Group Eleven Resources Corp. (TSXV: ZNG) (OTCQB: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce funding from early warrant and option exercise and provide an update on the Company's Carrickittle West prospect, spanning 77.64%-owned Stonepark Project ("Stonepark") and 100%-owned PG West Project ("PG West"), Republic of Ireland. Drilling continues with three rigs at the Ballywire discovery ("Ballywire") at PG West.
Highlights:
"Carrickittle West continues to be one the best drill targets in Ireland," stated Bart Jaworski, CEO. "Being within only a few kilometres of 45 and 5 million tonnes of mineralization from Glencore's Pallas Green1 and our Stonepark2 deposits, respectively, this prospect has a real chance at hosting the southern half 'mirror-image' of the mineralizing system operating at the northern side of the Limerick Volcanic Complex. Today's drill results demonstrate the presence of key attributes – brecciation, faulting, hydrothermal fluids and significant pyrite. The fact we're also starting to pick up sphalerite locally in some of the drilling suggests we may be getting close to the high-grade. We look forward to follow-up drilling. Meanwhile, three rigs are turning at our Ballywire discovery and we anticipate the next drill results over the coming few weeks."
Ballywire Drill Update
Drilling at Ballywire continues with three rigs. Currently, nine (9) new holes are completed (and in the process of being logged, sampled and assayed). Seven of these holes are shown in Exhibit 1, with two other holes near gravity-high anomaly 'D' (located 1.3km to the ENE). Additional funding described above, nearly equal to Group Eleven's most recent private placement, increases the Company's cash to approx. C$4.3 mln (as at 13-Jun-2025). This strengthened financial position provides Group Eleven flexibility to either ramp-up drilling in 2025 and/or extend its runway for drilling well into 2026.
Exhibit 1. Plan Drill Hole Map of Ballywire Discovery, Showing New Drilling In Progress
New Step-Out Holes at Carrickittle West Target Area
The Carrickittle West target area spans the Company's 77.64%-owned Stonepark Project and 100%-owned PG West Project. In addition to holes G11-2840-30 and G11-449-03 summarized above (and shown in Exhibits 2-4), the following is a summary of the remaining two holes drilled (see Exhibit 2).
A follow up drill program is being designed, with one hole planned at Stonepark later this year and the remainder of holes to be drilled in 2026.
Exhibit 2. Plan View of New Drilling at Carrickittle West Target Area
Note: Carrickittle West target area (including the Kilteely and Bruff prospects) is located along the south side of the Limerick Volcanic Complex; 'Fault (Removed)' denotes previously inferred fault removed from new interpretation; 'Fault (Added)' denotes newly inferred fault
Exhibit 3. Plan View of Kilteely Prospect Showing New and Historic Drilling
Note: '?' = areas of prospectivity; Red dot = hole with sphalerite but no galena or massive pyrite; Orange dot = hole without sphalerite or galena but with massive or semi-massive pyrite; Yellow dot = hole with trace-minor pyrite; 'M.Py' = massive or semi-massive pyrite; 'Ox.' = intense oxidation; drilling at Carrickittle's Zn-Pb mineralized zones not shown
Exhibit 4. Cross-Section of the Bruff Prospect
Note: 'Future Hole?" denotes one of several possible hole locations which may be drilled in the area; 'brxx' = breccia
Exhibit 5. Regional Map of Ballywire Discovery and Carrickittle West Target Area
Notes to Exhibit 5: (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.
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 Carrickittle West is NQ (47.6mm) and is cut using a rock saw. Sample intervals vary between 0.32m to 1.4m with the majority of samples in the 0.80m to 1.00m range. 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% < 2mm, riffle splitter, pulverise up to 250g 85% < 75um. Analytical procedures are 34 element four acid ICP-AES (codes ME-ICP61 and ME-OG62). Other than paying for a professional analytical service, Group Eleven has no relationship with ALS.
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. (TSXV: ZNG) (OTCQB: GRLVF) (FSE: 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:
Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit2, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit1. The Company's two largest shareholders are Glencore Canada Corp. (16.1% interest) and Michael Gentile (16.0%). 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.
Group Eleven Resources’ new high-grade zinc discovery, its strong shareholders, and infrastructure-rich jurisdiction present a compelling investment case. With Glencore and Michael Gentile as the two largest shareholders, the company is well-positioned to leverage its discoveries into high-return opportunities.
Group Eleven Resources (TSXV:ZNG,OTC:GRLVF,FRA:3GE) is a Canadian mineral exploration company focused on unlocking value in Ireland’s world-class zinc districts. The company’s two flagship assets—PG West and Stonepark—are contiguous projects that together form the largest exploration land package in the Limerick region, a prolific and mining-friendly jurisdiction historically known for high-grade zinc deposits.
A game-changing development for Group Eleven is its 2022 Ballywire discovery, a high-grade, zinc-lead-silver system with recent assays also confirming elevated levels of germanium, a critical mineral used in semiconductors and green technologies. Ongoing drilling continues to expand the mineralized footprint and strengthen Ballywire’s profile as a potentially company-making asset.
Zinc is a critical metal for global infrastructure and plays an increasingly important role in grid-scale energy storage, particularly through zinc-air and zinc-ion battery technologies, emerging alternatives to lithium-based systems. With global refined zinc inventories at multi-decade lows and demand forecast to rise sharply alongside renewable energy adoption and infrastructure investment, Group Eleven is well-positioned to benefit from strong market tailwinds.
Ireland ranks among the top mining jurisdictions globally, offering a stable political environment, modern infrastructure, and a long history of successful zinc production, including the Tara mine—one of the world’s largest and longest-operating zinc mines. Ireland consistently receives high scores in the Fraser Institute’s Mining Investment Attractiveness Index.
Adding to Group Eleven’s investment appeal is a strong strategic partnership with Glencore, which holds a 16.1% ownership stake and a seat on the company’s board. This relationship provides not only technical expertise but also potential downstream and development synergies. Other major industry players, including South32 and Boliden, also maintain a strong presence in the region.
