BALLYMORE RESOURCES LIMITED ASX Announcement |
4th March 2022 |
onlyASX CODE: BMR
BOARD
Nick Jorss
Chairman
useDavid A-Izzeddin Ex cutive Director - Technical
Andrew Gilbert
Executive Director -
Operations
Andrew Greville
personalDirector
HEAD OFFICE
Suite 606
Level 6
10 Market St Brisbane QLD 4000
+617 3212 6299 ballymoreres.com
For
DRILLING CONFIRMS LARGE GOLD SYSTEM IN RAVENSWOOD PROJECT
Seventy Mile Mount drilling has reported shallow, broad gold intersections associated with a newly recognised breccia zone and extended the previously defined zone of mineralisation
Significant new intersections include:
- 40m @ 1.06 g/t Au from 47m (including 3m @ 9.38 g/t Au) in BSMDD001
- 15m @ 0.55 g/t Au from 76m (including 5m @ 1.44 g/t Au) in BSMDD002
Matched with historic drilling, these results support the interpretation that Seventy Mile Mount is a zoned system with grade improving with depth. Historic drilling results include:
- 28m @ 2.89 g/t Au from 260m (including 8m @ 9.21 g/t Au) in LSD002 Follow-up drilling is planned to test the breccia target at depth
Ballymore Resources Limited ("Ballymore" or "the Company") is pleased to announce that significant gold assay results have been received for the initial drilling program at the Seventy Mile Mount prospect, within the Ravenswood Project area. These assay results demonstrate the potential for Seventy Mile Mount to host a significant breccia-hosted gold deposit similar in style to Mount Leyshon (3.8 Moz Au) and Mount Wright (1.0 Moz Au).
Ballymore Technical Director, David A-Izzeddin, commented:
"The Seventy Mile Mount breccia target has a lot of similarities to major breccia- hosted gold deposits in the region and these recent holes are the first completed in the area since 2004. These holes targeted a previously unrecognised breccia zone with similarities to the higher grade breccia zones present at Mount Leyshon and Mount Wright, both major gold producers in the local region in the past 30 years.
This initial drilling program was designed to test the continuity of the gold from the eastern margins to the west, and has proven successful in intersecting shallow, ore grade mineralisation 200m west of the zone of best historic drill results. Initial assessment of the breccias and geochemical data suggests that we are at the top of a zoned system similar to Mount Wright. The only previous deep drilling at Seventy Mile Mount was completed on the eastern margin of this breccia zone and these results support the interpretation that grades will improve with depth. A large area of this breccia remains untested beneath the latest holes and planning is now underway to follow-up this initial drilling campaign.
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Ballymore Resources ASX Announcement 4rh March 2022
Figure 1. Breccia- and vein-hosted mineralisation grading 3m @ 9.38 g/t Au (BSMDD001: 49 - 52m)
Seventy Mile Mount Drilling Results
Seventy Mile Mount is located within the highly prospective Mount Leyshon Corridor, some 20km south of Charters Towers and 7km east-northeast of Mount Leyshon. Drilling was completed in November 2021 and targeted a milled polymictic breccia which Ballymore identified on the northern margin of the Seventy Mile Mount breccia pipe. The surface expression of the breccia zone is approximately 300m x 50m in area and it remains poorly tested at depth.
The initial drill program at Seventy Mile Mount comprised two diamond drill holes for a total of 654m, testing a gap in previous drilling on the targeted breccia. Both holes intersected broad zones of altered breccias similar in style to Mount Leyshon mineralisation. These mineralised breccias were consistent with the geological model developed from mapping completed by Ballymore.
Assay results have now been received and confirmed the presence of broad, shallow zones of gold mineralisation associated with the mapped target breccia. Significant intersections included:
- 40m @ 1.06 g/t Au including 3m @ 9.38 g/t Au (BSMDD001: 47 - 87m)
- 15m @ 0.55 g/t Au including 5m @ 1.44 g/t Au (BSMDD002: 76 - 91m)
Figure 2. Long section of the Seventy Mile Mount breccia pipe-hosted gold target looking south with historic drill intersections.
