill
NB22-016 BM 57.4 Hole abandoned -
NB22-017 BM 80 Wide zone Infill
NB22-018 BM 270 Wide zone Infill, Step-out & New Discovery
NB22-019 BW 340 Wide zone Infill & Step-out
NB22-020 BM 149 Wide zone Infill
NB22-021 BM 112 Wide zone Infill
NB22-022 BM 327 Wide zone Step-out & New Discovery
NB22-023 BM 367 Wide zone Step-out & New Discovery
TS22-001 TW 200 Wide zone Infill
TS22-002 TE 170.9 Wide zone Infill
TS22-003 TW 125 Wide zone Infill
TS22-004 TW 214.2 Wide zone Infill
TS22-005 TW 128 Wide zone Infill
TS22-006 TW 190.5 Wide zone Infill
TS22-007 TW 86 Wide zone Infill
TS22-008 TW 61 Wide zone Infill
TS22-009 TW 335 Wide zone Infill

All assays pending unless otherwise indicated. BM: Boundary Main; BW: Boundary West; TW: Tom West; TE: Tom East.

Table 3: 2022 drill collar details

Drill hole Target Length
(m)
Easting Northing Elevation
(m.s.l)
Azimuth
(°)
Dip
(°)
NB22-001 Boundary 463 421861 7010461 1178 030 -58
NB22-002 Boundary 491 421940 7010405 1164 033 -57
NB22-003 Boundary 64 422105 7010683 1238 211 -76
NB22-004 Boundary 403 422105 7010683 1238 211 -76
NB22-005 Boundary 326 422230 7010524 1193 214 -50
NB22-006 Boundary 375 422539 7010536 1195 207 -55
NB22-007 Boundary 365 421940 7010405 1164 036 -47
NB22-008 Boundary 213 422274 7010600 1217 209 -68
NB22-009 Boundary 147.5 422438 7010417 1165 208 -50
NB22-010 Boundary 91 422390 7010385 1152 205 -50
NB22-011 Boundary 265.3 422440 7010419 1164 208 -69
NB22-012 Boundary 353 422342 7010620 1219 201 -65
NB22-013 Boundary 125.4 422390 7010386 1150 205 -70
NB22-014 Boundary 31 422330 7010384 1146 212 -50
NB22-015 Boundary 145 422331 7010385 1146 212 -75
NB22-016 Boundary 57.4 422330 7010384 1146 212 -55
NB22-017 Boundary 80 422331 7010385 1147 212 -85
NB22-018 Boundary 270 422308 7010434 1166 216 -58
NB22-019 Boundary 340 421948 7010672 1232 180 -57
NB22-020 Boundary 149 422308 7010435 1166 216 -72
NB22-021 Boundary 112 422309 7010435 1167 216 -82
NB22-022 Boundary 327 422292 7010474 1182 211 -56
NB22-023 Boundary 367 422292 7010474 1182 211 -70
TS22-001 Tom West 200 441994 7003679 1545 060 -80
TS22-002 Tom East 170.9 442063 7004322 1677 060 -90
TS22-003 Tom West 125 441994 7003680 1545 065 -55
TS22-004 Tom West 214.2 441993 7003679 1545 065 -89
TS22-005 Tom West 128 442046 7003767 1533 063 -50
TS22-006 Tom West 190.5 442044 7003582 1581 049 -75
TS22-007 Tom West 86 441943 7003969 1538 066 -80
TS22-008 Tom West 61 441945 7003970 1538 066 -45
TS22-009 Tom West 335 442043 7003581 1581 049 -89

Coordinate reference system: UTM Zone 9 NAD83. North reference: UTM grid north.

Table 4: NB22-001 and NB22-002 full drill results table.