With a high-impact discovery, supportive commodity fundamentals, a Tier-1 jurisdiction, and backing from a major global miner, Group Eleven Resources offers investors significant exposure to zinc and critical minerals at a compelling valuation.
Group Eleven’s PG West and Stonepark projects form a dominant land package in the Limerick region of southwestern Ireland, covering over 350 square kilometres in a highly prospective zinc-lead-silver district. Strategically located within and around the Limerick Volcanic Complex, this region hosts Glencore’s world-class Pallas Green deposit—the second-largest zinc deposit discovered to date in Ireland, demonstrating the area’s exceptional mineral endowment.
At PG West, the company’s flagship Ballywire discovery, announced in September 2022, represents the most significant zinc exploration breakthrough in Ireland in more than a decade. Drilling to date has confirmed robust and continuous mineralization over a 2.6-kilometre strike length within a 6 km x 2 km prospective corridor. Importantly, all (but one) of the 52 holes drilled to date at Ballywire intersected mineralization, highlighting the consistency and scale of the system.
Ballywire features high-grade, flat-lying massive sulphide horizons. Notable intercepts include:
Germanium (Ge) grades re-assayed from high-grade zinc intervals at Ballywire include up to 79.2 g/t, 71.7 g/t and 70.7 g/t, with the average of results in the 10-30 g/t Ge range. In May 2025, the company intersected the highest-grade silver intercept in Ireland over the last 60 years (by any operator) and similarly, one of the highest-grade Cu intercepts:
The discovery hole and subsequent intercepts have revealed thick zones of high-grade mineralization with significant step-out success, especially towards the northeast, where intensity in both grade and thickness continues to build. With three rigs currently active, a strong treasury, and three of four gravity-high anomalies yet to be drill-tested, Ballywire is emerging as a potential Tier 1 zinc discovery.
Beyond Ballywire, Group Eleven is also advancing the Carrickittle West prospect located just a few kilometres from the Pallas Green deposit and is interpreted to be a geological analogue located on the southern margin of the same volcanic complex.
The company is targeting a large-scale system similar to Pallas Green (which hosts an inferred 45 million tonnes at 8.4 percent zinc + lead). The nearby Stonepark deposit, also within Group Eleven’s portfolio, contains an inferred resource of 5.1 million tonnes at 11.3 percent zinc and lead, further validating the region’s prospectivity. Success at Carrickittle West would deliver substantial strategic synergy within the broader Limerick zinc district.
Daniel MacInnis is the former president and CEO of MAG Silver, where he led one of the industry’s most successful exploration teams, credited with major discoveries including the Juanicipio/Valdecañas silver veins and the Cinco de Mayo mantos in Mexico. With over 40 years of global mineral exploration experience, he has managed multi-million-dollar programs for companies such as Noranda, Battle Mountain/Hemlo Gold, and Sargold Resources. His work spans gold and base metal discoveries in North America, Mexico, and Ireland, with proven expertise in exploration strategy, property acquisition, joint ventures, and operations. MacInnis previously served as a director of MAG Silver and chair of Balmoral Resources. He holds a B.Sc. in Geology from Saint Francis Xavier University and is an accredited corporate director.
Bart Jaworski, based in Ireland, has been the chief executive officer and a director of Group Eleven Resources since its incorporation in 2015. He has over 25 years’ experience in the mining industry, commencing his career as an exploration geologist for over six years, followed by 12 years as a mining analyst at Raymond James in Vancouver and then J & E Davy in Dublin. During his time as an exploration geologist, he was involved in properties located in Canada, Russia and Costa Rica, and was associated with the early stages of the Coffee Creek gold discovery in the Yukon. Jaworski has a Bachelor of Science (Hons) in Geology from the University of British Columbia.
Brendan Cahill is a director and former president and CEO of Excellon Resources (2012–2022), a silver producer with operations in Mexico. He previously held senior roles with the Pelangio group, where he was instrumental in the Pelangio-Detour Gold merger and the acquisition of the Manfo Project in Ghana, leading to multiple gold discoveries. A former M&A lawyer at Davies Ward Phillips & Vineberg LLP, he advised on transactions totaling over $15 billion. Cahill is a member of the Law Society of Ontario and the Transplant Cabinet at University Health Network.
Alessandro Bitelli brings over 30 years of experience in the resource industry and public accounting across North America and Europe. Most recently, he served as executive vice president and CFO of Lundin Gold until his retirement in March 2023. He previously held the role of CFO at Red Back Mining, where he played a key role in its growth until its $9.2 billion acquisition in 2010. Between 2010 and 2016, he held senior financial roles with several other mining companies. Bitelli currently serves as an independent director at Montage Gold.
Franz Bollmann is finance manager at Glencore Zinc and a director of Glencore Servicios Corporativos Spain, with a focus on financial strategy and business development across the Latin American region. Since joining Glencore in 2014, he has held roles spanning finance, commercial operations, and M&A, and previously served as a director of Volcan Compañía Minera. Earlier in his career, he worked in sales and trading at Raymond James in the United States. Bollmann holds a degree in Finance with a minor in Mathematics from the University of Arkansas.
Michael Gentile is a leading strategic investor in the junior mining sector, with top-five stakes in over 20 small-cap mining companies. He serves as a director of Northern Superior Resources, OnGold, Radisson Mining, Roscan Gold, and Solstice Gold, and advises Northisle Copper and Gold. He is the co-founder of Bastion Asset Management, managing over $425 million in small- to mid-cap equities. Previously, he was VP and senior portfolio manager at Formula Growth (2002–2018).
Jeannine Webb is a Vancouver-based Chartered Professional Accountant with over 25 years of experience in the resource sector, specializing in financial leadership for mineral exploration companies. She currently serves as CFO of Northern Superior Resources Inc. and Abacus Mining & Exploration Corporation. Previously, she held CFO roles across multiple public and private exploration companies through Badger & Co. Management Corp., a provider of integrated financial, corporate, and geological management services.
