Some time ago I got an error while configuring GPO Preferences to map a network drive using item level targeting. The error was “0x80070035″ the network location can not be found.
The resolution of this issue was to remove the last slash ” / ” of the UNC share and voila! The GPO is applying and working as expected.
Here you can find an interesting article regarding this. Troubleshooting the Drive Maps Preference Extension in Group Policy: Adding a Share Name with Trailing Slash ‘\’ Returns Error Code 0x80070035