Ballymore Resources Limited provided an update on exploration at the Company's Ruddygore Copper Project, located near Chillagoe in North Queensland. The Stage 1 drilling program has been completed and initial assay results have been received. Drill hole BRURD002 intersected significant shallow copper mineralisation and has reported 86m @ 0.47% Cu and 11 g/t Ag from 4m depth with a number of higher grade intervals including 14m @ 0.90% Cu & 21 g/t Ag from 22m and 17m @ 0.76% Cu & 16 g/t Ag from 58m. The Ruddygore prospect represents a bulk tonnage porphyry copper target. The Ruddygore Mine was mined from 1896 to 1909 and hosts extensive pits and shafts. Mapping and soil sampling by Ballymore defined a large geochemical and alteration system in this area. An Induced Polarisation geophysics survey was subsequently conducted in October 2021 and defined a large, 1,000m long by up to 300m wide chargeability anomaly beneath the historic workings. Only 26 shallow drill holes have been completed in the area for 1,631m, with most holes being less than 50m deep, with all of these drilled prior to 1990. An initial drilling program was designed to test around the mine environs. Stage 1 Drilling Program: The Stage 1 drilling program focussed on testing around the Ruddygore mine and comprised 6 drill holes for 1,799.9m. Drill holes in the current program have targeted zones of mapped mineralisation with associated elevated soil and rock chip sample results as well as IP anomalies. Drilling has included a series of reverse circulation and diamond drill holes. Drilling Results to Date: Drilling has intersected several broad zones of moderate sulphide mineralisation, including a number of more discrete intervals of higher grade copper mineralisation. First results have been received for drill holes BRUDD001 and BRURD002. BRURD002 encountered extensive sericite-chlorite alteration associated with quartz-sulphide veins. Significant mineralisation was noted at 4 - 90m in the RC pre-collar and at 192-
204m in the diamond tail. Drill hole BRUDD001 encountered a strongly altered and brecciated zone of granodiorite downhole with significant sulphide including pyrite and pyrrhotite with associated chalcopyrite, sphalerite and galena. While sulphide mineralisation was noted throughout the hole, copper grades were patchy and it has been interpreted that the hole drilled down a structure adjacent to the main mineralised zone. Results included 2m @ 0.25% Cu, 31.7 g/t Ag, 0.44% Pb and 0.73% Zn. The hole intersected numerous narrow intervals of copper, lead and zinc mineralisation and also minor gold mineralization including 1m @ 7.56 g/t Au, 22.6 g/t Ag, 0.42% Pb and 0.34% Zn. Positive initial results have been received for BRURD002 with further results expected for the remaining holes in the next month. Planning of the next stage of drilling is already in preparation to test further targets in the mine area as well as other local workings including Black Cockatoo and Ruddygore East. About Ruddygore Project: The Ruddygore Project is located adjacent to the regional centre of Chillagoe in north Queensland. It consists of four granted EPMs including EPM 14015, EPM 15047 and EPM 15053 as well as the recently granted EPM 27840, and covers an area of 558 km2. A number of significant historic mines occur within the Ruddygore project area, including Ruddygore, Maniopota and Torpy's Crooked Creek. The Ruddygore mine is a porphyry copper stockwork and breccia-hosted deposit located wholly within the Ruddygore Granodiorite. The Maniopota mine is a skarn deposit hosted in the Chillagoe Formation and was mined for lead, zinc and silver. The Torpy's Crooked Creek mine is hosted in sediments of the Hodgkinson Formation
and was mined for silver and lead. The Ruddygore Mine was mined from 1896 to 1909 by open cut and shaft access to underground. The mine yielded 1,450 tons of copper from 32,750 tons of handpicked ore at a grade of 3.9% Cu and 56 g/t Ag. Extensive workings occur in the area including three shafts and two significant open pits. Despite the historic mining activity, historic drilling at Ruddygore has been limited to 26 shallow holes for 1,631m, with most holes being less than 50m deep. Geological mapping of the Ruddygore mine area by Ballymore in 2020 identified a large circular zone of extensive hydrothermal alteration. The alteration zone includes a number of copper-silver +/- gold prospects, including the Ruddygore mine and Black Cockatoo mine and numerous smaller workings. Subsequent soil sampling of this area revealed a large, annular, polymetallic copper-lead-zinc +/- silver.