David Furlong is a co-founding Director of Group Eleven Resources and currently serves as the company’s Chief Operating Officer, bringing over 22 years of experience in mineral exploration. From 2007 to 2014, he was general manager for projects at Rathdowney Resources, where he led exploration strategy and project execution. He specializes in the design and management of exploration programs across a range of deposit types. Furlong holds a B.Sc. (Hons) in Exploration and Mining Geology from the University of Wales and is a Professional Geologist (P.Geo) with the Institute of Geologists of Ireland.
Mark Holdstock is a professional geologist with over 30 years of exploration experience, including roles with Noranda, Billiton, Outokumpu, Boliden, and Tara Mines. While at Tara, he led the discovery of the 20+ Mt SWEX extension to the world-class Navan Zn-Pb deposit in Ireland. An expert in carbonate-hosted zinc systems, he has authored several academic papers on the subject. Most recently, he served as managing director of Aurum Exploration Services in Ireland from 2005 until joining Group Eleven.
High-grade zinc-lead-silver and germanium discovery in Ireland, with substantial copper potential
Group Eleven Resources Corp. (TSXV: ZNG,OTC:GRLVF) (OTCQB: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce the latest three step-out drill holes from the discovery horizon at its Ballywire discovery ("Ballywire") at the 100%-owned PG West Project ("PG West"), Republic of Ireland. Drilling at Ballywire's deeper, Cu-Ag target (100-200m below discovery horizon) is in progress (to be reported as soon as possible).
Highlights:
25-3552-37 (90m step-out NE of 25-3552-35, hosting widest intercept to date; announced 02-Jul-25) intersected intermittent mineralization over a 185m-long interval, including:
Cu-Ag Intercept (hosted in Ballysteen Limestone, beneath Waulsortian Limestone)
6.2m of 312 g/t Ag and 0.95% Cu (starting from 303.9m downhole), including
2.8m of 549 g/t Ag and 1.77% Cu, including
0.3m (30cm) of 2,470 g/t Ag and 5.87% Cu
Zn-Pb-Ag Intercepts (hosted within Waulsortian Limestone)
4.9m of 5.2% Zn+Pb (4.0% Zn and 1.2% Pb), 45 g/t Ag (starting from 125.9m), including
0.1m (14cm) of 65.1% Zn+Pb (46.4% Zn and 18.7% Pb), 654 g/t Ag
25-3552-36 (90m step-out SE of the above hole), intersected intermittent mineralization over a 38m-long interval, including:
2.8m of 231 g/t Ag and 0.85% Cu, including
0.2m (16cm) of 3,820 g/t Ag and 12.60% Cu (among highest Ag/Cu assays in Ireland)
25-3552-34 (35m step-out NNW of the above hole), intersected intermittent mineralization over 16m-long interval, including 1.9m of 59 g/t Ag and 0.75% Cu
These results extend the strike length of Ballywire's main discovery corridor by 135m from 1,300m to 1,435m, while further emphasising Cu-Ag potential at depth
This corridor is hosted within a larger 2.6km long trend of robust mineralization pierced by drilling to date at Ballywire, 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)
The Company's 'deeper Cu-Ag' target (100-200m below the Zn-Pb-Ag horizon) is currently being drill tested with two holes completed and a third hole in progress
Three rigs are turning at Ballywire with approx. 5,700m of drilling completed year-to-date; Group Eleven aims to complete a further approx. 25,000m of drilling by end of 2026 (fully funded)
"Today's results expand our main discovery corridor by 135m and add to growing evidence suggesting a deeper Cu-Ag horizon one to two hundred metres below Ballywire's current discovery horizon," stated Bart Jaworski, CEO. "This deeper target is currently being drilled, with two holes finished and a third started. We look forward to releasing these results as soon as assays are available. With three rigs turning each on excellent targets at Ballywire, a fourth rig likely to be added soon and a recently announced strengthened cash position now totalling C$8.4 million, Group Eleven is poised to keep generating shareholder value through the drill bit for the foreseeable future."
Exhibit 1. Plan Map of Main Ballywire Discovery Corridor, Showing Holes 25-3552-34, -36 and -37
Note: For brevity, drill holes are labelled by the last two digits of their identification number (e.g. '-40' means 25-3552-40)
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Exhibit 2. Long-Section: Ballywire Cu-Ag Intercepts to Date vs. Deeper Cu-Ag Target
Note: In order to highlight Cu-Ag mineralization, the Zn-Pb-Ag bearing zones are not shown on the section; * 'LLS' means Lower Limestone Shale which is known to host Cu-Ag mineralization in the vicinity (5-45km) of Ballywire; 'Deeper Cu-Ag Target' is hosted predominantly by the LLS, but also by other lithologies between the Waulsortian Limestone and the LLS; LLS is believed to be approx. 100-200m below the Waulsortian Limestone
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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 56 holes drilled and reported by Group Eleven to date, including the most recent three holes (25-3552-34, -36 and -37) reported today (see Exhibits 1 to 4).
Today's results add further evidence that the mineralized trend at Ballywire continues further east towards G11-3552-08. One of the Company's three rigs is now drilling a fence of holes collared 200m east of this hole (see Exhibit 1), testing for the further continuation of the mineralized trend. A second rig is drilling a fence of holes testing for the deeper Cu-Ag target (within the Lower Limestone Shale) with two holes completed and the third recently started (see '-40' in Exhibit 1, and '25-3552-40' in Exhibit 2). A third rig is drilling along the section of holes containing G11-468-01 and 00-468-5 (see Exhibit 1) to test for a SW continuation of high-grade mineralization. The Company plans to soon add a fourth rig at Ballywire, geared towards reconnaissance drilling further outboard of the current mineralized corridor. Meanwhile, two holes located 1.3km to the ENE (near gravity anomaly 'D'; see Exhibit 3) were recently completed (assays pending), with follow up drilling planned upon receipt of a second drill permit (recently submitted) which would allow for more flexibility on drill locations further to the NE.
