Group Eleven Resources Plans 2,300m Drill Program at Stonepark Project, Follow-Up Drilling at Ballywire Prospect, PG West Project

Highlights:

• Fully-funded drill program (2,300m, six holes) at Stonepark is expected to begin in a few weeks
• Drilling to include: (a) 250m step-out hole (estimated depth of 750m) in the northern portion of the Carrickittle prospect ("Carrickittle North" prospect); (b) 400m step-out hole (750m) in the far western portion of the Carrickittle prospect ("Carrickittle West" prospect); and (c) 100m step-out hole (400m) at the Stonepark North MRE¹
• Carrickittle holes are significant given they represent first substantial tests of the southern margin of the Limerick Volcanic Complex ("LVC"), which management believes has the potential to host zinc mineralization similar in style and scale to Glencore's nearby Pallas Green deposit²
• Drilling at the 1km NW Extension at the Carrickittle Prospect, one of the key vectors informing exploration at the southern LVC, was completed in mid-December, 2021, comprising four holes (totalling 727 metres); assays are expected in late February (delayed due to Covid-19 related issues)
• A drill program at Ballywire is planned to start in 2-3 months to follow-up recently discovered high-grade massive sulphides (3.30m of 10.1% zinc, 2.4% lead, or 12.5% combined, and 48.3 g/t silver³)

"Complimenting the recently completed drilling at Carrickittle, we are now making our first substantial steps into the south side of the LVC within the Carrickittle North area, testing the hanging wall of a major-displacement fault that Group Eleven identified in 2020⁴," stated Bart Jaworski, CEO. "Drilling at Carrickittle North and West maintains our focus on Carrickittle and southern LVC to search for the hypothesized 'mirror-image' of the Pallas Green deposit². Other holes at Stonepark will aim to potentially expand the Stonepark MRE while advancing exciting prospects nearby, some of which are proximal to drilling on the adjacent Rathkeale property, recently announced by Adventus/South32⁵."

"Ballywire also remains a top-priority. A few months ago, our 220m step-out hole discovered new high-grade massive sulphide³, by far the best result to date at Ballywire. Strong alteration and consistent mineralization are now drilled over a distance of 900m. The next nearest historic hole testing the target horizon, located 1km to the west, intersected 2.5m of 6.2% Zn+Pb, including 0.5m of 20.3% Zn+Pb³. Given the above, plus the fact Ballywire lies at the intersection of the Rathdowney Trend and the Pallas Green Corridor, we are excited to start follow-up drilling at the earliest opportunity."

Planned Drilling at Stonepark Project (76.56%-interest), Ireland

The Stonepark zinc project is owned 76.56% by Group Eleven (operator) and 23.44% by Arkle Resource PLC. The property hosts a mineral resource estimate ("MRE") totalling 5.1 million tonnes of 8.7% zinc and 2.6% lead (11.3% combined)¹, located 1-2 kilometres west of Glencore's Pallas Green zinc deposit² (see Exhibit 1). The Carrickittle prospect on the PG West property (100%-interest) extends northward and westward onto the Stonepark property (at the 'Carrickittle North' and 'Carrickittle West' localities), as evidenced by the presence of alteration, prospective faulting and local zinc mineralization.

Exhibit 1. Location of Stonepark (76.56% interest) and PG West (100% interest) Projects, Ireland

Notes to Exhibit 1: (a) Pallas Green MRE is owned by Glencore; (b) Stonepark MRE: please refer to the NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland, with an effective date of April 26, 2018, as found on SEDAR; (c) the historic estimate at Denison was reported by Westland Exploration Limited in 1988, the historic estimate at Tullacondra was reported by Munster Base Metals Ltd in 1973 and the historic estimate at Gortdrum was reported by G.M. Steed in 1986; these three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources.

The planned exploration program at Stonepark consists of six holes (see Exhibit 2) totalling 2,300 metres and is expected to cost €318,000 (C$461,000, using 1.45 EURCAD exchange rate). Group Eleven's pro-rata share of the costs is expected to be €243,000 (C$353,000).

Both the Stonepark¹ and Pallas Green² zinc deposits are located on the north side of the Limerick Volcanic Complex ("LVC"). With the exception of Group Eleven's hole (G11-450-02 drilled in 2019[6]) and a historic hole from 1998⁶, the south side of the LVC remains completely un-drilled. The Company's upcoming holes are significant as they represent the first substantial steps into the south side of the LVC, testing if zinc mineralization is likely to occur as a 'mirror image' to the Pallas Green deposit².