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Significant drill intersections include the following:
Table 1. Summary of significant drill intersections
Cut-Off | Hole | From | To | Interval | Au g/t | |
(Au g/t) | ||||||
0.1 | BSMDD001 | 8.00 | 9.00 | 1.00 | 0.10 | |
0.1 | BSMDD001 | 15.00 | 36.00 | 21.00 | 0.35 | |
1.0 | Including | 30.00 | 31.00 | 1.00 | 3.23 | |
0.1 | BSMDD001 | 47.00 | 87.00 | 40.00 | 1.06 | |
1.0 | Including | 49.00 | 52.00 | 3.00 | 9.38 | |
1.0 | And | 70.00 | 71.00 | 1.00 | 5.59 | |
1.0 | And | 73.00 | 74.00 | 1.00 | 3.92 | |
0.5 | And | 78.00 | 79.00 | 1.00 | 0.59 | |
0.1 | BSMDD001 | 93.00 | 97.00 | 4.00 | 0.23 | |
0.5 | Including | 96.00 | 97.00 | 1.00 | 0.78 | |
0.1 | BSMDD001 | 110.00 | 111.00 | 1.00 | 0.10 | |
0.1 | BSMDD001 | 136.00 | 137.00 | 1.00 | 0.11 | |
0.1 | BSMDD001 | 192.00 | 193.00 | 1.00 | 0.22 | |
0.1 | BSMDD001 | 258.00 | 260.00 | 2.00 | 0.77 | |
1.0 | Including | 258.00 | 259.00 | 1.00 | 1.43 | |
0.1 | BSMDD002 | 1.40 | 2.00 | 0.60 | 0.10 | |
0.1 | BSMDD002 | 10.00 | 15.00 | 5.00 | 0.26 | |
0.5 | Including | 14.00 | 15.00 | 1.00 | 0.58 | |
0.1 | BSMDD002 | 20.00 | 38.00 | 18.00 | 0.17 | |
0.1 | BSMDD002 | 45.00 | 70.00 | 25.00 | 0.32 | |
0.5 | Including | 51.00 | 56.00 | 5.00 | 1.13 | |
0.1 | BSMDD002 | 76.00 | 91.00 | 15.00 | 0.55 | |
0.5 | Including | 76.00 | 81.00 | 5.00 | 1.44 | |
1.0 | Including | 78.00 | 81.00 | 3.00 | 2.14 | |
0.1 | BSMDD002 | 98.00 | 101.00 | 3.00 | 0.30 | |
0.5 | Including | 100.00 | 101.00 | 1.00 | 0.50 | |
0.1 | BSMDD002 | 106.00 | 123.00 | 17.00 | 0.12 | |
0.1 | BSMDD002 | 132.00 | 133.00 | 1.00 | 0.10 | |
0.1 | BSMDD002 | 143.00 | 144.00 | 1.00 | 0.18 | |
0.1 | BSMDD002 | 194.00 | 200.00 | 6.00 | 0.26 | |
0.5 | Including | 198.00 | 200.00 | 2.00 | 0.63 | |
0.1 | BSMDD002 | 221.00 | 223.00 | 2.00 | 0.26 | |
0.1 | BSMDD002 | 229.00 | 231.00 | 2.00 | 0.13 |
Seventy Mile Mount is a hydrothermal breccia pipe which forms a prominent conical hill that is 300m in diameter. It exhibits a lot of similarities with other mineralised breccia pipes in the region including Mount Wright and Mount Leyshon, which both occur in proximity to the prospect along the well-endowed Mount Leyshon Corridor. All of these deposits exhibit multiple phases of brecciation with gold associated with particular breccias. Ballymore has recognised multiple phases of breccias at Seventy Mile Mount with a well-developed, polymictic breccia sitting on the margin of the more extensive granite breccia, which dominates over much of the mount.
This prospect has some similarities with the Mount Wright deposit. In both cases, the main ore zone occurs on the margin of a granite breccia. The Mount Wright gold deposit (Total Resource ~ 1.0 Moz @
3.3 g/t Au) is hosted within a 200 m x 60 m wide, vertical, breccia pipe. The pipe itself is weakly mineralised near surface (typically 0.2 - 0.5 g/t in the top 100m), but grades increase with depth and average around 4.0 g/t between 500 - 800 m below the surface.