Exhibit 3. Regional Gravity Map Showing 6km Long Prospective Trend at Ballywire
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Note: Of the four gravity-high anomalies above, only the 'C' anomaly has been systematically drilled to date
Assays from today's drill holes are summarized above (see Exhibit 4). Mineralization consists predominantly of sphalerite, galena and pyrite, with the Cu-Ag bearing zones also containing chalcopyrite and suspected tennantite-tetrahedrite. Substantial Cu-Ag mineralization in 25-3552-37 is located within the Ballysteen Limestone, in contrast to 25-3552-35, where a strong Cu-Ag interval occurs at the base of the Waulsortian Limestone. Varying lithologies hosting Cu-Ag mineralization suggest a dynamic and potentially robust mineralizing system with respect to copper and silver.
Exhibit 4. Summary of Assays from 25-3552-37, -36 and -34 at Ballywire
| Item | From (m) | To (m) | Int (m) | Zn (%) | Pb (%) | Zn+Pb (%) | Ag (g/t) | Cu (%) |
| 25-3552-37 | 124.88 | 310.10 | 185.22 | 0.43 | 0.18 | 0.61 | 15.7 | 0.05 |
| Incl. | 124.88 | 132.60 | 7.72 | 2.75 | 0.81 | 3.55 | 30.4 | 0.01 |
| Incl. | 124.88 | 125.99 | 1.11 | 6.20 | 2.39 | 8.59 | 90.4 | 0.02 |
| And | 125.85 | 132.60 | 6.75 | 3.08 | 0.92 | 4.00 | 33.5 | 0.01 |
| Incl. | 125.85 | 130.72 | 4.87 | 3.97 | 1.19 | 5.16 | 44.6 | 0.01 |
| Incl. | 125.85 | 125.99 | 0.14 | 46.40 | 18.70 | 65.10 | 654.0 | 0.08 |
| And | 127.85 | 132.60 | 4.75 | 3.00 | 0.74 | 3.74 | 28.1 | 0.01 |
| Incl. | 127.85 | 130.72 | 2.87 | 4.45 | 1.10 | 5.54 | 43.5 | 0.01 |
| Incl. | 127.85 | 128.78 | 0.93 | 6.37 | 1.42 | 7.79 | 64.6 | 0.01 |
| And | 129.78 | 130.72 | 0.94 | 7.21 | 1.91 | 9.12 | 68.4 | 0.02 |
| And | 151.70 | 164.80 | 13.10 | 1.32 | 0.17 | 1.48 | 6.1 | 0.00 |
| Incl. | 161.00 | 163.85 | 2.85 | 2.70 | 0.61 | 3.31 | 15.7 | 0.01 |
| And | 173.17 | 177.74 | 4.57 | 0.53 | 0.25 | 0.78 | 2.3 | - |
| And | 182.25 | 183.16 | 0.91 | 0.94 | 0.09 | 1.02 | 0.7 | - |
| And | 190.50 | 193.10 | 2.60 | 0.72 | 0.05 | 0.77 | 0.4 | - |
| And | 198.40 | 200.32 | 1.92 | 0.92 | 0.31 | 1.23 | 2.2 | - |
| And | 203.10 | 206.80 | 3.70 | 0.61 | 0.16 | 0.77 | 2.7 | - |
| And | 210.40 | 234.97 | 24.57 | 0.76 | 0.19 | 0.95 | 4.4 | - |
| Incl. | 219.90 | 234.97 | 15.07 | 0.91 | 0.25 | 1.16 | 5.3 | - |
| Incl. | 219.90 | 220.90 | 1.00 | 3.22 | 0.49 | 3.71 | 16.7 | 0.02 |
| And | 243.20 | 258.90 | 15.70 | 0.21 | 0.30 | 0.51 | 16.9 | 0.06 |
| Incl. | 250.15 | 251.80 | 1.65 | 0.36 | 0.39 | 0.75 | 104.8 | 0.45 |
| And | 264.35 | 266.10 | 1.75 | 0.08 | 0.08 | 0.17 | 17.5 | 0.01 |
| And | 295.30 | 300.75 | 5.45 | 0.07 | 0.37 | 0.44 | 17.1 | 0.20 |
| And | 303.90 | 310.10 | 6.20 | 0.07 | 1.29 | 1.36 | 311.7 | 0.95 |
| Incl. | 303.90 | 306.70 | 2.80 | 0.13 | 0.09 | 0.22 | 549.0 | 1.77 |
| Incl. | 305.40 | 306.70 | 1.30 | 0.24 | 0.06 | 0.30 | 1,104.6 | 3.25 |
| Incl. | 306.40 | 306.70 | 0.30 | 0.39 | 0.10 | 0.49 | 2,470.0 | 5.87 |
| 25-3552-36 | 239.96 | 278.35 | 38.39 | 0.34 | 0.26 | 0.60 | 2.0 | - |
| Incl. | 244.88 | 251.68 | 6.80 | 1.01 | 0.29 | 1.30 | 3.5 | - |
| Incl. | 248.76 | 250.72 | 1.96 | 1.86 | 0.50 | 2.37 | 5.1 | - |
| And | 261.31 | 268.84 | 7.53 | 0.53 | 0.94 | 1.47 | 4.8 | 0.02 |
| Incl. | 262.20 | 264.96 | 2.76 | 1.06 | 1.79 | 2.85 | 9.1 | 0.04 |
| And | 305.02 | 307.81 | 2.79 | 0.40 | 0.06 | 0.46 | 231.0 | 0.85 |
| Incl. | 305.74 | 305.90 | 0.16 | 1.58 | 0.25 | 1.82 | 3,820.0 | 12.60 |
| Incl. | 305.90 | 306.82 | 0.92 | 0.50 | 0.06 | 0.56 | 30.0 | 0.28 |
| 25-3552-34 | 205.50 | 205.60 | 0.10 | 8.07 | 0.28 | 8.35 | 38.9 | 0.06 |
| And | 232.22 | 248.29 | 16.07 | 0.15 | 0.12 | 0.27 | 8.0 | 0.09 |
| Incl. | 241.47 | 247.82 | 6.35 | 0.12 | 0.24 | 0.36 | 18.1 | 0.23 |
| Incl. | 244.53 | 246.43 | 1.90 | 0.25 | 0.64 | 0.89 | 59.2 | 0.75 |
| Incl. | 245.44 | 246.43 | 0.99 | 0.23 | 0.36 | 0.59 | 87.1 | 1.00 |
Note: True thickness of the mineralized interval in holes 25-3552-37, -36 and -34, as a percentage of the down-hole interval, is estimated to be 70-80%, 90-100% and 90-100% respectively; "-" means equal to or less than 0.01% (
Drilling at Ballywire continues with three rigs. Currently, twelve (12) new holes are completed or near completed (and in the process of being logged, sampled and assayed). Nine (9) of these are shown in Exhibit 1, with two other holes near gravity-high anomaly 'D' (located 1.3km to the ENE) and one hole collared approx. 200m NNW of G11-468-01 (see Exhibit 1).