Drill Hole Interval From
(m)
To (m) Width
(m)
Zn
(%)
Pb
(%)
Ag
(g/t)
Bulk
Density
(t/m
3 )
Style
NB22-001 primary 170.50 177.65 7.15 1.24 0.06 4.7 3.21 V
NB22-001 primary 220.40 258.67 38.27 1.22 0.04 14.9 4.41 MS, V
NB22-001 >incl. 220.40 227.06 6.66 2.74 0.07 13.4 3.64 MS, V
NB22-001 >>incl. 220.40 221.97 1.57 7.29 0.10 12.8 3.27 V
NB22-001 >and 251.13 255.12 3.99 2.06 0.04 16.8 4.76 MS
NB22-001 primary 437.65 442.52 4.87 6.71 1.56 40.5 3.25 LS
NB22-001 >incl. 439.57 442.52 2.95 8.53 2.01 49.3 3.37 LS
NB22-002 Entire hole* 0.00 491.00 491.00 4.01 0.43 16.0 3.10 -
NB22-002 low grade* 0.00 133.23 133.23 0.15 0.04 1.3 2.87 -
NB22-002 low grade* 151.75 285.91 134.16 0.24 0.05 3.9 2.94 -
NB22-002 low grade* 410.40 491.00 80.60 0.14 0.08 3.9 2.84 -
NB22-002 primary 133.23 151.75 18.52 6.15 0.39 14.3 3.77 MS, Vo
NB22-002 >incl. 133.23 142.11 8.88 9.00 0.65 22.0 4.26 MS
NB22-002 >>incl. 134.70 142.11 7.41 10.15 0.73 24.3 4.37 MS
NB22-002 primary 285.91 410.40 124.49 12.31 1.31 45.9 3.57 MS, V
NB22-002 >incl. 308.74 410.40 101.66 14.39 1.50 52.3 3.68 MS, V
NB22-002 >>incl. 308.74 377.36 68.62 17.79 1.48 60.0 3.98 MS, V
NB22-002 >>>incl. 317.40 377.36 59.96 19.04 1.64 64.7 4.08 MS
NB22-002 >>>>incl. 332.00 350.27 18.27 28.10 0.65 68.4 3.90 MS
NB22-002 >>>>and 360.22 362.20 1.98 32.42 1.95 75.9 4.03 MS
NB22-002 >>and 388.98 393.24 4.26 25.18 9.39 166.9 3.65 MS
NB22-002 >>and 406.97 410.40 3.43 9.57 0.55 29.3 4.11 MS

MS: Massive sulphide, Vo: Volcanic, V: Veins, LS: Laminated Sulphide. Intersected widths reported in this table. True widths estimated at 60-80% of intersected widths. *The length and bulk density weighted average grades have been calculated for the entire hole, including three significant intervals of very low average grades.


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Highlights:

  • 25-3552-35 (a 50m step-out to the NE from previous drilling, along the Zn-Pb-Ag horizon) intersected:
    • 53.9m of 7.9% Zn+Pb (4.7% Zn and 3.2% Pb), 99 g/t Ag and 0.20% Cu, including
    • 39.7m of 9.5% Zn+Pb (5.6% Zn and 3.9% Pb), 131 g/t Ag and 0.27% Cu, including
    • 18.3m of 16.1% Zn+Pb (8.9% Zn and 7.2% Pb), 233 g/t Ag and 0.42% Cu, including
    • 5.6m of 16.6% Zn+Pb (8.0% Zn and 8.5% Pb), 370 g/t Ag and 0.86% Cu
    • True thickness is estimated to be 90-100% of the intervals noted above and below
  • Three Cu-Ag enriched zones were also intersected below the above intercept in the same hole:
    • 5.5m of 3.2% Zn+Pb (0.9% Zn and 2.2% Pb), 209 g/t Ag and 0.49% Cu, including
      • 0.9m of 2.1% Zn+Pb (1.5% Zn and 0.6% Pb), 831 g/t Ag and 2.46% Cu and
    • 0.9m of 195 g/t Ag and 0.21% Cu and
    • 3.5m of 7.1% Zn+Pb (3.5% Zn and 3.6% Pb), 134 g/t Ag and 0.34% Cu, including
      • 0.9m of 3.5% Zn+Pb (0.5% Zn and 3.0% Pb), 224 g/t Ag and 0.63% Cu
  • These results extend the strike length of the immediate Ballywire discovery corridor from 1,250m to 1,300m, while demonstrating much thicker mineralization than previously encountered
  • This corridor is hosted within a larger 2.6km long trend of robust mineralization pierced by drilling at Ballywire to date, along a prospective trend of over 6km (defined by four regional gravity-high anomalies, only one of which has been systematically drill tested to date)
  • Today's elevated Cu-Ag values further substantiate the Company's 'deeper Cu-Ag' target (100-200m below the Zn-Pb-Ag horizon), currently being drill tested (second hole in progress)
  • Three rigs are turning at Ballywire with over 4,000m of drilling completed year-to-date; Group Eleven aims to complete 8,000-10,000m in 2025 (fully funded)

"Today's hole represents our thickest intercept yet at the Ballywire discovery, surpassing our 29.6 metres of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu announced in June 2024," stated Bart Jaworski, CEO. "Not only does this intercept extend strike and show exceptional mineralized thickness but also demonstrates zones of strong copper-silver values. This adds to growing evidence suggesting a deeper Cu-Ag horizon one to two hundred metres below the main Ballywire discovery horizon. This deeper target is currently being drilled, with one hole finished and a second started. We look forward to releasing these results as soon as assays are available. With three rigs turning each on excellent targets at Ballywire and a recently announced strengthened cash position of C$4.3 million, Group Eleven is poised to keep generating shareholder value through the drill bit for the foreseeable future."