Exhibit 2. Planned Drill Holes at Stonepark Project (76.56% interest), Ireland

Note: Pallas Green Deposit - as per Blaney & Redmond (2015), see footnote 2 above; Stonepark Deposit - see footnote 1 above

The planned hole at Carrickittle North is approximately 1.8km NNW from the Carrickittle prospect (which hosts 10.3m of 19.6% Zn+Pb and 43 g/t Ag; see news release dated July 6, 2020) and represents a 250-300m step-out from previous drilling (see Exhibit 2 and 3). Carrickittle is important as it provides key evidence that the geological conditions necessary to form high-grade mineralization are not restricted to the north side of the LVC, but likely also occur on the south side. The planned hole, expected to be 750m deep, will test the hypothesis of a down-dropped block of Waulsortian Limestone with potential for zinc mineralization at the base of this unit, as well as, within the possible continuation of the brecciated unit intersected in nearby hole G11-450-02. The intersected breccia unit has been interpreted to be on the outer rim of a yet undiscovered hydrothermal system⁶.

Similarly, the planned hole at Carrickittle West (see Exhibit 2 and 4) represents a 400m step-out from previous drilling, testing the hanging wall of major interpreted fault. From historic drilling, it appears that black matrix breccia ("BMB", alteration commonly associated with zinc mineralization in Ireland, especially in the Limerick area) appears to be intensifying towards the north, the location of the planned hole. It is also encouraging that strongly anomalous mineralization (up to 0.5m of 8.0% Zn+Pb) occurs relatively consistently at the base of the Waulsortian limestone at this prospect.

Exhibit 3. Cross-Section of Planned Hole at Carrickittle North Prospect, Stonepark Project, Ireland

Note: 'sph' means sphalerite (zinc-bearing mineral), 'gal' means galena (lead-bearing mineral)

Exhibit 4. Cross-Section of Planned Hole at Carrickittle West Prospect, Stonepark Project, Ireland

Note: 'BMB' means black matrix breccia (commonly associated with zinc mineralization in Ireland)

Closer to the Stonepark MRE¹, a 400-metre-deep hole is planned as a 100m step-out from previous drilling near the Stonepark North portion of the resource (see Exhibit 2 and 5). This is one of the most prospective step-out opportunities near the Stonepark MRE given the very wide thicknesses of BMB, which remain open towards the NW. On the remainder of the Stonepark property, three earlier-stage shallow holes are also planned (see Exhibit 2).

Exhibit 5. Cross-Section of Planned Hole at Stonepark MRE, Stonepark Project, Ireland

Note: 'BMB' means black matrix breccia (commonly associated with zinc mineralization in Ireland)

Planned Drilling at Ballywire Prospect, PG West Project (100%-interest), Ireland

The Ballywire prospect is located at the intersection of the Rathdowney Trend and the Pallas Green Corridor (see Exhibit 1), PG West project. A recent 220m step-out hole discovered a new high-grade massive sulphide bearing zone (grading 3.30m of 10.1% zinc, 2.4% lead, or 12.5% combined, and 48.3 g/t silver³; see hole G11-468-01 in Exhibits 6), by far the best result to date at Ballywire. Strong alteration and consistent mineralization are now intersected over a down-dip distance of 900m. The next nearest historic hole testing the target horizon, located 1km to the west, intersected 2.5m of 6.2% Zn+Pb, including 0.5m of 20.3% Zn+Pb (note, historic holes drilled closer to G11-468-01 did not reach target horizon, therefore the area remains untested; see open circles in Exhibit 6).

A follow-up drill program, planned to start in 2-3 months, is currently being finalized with a view to drilling one or more relatively short holes up-dip (i.e. to the north) from the above described, newly discovered high-grade massive sulphide.

Exhibit 6. Plan View of Ballywire Prospect, PG West Zinc Project (100% interest), Ireland

Note: 'T' shaped symbols denote strike and dip of the Waulsortian Limestone, showing the unit comes to surface on the northern side and dips (deepens) towards the south

Qualified Person

Technical information in this news release has been approved by Paul Gordon, P.Geo., geological consultant at SLR Consulting, and independent 'Qualified Person' as defined under Canadian National Instrument 43-101.

About Group Eleven Resources

Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in Ireland. Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.