Exhibit 5. Regional Map of Ballywire Discovery and Surrounding Prospects
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Notes to Exhibit 5: (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.
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 0.10m to 1.28m with an average (over 285 samples) of 0.91m. 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. (TSXV: ZNG,OTC:GRLVF) (OTCQB: GRLVF) (FSE: 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 (14.2%) and Glencore Canada Corp. (14.1% 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.lau@groupelevenresources.com | T: 604-781-4915
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.
________________________
1 Stonepark MRE is 5.1 million tonnes of 11.3% Zn+Pb (8.7% Zn and 2.6% Pb), Inferred (Apr-17-2018)
2 Pallas Green MRE is 45.4 million tonnes of 8.4% Zn+Pb (7.2% Zn + 1.2% Pb), Inferred (Glencore, Dec-31-2024)
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Group Eleven Resources Corp. (TSXV: ZNG,OTC:GRLVF) (OTCQB: GRLVF) (FSE: 3GE) (the "Company") is pleased to announce the closing of its previously-announced "bought deal" private placement for aggregate gross proceeds of C$5,750,000 (the "Offering") through the issuance of 17,968,750 common shares of the Company (the "Common Shares") at a price of C$0.32 per Common Share. The Offering was completed pursuant to an underwriting agreement between the Company, and Cormark Securities Inc. and Beacon Securities Limited (together, the "Underwriters") and included the full exercise of the Underwriters' option.
The Company intends to use the net proceeds from the Offering to expand the remaining funded exploration drill program at Ballywire from approximately 5,000m to approximately 25,000m, and for working capital and general corporate purposes.
The Common Shares were offered and sold in Canada pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the "LIFE exemption") and pursuant to the accredited investor exemption under section 2.3 of NI 45-106 (the "Accredited Investor exemption"). The Common Shares were also offered and sold in certain jurisdictions outside of Canada where there would be no prospectus filing or comparable obligation, ongoing reporting requirement or requisite regulatory or governmental approval in such jurisdictions. The Common Shares issued under the Offering to Canadian purchasers (other than in the province of Québec) and offshore purchasers pursuant to the LIFE exemption are not subject to a hold period, subject to the hold period imposed by the TSX Venture Exchange for an insider purchaser described below. The Common Shares issued under the Offering pursuant to the Accredited Investor exemption are subject to a hold period of four months and one day.
In connection with the Offering, the Company paid the Underwriters an aggregate cash commission of C$314,550 and issued to the Underwriters an aggregate of 887,812 compensation warrants (the "Compensation Warrants"). Each Compensation Warrant is exercisable to acquire one Common Share at a price of C$0.32 until July 31, 2027, subject to adjustment in certain events. The Compensation Warrants are subject to a hold period of four months and one day.
Glencore Canada Corporation ("Glencore") did not exercise its participation right, which was triggered by the Offering. Following completion of the Offering, Glencore holds an approximate 14.1% ownership interest in the Company.
A director of the Company (the "Insider") acquired 156,250 Common Shares pursuant to the Offering. Participation by the Insider in the Offering was a "related party transaction" within the meaning of that term in Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation requirement set out in section 5.5(a) and the minority approval requirement set out in section 5.7(1)(a) of MI 61-101 on the basis that, at the time the Offering was agreed to, neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Offering, insofar as it involved interested parties, exceeded 25% of the Company's market capitalization.
The Company did not file a material change report at least 21 days in advance of the closing of the Offering as the participation of the Insider in the Offering had not been confirmed at that time. The Common Shares issued to the Insider are subject to a hold period of four months under the policies of the TSX Venture Exchange.
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, an independent 'Qualified Person' as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Group Eleven Resources
Group Eleven Resources Corp. (TSXV: ZNG,OTC:GRLVF) (OTCQB: GRLVF) and (FSE: 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:
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 Corporation (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.lau@groupelevenresources.com | T: 604-781-4915
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information ("forward-looking statements") within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the use of proceeds from the Offering, the future results of operations, performance and achievements of the Company, including the Company drilling the most significant mineral discovery in the Republic of Ireland in over a decade. 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.
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.
1 Stonepark MRE is 5.1 million tonnes of 11.3% Zn+Pb (8.7% Zn and 2.6% Pb), Inferred (Apr-17-2018)
2 Pallas Green MRE is 45.4 million tonnes of 8.4% Zn+Pb (7.2% Zn + 1.2% Pb), Inferred (Glencore, Dec-31-2024)
Not for distribution to U.S. news wire services or dissemination in the United States
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Group Eleven Resources Corp. (TSXV: ZNG,OTC:GRLVF) (OTCQB: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce that all resolutions were passed by the requisite majority at its annual general meeting held in Vancouver, British Columbia on July 30, 2025.
Annual General Meeting Results
A total of 146,630,083 common shares were represented at the AGM, representing 61.166% of the votes attached to all outstanding common shares as at the record date. All of the matters submitted to the shareholders for approval as set out in the Company's notice of meeting and information circular (the "Circular") dated June 20, 2025, were approved by the requisite majority of votes cast at the AGM.