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Ballymore Resources ASX Announcement 4rh March 2022
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Figure 3. Cross section of the top part of the Mount Wright mine (After Resolute Mining, 2012) and the Seventy Mile Mount breccia-hosted gold deposit comparing dimensions and grade distribution in the top 500m of the respective deposits. The Mount Wright mine was operated by Resolute Mining between 2006 and 2019 and was developed to over 900m depth, producing over 1.0Moz Au
The discovery hole at Mount Wright targeted a distinct polymictic breccia at depth, despite subdued results in shallow holes drilled in this area. Like Mount Wright, Ballymore's initial drill program at Seventy Mile Mount has targeted a similar geological target. Furthermore, drilling results at Seventy Mile Mount indicate that gold grades are increasing at depth (Figure 2 & 3). Five deep holes (+200m) on the eastern margin of the breccia zone intersected high grade gold mineralisation, however it remains relatively untested at depth on the western margins. A substantial volume of breccia remains untested with initial drilling results confirming the presence of a significant gold system.
A more detailed review of the drilling results (including geological, structural and geochemical data) has commenced, and a follow up drilling program is being planned to test deeper sections of the Seventy Mile Mount target later in 2022.
Matthews Pinnacle CEI Target
Matthews Pinnacle drill hole, BMPDD001, was drilled to test the potential for a porphyry copper-gold target associated with a pipelike magnetic anomaly and resistivity low surrounded by a chargeable anomaly and significant geochemical anomaly. A proposal to test this target with a 500m drill hole was submitted by Ballymore and awarded funding of A$100,000 as a part of the Geological Survey of Queensland's Collaborative Exploration Initiative (CEI).
The drill hole encountered numerous discrete quartz veins hosting sphalerite (zinc mineral), chalcopyrite (copper mineral), molybdenite (molybdenum mineral) and galena (lead mineral) within an altered diorite intrusive host rock. Assay results are still awaited and extreme delays are being experienced in laboratory turnaround times by all explorers due to large back logs of samples and the impact of COVID-19 on staffing numbers. Results for the Matthews Pinnacle hole are now expected in March.
About Ravenswood Project
The Ravenswood Project is situated in the Charters Towers Province in northeast Queensland, approximately 20 - 60km south of Charters Towers. The Ravenswood Project contains numerous prospects, historic drill intersections and geochemical anomalies located within the 17 Moz
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Ballymore Resources ASX Announcement 4rh March 2022
Ravenswood gold province including Mount Leyshon style breccia pipe targets including the Seventy Mile Mount prospect.
The Project consists of EPM's 18424, 18426, 18637, 25466 and 25467, which comprise a total of 96 sub- blocks and encompass an area of 309km2. On the 31st October 2019, Ballymore Resources Limited entered into a farm-in agreement and joint venture with ActivEX Limited for the Ravenswood Project with Ballymore Resources earning-in to the tenements. In August 2021 Ballymore earned its initial 51% stake in the project and subsequently acquired the remaining 49% from ActivEX on 18th November 2021.
Next Steps
- Receive assay results for Matthews Pinnacle CEI drill hole, Ravenswood Project
- Commence drilling at Ruddygore mine, Ruddygore Project, scheduled to start in March 2022
- Design Stage 2 drilling program for Seventy Mile Mount, Ravenswood Project
- Complete soil sampling and mapping program at Cedar Ridge, Dittmer Project
- Complete mapping of Day Dawn and Tea Tree prospects, Ravenswood Project
About Ballymore Resources
Ballymore Resources Limited is a minerals exploration company committed to the acquisition, identification, and delineation of new resource projects through active exploration. The Ballymore portfolio is focussed on copper and gold projects, with substantial tenement packages in north Queensland. Ballymore has three project areas at Dittmer, Ruddygore and Ravenswood. These consist of two granted Mining Leases (MLs), fourteen granted Exploration Permits for Minerals (EPMs) and an EPM application covering an area of 1,456 km2.
Approved by the Board of Ballymore Resources Limited.
For further information:
David A-Izzeddin
Technical Director daizzeddin@ballymoreres.com
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Ballymore Resources Ltd. published this content on 03 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2022 23:05:25 UTC.
