Ballymore Resources Limited ('Ballymore' or 'the Company') to provide an update on exploration at the Company's Dittmer Gold Project, located near Proserpine in North Queensland. The Stage 2 underground drilling program has been completed and assay results have been received. Following the Stage 1 drilling program in 2021, Ballymore interpreted a fault displacement of the high-grade Duffer lode and the current Stage 2 program was designed to test this interpretation.

All three holes in the Stage 2 program intersected quartz-chalcopyrite veining similar in style to ore mined in the historic, high-grade Dittmer mine with significant gold +/- copper mineralisation logged. Drill hole DTDD009 intersected significant quartz-chalcopyrite veining and reported 4.3m @ 29.02 g/t Au, 11.1 g/t Ag & 0.81% Cu from 118.4m, including 2.25m @ 54.9 g/t Au, 20.6 g/t Ag & 1.52% Cu from 118.4m and 0.5m @ 171.8 g/t Au, 56.4 g/t Ag & 5.28% Cu from 120.15m. The Dittmer Mine (also known as Kelsey Creek) is historically the larger mining operation in the Proserpine region and exploited the Duffer Reef.

After its discovery in 1934, it became one of the highest-grade gold mines in Australia2. From 1935 to 1951 it produced over 54,500 oz of gold (1,696 kg), 23,400 oz of silver (728 kg) and 295 long tons of copper (300 t) from 17,100 long tons of ore. Production figures are incomplete after 1947, but between 1935 and 1947 reported production figures indicate that the mine operated at an average mined grade of 151.1g/t Au 66.8g/t Ag and 2.8% Cu.

The Dittmer mine area had never been drill-tested prior to Ballymore acquiring the project. In 2021, historic underground mine workings at Dittmer were refurbished by Ballymore and a drilling platform was developed on 4 level to complete drilling from underground and target potential extensions to the mined Duffer Reef. Upon reopening of the old workings, a total of 33 underground channel samples were taken with 24 of these exceeding 10g/t Au and 10 samples exceeding 100 g/t Au including a best result of 0.4m @ 207g/t Au, 2.97% Cu & 76 g/t Ag and individual gold samples up to 287g/t Au3.

In November 2020 Ballymore undertook a small surface drilling program, including two holes at Dittmer totaling 955.0 m. Stage 1 underground diamond drilling consisted of five holes (DTDD003 ­ 007) from the underground drilling platform in August ­ September 2021 for 946.51m. All drill holes successfully intersected the targeted lode structures and confirmed the potential for extensions to the historic lode. Stage 2 drilling was undertaken during May 2022 and consisted of 3 holes for 537.3m from the underground drilling platform.

Holes were designed to target depth extensions to the Stage 1 drilling and provide further confirmation of the displaced lode and orientation of the controlling structure. The project area shows characteristics similar to other Intrusive-Related Gold Systems (IRGS) in the region including Ravenswood (4.8Moz Au). Dittmer is the larger mine in the area but the local region is scattered with numerous other historic mines.

Previous exploration activities in the area have been limited, with most activity restricted to exploration for porphyry copper deposits. More recent field work completed by Ballymore has confirmed the continuity of many of these lodes and raised the possibility that some may be extensions to the Duffer Lode, including Young Crusader, Scorpion, Golden Gem and The Gold Extended. Field work has also identified several previously unrecognised lodes and geochemical anomalies in the local area that require follow up.

Historic rock chips in the area have reported up to 544 g/t Au and 164 g/t Ag and recent rock chip sampling by Ballymore has reported up to 99.7 g/t Au. Many lodes occur in different orientations and potential remains for larger scale deposits at the intersections of structures in the area. These positive results, combined with previous channel and drilling results announced on 29th September 2021 show that extensions to the known mineralisation at Dittmer and surrounding prospects exist.

Ballymore is well advanced in planning a further drill program with the goal of defining a mineable resource at Dittmer as well as advancing neighbouring prospects and historic mining areas.