Item 1. Election of Directors
At the Meeting all director nominees listed in the Circular were elected as directors of the Company.
| Director | Vote Type | Number of Votes | Percentage of Votes |
| Daniel MacInnis | For Withheld | 137,939,938 200 | 100% 0% |
| Alessandro Bitelli | For Withheld | 137,939,938 200 | 100% 0% |
| Brendan Cahill | For Withheld | 137,863,271 76,867 | 99.944% 0.056% |
| Bart Jaworski | For Withheld | 137,666,671 273,467 | 99.802% 0.198% |
| Franz Bollmann | For Withheld | 137,929,938 10,200 | 99.993% 0.007% |
| Michael Gentile | For Withheld | 137,909,938 30,200 | 99.978% 0.022% |
Item 2. Appointment of Auditor
Davidson & Company, Chartered Public Accountants, were re-appointed as auditors of the Company.
| Votes For | % of Votes | Votes Withheld | % of Votes |
| 146,529,768 | 99.932% | 100,315 | 0.068% |
Item 3. Approval of Stock Option Plan
| Equity Plan | Vote Type | Number of Votes | Percentage of Votes |
| Stock Option Plan | For Against | 137,535,416 404,722 | 99.707% 0.293% |
Following the annual general meeting, the board of directors re-appointed Bart Jaworski as CEO, Jamine Lau as CFO, David Furlong as COO, Daniel MacInnis as Chairman (independent) and Sheryl Dhillon as Corporate Secretary. Group Eleven would like to sincerely thank the Company's shareholders for their continued strong support.
About Group Eleven Resources
Group Eleven Resources Corp. (TSXV: ZNG,OTC:GRLVF) (OTCQB: GRLVF) (FSE: 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
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/260753
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/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES . NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES /
Group Eleven Resources Corp. (TSXV: ZNG,OTC:GRLVF) (OTCQB: GRLVF) (FRA: 3GE) (" Group Eleven " or the " Company ") is pleased to announce that it has entered into an agreement with Cormark Securities Inc., as lead underwriter, on behalf of a syndicate of underwriters (collectively, the " Underwriters ") in connection with a "bought deal" private placement for aggregate gross proceeds of C$5 million (the " Offering ").
The Offering will consist of the issuance and sale of 15,625,000 common shares of the Company (the " Common Shares ") at a price of C$0.32 per Common Share (the " Issue Price ").
The Company has granted the Underwriters an option, exercisable in whole or in part, at any time prior to closing of the Offering, to sell up to an additional 2,343,750 Common Shares at the Issue Price for additional gross proceeds of up to C$750,000 .
The Company intends to use the net proceeds from the Offering to expand the remaining funded exploration drill program at Ballywire from approximately 5,000m to approximately 25,000m , and for working capital and general corporate purposes, as described further in the Offering Document (as defined below).
The Common Shares will be offered pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions , as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the " Listed Issuer Financing Exemption ") to purchasers in each of the provinces of Canada (other than the province of Quebec ). The Underwriters will also be entitled to offer the Common Shares for sale in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933 , as amended, and in certain other jurisdictions outside of Canada and the United States provided it is understood that no prospectus filing or comparable obligation, ongoing reporting requirement or requisite regulatory or governmental approval arises in such other jurisdictions. The Common Shares issued under the Offering to Canadian subscribers will not be subject to a hold period in Canada .
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or available exemptions from such registration requirements. This news release does not constitute an offer to acquire securities in any jurisdiction.
In addition to and concurrent with the Offering, the Company will be offering on a non-brokered basis, the number of Common Shares, on the same or substantially same terms as the Offering, to its pre-existing shareholder, Glencore Canada Corporation, to allow such shareholder to exercise its participation right and maintain its 15.2% ownership interest in the Company (the " Non-Brokered Offering "). No commission or other fees will be paid to the Underwriters in connection with the Non-Brokered Offering.
There is an offering document (the " Offering Document ") related to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and the Company's website at https:// groupelevenresources.com. Prospective investors of Common Shares should read the Offering Document before making an investment decision.
The Offering is expected to close on or about July 31, 2025 , or on such other date as may be agreed to by the Company and the Underwriters, subject to compliance with applicable securities laws (the " Closing Date "). Notwithstanding the foregoing, the closing must occur no later than the 45 th day following the date of this news release.
The Company will pay a fee in connection with the Offering comprised of (i) a cash commission equal to 6.0% of the aggregate gross proceeds of the Offering (" Cash Commission "), and (ii) an aggregate number of compensation warrants (each, a " Compensation Warrant ") equal to 6.0% of the aggregate number of Common Shares issued pursuant to the Offering. Each Compensation Warrant will be exercisable to acquire one Common Share at an exercise price equal to the Issue Price for a period of 24 months from the Closing Date, subject to adjustment in certain events. The Cash Commission payable to the Underwriters will be reduced to 3.0%, and no Compensation Warrants will be issued, with respect to certain purchasers identified on the Company's president's list.
The completion of the Offering is subject to customary conditions, including, but not limited to, the negotiation of an underwriting agreement between the parties with respect to the Offering and the receipt of all necessary approvals, inclusive of the conditional acceptance of the TSX Venture Exchange.
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, an independent 'Qualified Person' as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects .
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:
Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit 1 , which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit 2 . The Company's two largest shareholders are Michael Gentile (15.3%) and Glencore Canada Corporation (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
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information ("forward-looking statements") within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the closing of the Offering, the timing of the closing of the Offering, the use of proceeds from the Offering, the receipt of regulatory approvals and future results of operations, performance and achievements of the Company, including the Company drilling the most significant mineral discovery in the Republic of Ireland in over a decade. 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.
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 .
| |
| 1 Stonepark MRE is 5.1 million tonnes of 11.3% Zn+Pb (8.7% Zn and 2.6% Pb), Inferred (Apr-17-2018) |
| 2 Pallas Green MRE is 45.4 million tonnes of 8.4% Zn+Pb (7.2% Zn + 1.2% Pb), Inferred (Glencore, Dec-31-2024) |
| |
SOURCE Group Eleven Resources Corp.
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Group Eleven Resources Corp. (TSXV: ZNG) (OTCQB: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce the latest step-out drill results from the Zn-Pb-Ag horizon at its Ballywire discovery ("Ballywire") at the 100%-owned PG West Project ("PG West"), Republic of Ireland. Drilling at Ballywire's deeper, Cu-Ag target is in progress (to be reported in due course).