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Exhibit 1. Plan Drill Hole Map of Ballywire Discovery, Showing Hole 25-3552-35

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Exhibit 2. Long-Section of 25-3552-35 (50m Step-Out) at Ballywire

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Note: Structural interpretation above is preliminary and subject to change with further drilling and compilation

Ballywire Drill Update

The Ballywire prospect at the Company's 100%-owned PG West Project in Republic of Ireland, represents the most significant mineral discovery in Ireland in over a decade. First announced in Sept-2022, the discovery has 53 holes drilled and reported by Group Eleven to date, including the most recent hole (25-3552-35) reported today (see Exhibits 1 to 3).

Drilling at Ballywire continues with three rigs. Currently, eight (8) new holes are completed (and in the process of being logged, sampled and assayed). Six of these holes are shown in Exhibit 1, with two other holes near gravity-high anomaly 'D' (located 1.3km to the ENE). Recently strengthened financial position provides Group Eleven flexibility to either ramp-up drilling in 2025 and/or extend its runway for drilling well into 2026.

Assays from 25-3552-35 are summarized below (see Exhibit 3). Strong mineralization starts to occur within the Waulsortian Limestone at 120.6m downhole and continues intermittently until 187.9m, at which point, mineralization becomes more consistent through to near the base of the Waulsortian Limestone at 242.9m. Below the Waulsortian Limestone, several horizons of elevated copper-silver occur. Mineralization consists predominantly of sphalerite, galena and pyrite, with the copper-silver bearing zones also containing chalcopyrite and suspected tennantite-tetrahedrite.

Exhibit 3. Summary of Assays from 25-3552-35 at Ballywire

ItemFrom
(m)
To
(m)
Int
(m)
Zn
(%)
Pb
(%)
Zn+Pb
(%)
Ag
(g/t)
Cu
(%)
25-3552-35120.58121.490.9110.852.9013.75235.00.03
And148.67149.620.9516.904.0520.9569.60.02
And155.22156.150.936.160.676.8318.50.01
And163.74177.6313.893.610.574.179.40.00
Incl.173.19177.634.445.081.146.2218.60.01
Incl.174.98175.910.9310.202.7212.9247.10.02
And187.88241.8253.944.723.187.8999.30.20
Incl.202.15241.8239.675.613.859.45131.10.27
Incl.212.55230.8118.268.897.1816.06233.10.42
Incl.212.55224.2111.6611.609.9921.59207.80.34
Incl.221.33226.965.638.038.5416.57370.00.86
Incl.222.32223.250.9316.2018.9035.10556.01.13
And238.21241.823.610.410.170.5896.40.54
Incl.240.92241.820.900.820.551.37223.01.27
And252.32257.805.480.942.223.16208.80.49
Incl.252.32254.091.772.013.685.69616.81.50
Incl.252.32253.200.881.480.632.11831.02.46
And263.23264.150.920.010.080.09195.00.21
And268.70272.153.453.503.557.06133.70.34
Incl.271.27272.150.880.502.993.49224.00.63

 

Note: True thickness of the mineralized interval in hole 25-3552-35, as a percentage of the down-hole interval, is estimated to be 90-100%

Notes to Exhibit 4: (a) Pallas Green MRE is owned by Glencore (see Glencore's Resources and Reserves Report dated December 31, 2024); (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 estimate 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 Cu-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 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. 'Rathdowney Trend' is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

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Exhibit 4. Regional Map of Ballywire Discovery

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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.

Sampling and Analytical Procedures

All core drilled at Ballywire is NQ (47.6mm) and is cut using a rock saw. Sample intervals vary between 0.55m to 1.32m with an average (over 188 samples) of 0.92m. The half-core samples are bagged, labelled and sealed at Group Eleven's core store facility in Limerick, Ireland. Selected sample bags are examined by the Qualified Person. Transport is via an accredited courier service and/or by Group Eleven staff to ALS Laboratories in Loughrea Co. Galway, Ireland. Sample preparation at the ALS facility comprises fine crushing 70%

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. The 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; OTCQB: GRLVF and FRA: 3GE) is drilling the most significant mineral discovery in the Republic of Ireland in over a decade. The Company announced the Ballywire discovery in September 2022, demonstrating high grades of zinc, lead, silver, copper, germanium and locally, antimony. 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
  • 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
  • 15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu (G11-3552-27)
  • 12.0m of 1.4% Zn+Pb, 560 g/t Ag, 2.30% Cu and 0.17% Sb (25-3552-31), including
  • 6.4m of 2.1% Zn+Pb, 838 g/t Ag, 3.72% Cu and 0.27% Sb (25-3552-31)
  • 39.7m of 9.5% Zn+Pb, 131 g/t Ag and 0.27% Cu (25-3552-35)

Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit1, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit2. The Company's two largest shareholders are Michael Gentile (15.3%) and Glencore Canada Corp. (15.2% interest). 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: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | 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

Technical and scientific information disclosed from neighbouring properties does not necessarily apply to the current project or property being disclosed. 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.sedarplus.ca 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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