Ballymore Extends High-Grade Torpy’s Silver-Lead-Zinc Discovery with New Drilling

New Drilling Reveals Shallow Massive Sulphide Mineralisation

Ballymore Resources Limited (ASX:BMR) has reported that the opening two holes of its resumed 3,000-metre reverse circulation (RC) drilling program at the Torpy’s silver-lead-zinc-indium discovery near Chillagoe have intersected broad zones of visible massive sulphide mineralisation. These early results extend the known mineralisation closer to surface and reinforce the potential for multiple high-grade shoots within the deposit.

Notably, hole BTPRC010 logged 9 metres of mineralisation containing approximately 7% galena (lead ore) and 5% sphalerite (zinc ore) starting from 79 metres downhole, including a higher-grade 3-metre interval with 16% galena and 10% sphalerite. Meanwhile, BTPRC011 intersected a 28-metre zone averaging 4% galena and 3% sphalerite from 106 metres, with sub-intervals reaching up to 8% galena and 7% sphalerite. Although these figures are visual estimates and await laboratory confirmation, they align with Ballymore’s thesis of a significant high-grade system evolving at Torpy’s.

Building on a High-Grade Footprint with Multiple Shoots

The Torpy’s discovery, initially drilled in late 2025, has already delivered some of Queensland’s highest-grade silver-lead-zinc intersections in recent years. Previous drilling included hole BTPRC005, which returned an exceptional 23 metres grading 215.6 g/t silver and 8.55% lead, including a 7-metre section with 650.7 g/t silver and 25.37% lead. Ballymore’s Managing Director David A-Izzeddin described the new drilling as a "strong start" that extends mineralisation closer to surface and supports the presence of multiple mineralised shoots with substantial upside.

Drilling at Torpy’s had paused due to the North Queensland wet season but has now resumed with a focus on testing extensions of these high-grade shoots and structural targets derived from Ballymore’s evolving geological model. The company expects assay results, including silver grades, in June 2026, which will be critical to validating the visual sulphide estimates and refining the resource potential.

Gravity Survey to Unlock Additional Targets Along 32km Corridor

Complementing the drilling program, Ballymore has launched a major government-supported gravity survey across the Ruddygore Project’s 32-kilometre mineralised corridor. This high-resolution geophysical work aims to identify new drill targets for silver-lead-zinc and skarn-porphyry systems, potentially expanding the footprint of mineralisation beyond Torpy’s. The survey is funded in part by Queensland government grants, reflecting public sector confidence in the project’s exploration potential.

These efforts are part of a broader 2026 work program that includes a capital raise planned for June, designed to fund continued drilling, geophysical surveys, and development activities across Ballymore’s Queensland portfolio. The gravity survey initiative builds on recent progress and is expected to sharpen targeting for upcoming drill campaigns. This initiative is detailed in Ballymore’s recent gravity survey underway at Ruddygore.

Early-Stage Discovery with Significant Exploration Upside

Despite the promising drilling results, Ballymore emphasises that Torpy’s remains an early-stage discovery. The geometry and true widths of mineralisation are yet to be confirmed due to the vertical nature of much of the drilling to date. The company’s geological interpretation highlights structural "shoots" plunging southwards, with multiple fault intersections hosting mineralised zones. The recent drilling program targets these structural complexities to better understand the system’s scale and continuity.

Adding to the optimism, Ballymore has also identified mineralisation at the nearby Little Torpy’s prospect, about 600 metres south, where rock chip samples have returned up to 287.59 g/t silver and 24.12% lead. The company’s ongoing exploration includes detailed geological mapping, geophysical surveys, and drilling aimed at expanding the known mineralised footprint.

Drilling resumed after the wet season pause, with the program designed to test extensions and new structural shoots, as noted in recent drilling resumption at Torpy’s. Assays from these holes, expected in June, will be a key catalyst for Ballymore’s share price and investor interest.

Broader Project Potential and Planned Activities

The Ruddygore Project, located approximately 150 kilometres west of Cairns, covers 556 square kilometres and hosts a variety of deposit styles including porphyry copper-gold, skarn copper-gold-lead-zinc, sediment-hosted massive sulphide lead-zinc-silver, and intrusive-related gold systems. Ballymore is systematically applying modern exploration techniques to this underexplored region, aiming to delineate significant gold and base metal deposits.

Alongside the Torpy’s drilling and gravity survey, Ballymore plans to complete an entitlement offer in June 2026 to raise capital for ongoing exploration and development. The company also anticipates advancing its flagship Dittmer Project with underground development and bulk sampling scheduled in the second quarter, setting the stage for a maiden Mineral Resource Estimate later in the year.