Highlights:
"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."
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
| Item | From (m) | To (m) | Int (m) | Zn (%) | Pb (%) | Zn+Pb (%) | Ag (g/t) | Cu (%) |
| 25-3552-35 | 120.58 | 121.49 | 0.91 | 10.85 | 2.90 | 13.75 | 235.0 | 0.03 |
| And | 148.67 | 149.62 | 0.95 | 16.90 | 4.05 | 20.95 | 69.6 | 0.02 |
| And | 155.22 | 156.15 | 0.93 | 6.16 | 0.67 | 6.83 | 18.5 | 0.01 |
| And | 163.74 | 177.63 | 13.89 | 3.61 | 0.57 | 4.17 | 9.4 | 0.00 |
| Incl. | 173.19 | 177.63 | 4.44 | 5.08 | 1.14 | 6.22 | 18.6 | 0.01 |
| Incl. | 174.98 | 175.91 | 0.93 | 10.20 | 2.72 | 12.92 | 47.1 | 0.02 |
| And | 187.88 | 241.82 | 53.94 | 4.72 | 3.18 | 7.89 | 99.3 | 0.20 |
| Incl. | 202.15 | 241.82 | 39.67 | 5.61 | 3.85 | 9.45 | 131.1 | 0.27 |
| Incl. | 212.55 | 230.81 | 18.26 | 8.89 | 7.18 | 16.06 | 233.1 | 0.42 |
| Incl. | 212.55 | 224.21 | 11.66 | 11.60 | 9.99 | 21.59 | 207.8 | 0.34 |
| Incl. | 221.33 | 226.96 | 5.63 | 8.03 | 8.54 | 16.57 | 370.0 | 0.86 |
| Incl. | 222.32 | 223.25 | 0.93 | 16.20 | 18.90 | 35.10 | 556.0 | 1.13 |
| And | 238.21 | 241.82 | 3.61 | 0.41 | 0.17 | 0.58 | 96.4 | 0.54 |
| Incl. | 240.92 | 241.82 | 0.90 | 0.82 | 0.55 | 1.37 | 223.0 | 1.27 |
| And | 252.32 | 257.80 | 5.48 | 0.94 | 2.22 | 3.16 | 208.8 | 0.49 |
| Incl. | 252.32 | 254.09 | 1.77 | 2.01 | 3.68 | 5.69 | 616.8 | 1.50 |
| Incl. | 252.32 | 253.20 | 0.88 | 1.48 | 0.63 | 2.11 | 831.0 | 2.46 |
| And | 263.23 | 264.15 | 0.92 | 0.01 | 0.08 | 0.09 | 195.0 | 0.21 |
| And | 268.70 | 272.15 | 3.45 | 3.50 | 3.55 | 7.06 | 133.7 | 0.34 |
| Incl. | 271.27 | 272.15 | 0.88 | 0.50 | 2.99 | 3.49 | 224.0 | 0.63 |
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.
Exhibit 4. Regional Map of Ballywire Discovery
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/257506_gefig4.jpg
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:
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.
1 Stonepark MRE is 5.1 million tonnes of 11.3% Zn+Pb (8.7% Zn and 2.6% Pb), Inferred (Apr-17-2018)
2 Pallas Green MRE is 45.4 million tonnes of 8.4% Zn+Pb (7.2% Zn + 1.2% Pb), Inferred (Glencore, Dec-31-2024)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/257506
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The zinc price started the year with downward momentum, sliding from US$3,150 per metric ton on December 10 to US$2,750 on January 31. The metal found some support in February and March, climbing to US$2,928 on February 24 and then reaching a year-to-date high of US$2,971 on March 14; however, the move wasn’t to last.
The bottom fell out from under zinc, and itquickly plunged to its year-to-date low of US$2,562 on April 9.
Zinc price, January 1 to July 31, 2025.
Chart via TradingEconomics.
Since then, the zinc market has been volatile, and although it has recovered somewhat, the price is still far from its first quarter highs, peaking at US$2,865 on July 23.
According to a June 29 review from Shanghai Metal Market, ex-China zinc concentrate production increased by 6.47 percent in the first quarter to 1.3 million metric tons versus 1.22 million metric tons during the same period of 2024.
The organization attributes these increases to a resumption in production at Boliden’s (STO:BOL) Tara mine in Ireland, as well as ramp ups at Grupo Mexico’s (BMV:GMEXICOB) Buenavista mine in Mexico and Ivanhoe Mines' (TSX:IVN,OTCQX:IVPAF) Kipushi mine in the Democratic Republic of Congo.
Additionally, Shanghai Metal Market notes that Xinjiang’s Huoshaoyun lead-zinc mine started production in May, with output reaching 50,000 metric tons in its first two months and is expected to reach 150,000 metric tons in July.
The company is targeting full-year production of 700,000 to 750,000 metric tons.
Although supply seems robust and Chinese imports of concentrates increased 52.46 percent over 2024, treatment charges for imported metal have also increased from US$20 per metric ton at the start of the year to US$65 in May. The sharp increase in fees indicates an oversupply in the market, allowing smelters to charge more.
The Shanghai Metal Market findings are further supported by data released from the International Lead and Zinc Study Group (ILZSG), which reported on June 18 that mining supply had increased during the first four months of the year to 3.94 million metric tons from 3.75 million metric tons in 2024. It also shows flat demand for the metal, with 4.28 million metric tons consumed during that period versus 4.3 million metric tons last year.
A steep decline in commodities prices in April demonstrates just how fragile the global markets can be.
The zinc price fell 13.77 percent at the start of April to US$2,562 per ton alongside President Trump’s “Liberation Day” tariff announcement and subsequent sell-off in the equity and US Treasury markets.
The prediction from analysts at the time was that if reciprocal tariffs were put in place, it would trigger a recession before the end of the year, impacting consumer spending on homes and cars, which have significant zinc inputs.
Demand for the metal has already been weak over the past several years due to high inflation and interest rates following the pandemic. Although inflation has eased and interest rates have begun to normalize, the new tariff threat provides a new layer of uncertainty. So far, automakers have yet to raise their prices, but demand for new cars increased 2.5 percent in March, double the 1.1 percent typical for the same period in recent years. The gain has been attributed to consumers looking to get ahead of more significant price increases down the line.
