Dittmer Drilling Yields Multiple Bonanza Gold Intersections; $4M Cash Supports Exploration

Strong Drilling Momentum at Dittmer

Ballymore Resources has reported substantial progress in its Queensland gold and base metals projects for the quarter ending 31 March 2025. The highlight remains the Stage 5 underground drilling program at the high-grade Dittmer Project near Proserpine. Five holes have been completed, totaling over 1,073 meters, with all intersecting the targeted Duffer Lode. Assay results are pending but expected imminently, following a history of impressive intersections including bonanza-grade hits such as 171.83 g/t Au over 0.5m and 193.45 g/t Au over 0.3m from previous stages.

This drilling aims to infill and step out around the historic mine workings, which operated in the mid-20th century and are now being re-evaluated with modern techniques. Ballymore’s systematic approach has already doubled the known mineralised area in prior stages, underscoring the potential for a significant resource upgrade.

Metallurgical Testwork Validates Recovery Potential

Complementing the drilling, metallurgical testwork on core samples from Dittmer has confirmed excellent recoveries for gold, silver, and copper. Cyanide leach recoveries exceeded 99%, while flotation tests yielded gold recoveries above 90%. Importantly, Ballymore is trialing an alternative lixiviant to cyanide in collaboration with EnviroMetal Technologies, aiming to reduce environmental risks and improve processing efficiency. Results from this cyanide replacement test are expected in May and could represent a pivotal step towards a cleaner, more sustainable processing method.

Deep Magnetic Target and Broader Exploration

Planning is underway for a deep drill hole to test a magnetic anomaly beneath the historic Dittmer mine, interpreted as a potential porphyry copper-gold system analogous to major deposits in Eastern Australia. This target lies approximately 800 to 1,200 meters deep and could open a new frontier beneath the known mineralisation.

Elsewhere, Ballymore continues exploration at the Ruddygore Project near Chillagoe and the Ravenswood Project near Charters Towers. At Ruddygore, a heli-borne electromagnetic survey has identified multiple priority targets, with historic rock chip samples showing high-grade polymetallic mineralisation including copper, lead, zinc, gold, and silver. Ravenswood’s Day Dawn prospect drilling returned modest gold grades, below initial expectations, but still supports the presence of a regional intrusive-related gold system.

Financial Position and Outlook

As at 31 March 2025, Ballymore held $4.0 million in cash, having spent $0.7 million on exploration activities during the quarter. The company’s disciplined expenditure focused primarily on drilling and metallurgical studies at Dittmer, as well as geophysical and geochemical target development at Ruddygore and Ravenswood. No changes were reported in tenement holdings, maintaining a strong portfolio across four key projects in Queensland.

With ongoing assay results expected soon and metallurgical outcomes pending, Ballymore is well positioned to advance towards a potential restart of mining at Dittmer while continuing to de-risk and expand its broader exploration assets.