The impetus behind the tariffs is to stimulate domestic production, but the willingness from producers to follow through on new US projects remains uncertain.
For its part, the Trump administration has signalled its willingness to back large infrastructure and critical mineral projects by continuing the FAST-41 program that started under former President Joe Biden. The program aims to streamline the permitting process and speed development timelines to get the projects to production faster.
So far, the only zinc project to be included on the list is South32's (ASX:S32) Hermosa, near Tucson, Arizona.
Progress at the site has continued, with the company reporting in its update for the June quarter that it had made US$517 million in investments in its 2025 fiscal year. It also states that work on the main and ventilation shafts began during the second quarter, and construction work at the processing plant had begun.
In addition to development activities, the company also reported that it met a key milestone with the US Forest Service releasing a draft environmental impact statement.
The project is expected to see its first production from the Taylor deposit during the second half of 2027.
As a campaign promise, Trump proposed freeing up federal lands for housing projects, which could drive demand for galvanized steel products. The plan would invite developers to bid on land with the promise that a percentage of units would be set aside for affordable housing, and close the 4 million home shortfall.
However, a report from Realtor.com on July 22 poured cold water on the idea, stating that while it could offer incremental gains, it noted that there wasn’t enough land in places that need housing most.
Instead, the report suggested there are better methods available, including land use and zoning reforms, and increasing construction capacity in high-demand regions.
With supply surpluses expected from the ILZSG, a significant turnaround may not be in the cards for zinc in the short term, especially when met by weak demand due to tariff uncertainty. Although there was some recovery at the end of the second quarter, the oversupply situation doesn’t lend much support for the market to turn bullish.
The market has largely seen a dearth of investment as the market fundamentals haven’t provided support.
A June 11 report from analysts with German investment bank IKB notes the oversupply situation developing in the zinc market, and forecasts that by the end of Q3, the zinc price will be trading in the US$2,600 range.
Don’t forget to follow us @INN_Resource for real-time news updates.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
GLOBEX MINING ENTERPRISES INC. (GMX Toronto Stock Exchange, G1MN Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exch anges and GLBXF OTCQX International in the US) is pleased to update shareholders as regards drill results reported by Manganese X Energy Corp. (MN-TSXV, 9SC-FSE, MNXXF-OTCQB) on Globex's 1% Gross Metal Royalty, Battery Hill manganese property in New Brunswick. Globex also is a very large shareholder in Electric Royalties (ELEC-TSXV) that holds a 2% Gross Metal Royalty as the property. Manganese X has reported 12 new drill holes totalling 1,393 metres in the Moody Hill and Sharpe Farm sectors of the property which are in addition to the 93 previous drill holes. Intersections up to 72.6 metres (238 feet) are reported.
Key Highlights
All drill holes were inclined at -45 degrees , with true thickness estimated at 65-80% of the reported core lengths. Core logging and sampling followed industry-standard protocols, including a QA/QC program with Certified Standards, blanks, and duplicates, comprising 5% of total samples. Sample intervals averaged 2 metres.
Initial half-core samples were collected by Company personnel and sent to the Actlabs prep lab in Fredericton, New Brunswick, before being forwarded to Actlabs in Ancaster, Ontario, for XRF-Fusion Whole Rock Analysis (Code 4C). Actlabs is an accredited laboratory.
Manganese X's news release was reviewed and approved by Perry MacKinnon, P. Geo., Vice President of Exploration for Manganese X, and a Qualified Person under NI 43-101 guidelines for mineral project disclosure.
The holes were focused on infill and expansion drilling to upgrade Inferred resources to Measured and Indicated categories supporting an upcoming NI 43-101 compliant Pre-Feasibility Study currently underway by Mercator Geosciences. The Manganese X Energy Corp. press release is available on the Manganese X website .
Considering the current worldwide economic situation and the need for Canada to source its own critical minerals both for domestic use and export, the Battery Hill manganese deposit is well positioned for the future.
The Manganese X mission as stated "is to advance its Battery Hill project into production, thereby becoming the first public actively traded manganese mining company in Canada and the US to commercialize EV Compliant High Purity Manganese, potentially supplying the North American supply chain. The Company intends on supplying value-added materials to the lithium-ion battery and other alternative energy industries, as well as striving to achieve new carbon-friendly more efficient methodologies, while processing manganese at a lower competitive cost."
Completed Drilling Program – Manganese X Energy Corp .
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 | |
| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14 th Street Rouyn-Noranda, Quebec Canada J9X 2J1 | Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
Forward-Looking Statements: Except for historical information, this news release may contain certain "forward-looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. ("Globex"). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the "Annual Information Form" filed by Globex on SEDARplus.ca
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/150e1250-2996-4d1c-80ee-18c346772b7c
News Provided by GlobeNewswire via QuoteMedia
Nuvau Minerals (TSXV:NMC) revitalizes critical mineral production in Quebec with its flagship project, the Matagami Mining Camp, which represents a premier opportunity in the Abitibi Greenstone Belt.
Quebec's Abitibi Greenstone Belt is renowned for its high-grade deposits and significant production history and is recognized as a Tier 1 jurisdiction with exceptional mining infrastructure and skilled labor. Nuvau Minerals has an agreement to acquire the Matagami Mining Camp from Glencore. The camp has a rich mining history with 60 years of production and nearly 60 million tons mined across 12 past mines.
Aerial view of the Matagami Mining CampThe Matagami Mining Camp covers over 1,300 square kilometers, comprising more than 2,500 claims. The property offers exceptional exploration potential for critical minerals, particularly zinc and copper. The Matagami Mining Camp has produced nearly 60 million tons of ore over 60 years of continuous operation.
The property features a 3,000-ton-per-day concentrator, last operated by Glencore in 2022. This infrastructure not only reduces the capital requirements for reactivation but also accelerates the timeline for potential production. Extensive geological and operational data inherited from Glencore provides a strong foundation for efficient exploration and development.
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