Ballymore Resources : Ruddygore Drilling Commences

ASX Announcement

24th March 2022

onlyASX CODE: BMR

BOARD

Nick Jorss

Chairman

David A-Izzeddin

Technical Director

useAndrew Gilbert Director - Operations

Andrew Greville

Director

HEAD OFFICE

personalSuite 606

Level 6

10 Market St Brisbane QLD 4000

[phone] ballymoreres.com

For

RUDDYGORE BULK COPPER TARGET DRILLING PROGRAM COMMENCES

HIGHLIGHTS

Drilling has commenced at Ballymore Resources Ruddygore Project Bulk Copper Target

The drilling target was identified by Ballymore Resources following an IP survey confirming a large, untested anomaly beneath extensive shallow copper workings

A 1km long chargeable IP anomaly has been identified in the historic Ruddygore mine area with coincident geochemical soil anomaly and magnetic anomaly

The IP anomaly may represent disseminated sulphides with the potential for a bulk tonnage copper target. Stage 1 drill program has commenced to test this anomaly and provide for potential extensions to know mineralisation

Ballymore Resources Limited ("Ballymore" or "the Company") is pleased to announce that mobilisation is complete and drilling has commenced for the Stage 1 drilling program at the Ruddygore Prospect, located near Chillagoe in North Queensland.

The drill target was identified following an Induced Polarisation ("IP") geophysics survey conducted in October 2021(see ASX Announcement "Ruddygore IP Survey Confirms Large Copper Target" 10th November 2021). Previous work by Ballymore defined a large geochemical and alterations system in this area. Historic drill holes and workings also occur above the IP anomaly and did not drill to sufficient depth to test the newly identified target. A drilling program has been designed to effectively test the main target and has now commenced.

Figure 1 - Section Showing IP Anomaly and In Progress Drill Hole to Test the Target

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Ballymore Resources ASX Announcement 24th March 2022

Drilling Program

Modelling of the IP data defined a large, 1,000m long by up to 300m wide chargeability anomaly (Figure 2). This corresponds closely with a strong, +500ppm copper-in-soil anomaly and extensive historic workings. The IP anomaly also coincides with a significant magnetic anomaly which was delineated in an airborne magnetic survey completed by Ballymore earlier in 2021. The main IP anomaly is also overlain by a shallow conductive zone, interpreted to be a zone of preferential weathering associated with the copper mineralisation in the area.

Figure 2 - Ruddygore IP Chargeability depth slice at 100m RL, with outline of +500ppm Cu-in-soil anomaly (green), modelled

magnetic anomaly (yellow), conductive zone of preferential weathering (white), rock chip and drill collar locations.

The high chargeability response is interpreted to be due to the presence of significant sulphides that may be associated with copper mineralisation. The chargeable anomaly occurs approximately 100m below surface and remains untested by drilling. Only limited drilling has been completed in the prospect area with the most recent drilling completed in 1993. A number of shallow holes have reported broad zones of elevated copper and silver above the anomaly, including:

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Ballymore Resources ASX Announcement 24th March 2022

• 26m @ 1.00% Cu and 16.5 g/t Ag from 0m including 12m @ 1.66% Cu and 28.3 g/t Ag from 10m (RAT-15)
• 17.07m @ 0.86% Cu from 4.57m including 10.97m @ 1.26% Cu from 7.62m (Ruddygore No.1)
• 20m @ 0.47% Cu and 6.4 g/t Ag from 0m (RAT-14)
• 20m @ 0.40% Cu and 7.1 g/t Ag from 0m (RAT-9)
• 20m @ 0.28% Cu and 12.5 g/t Ag from 0m (RAT-12)
• 10m @ 0.41% Cu and 13 g/t Ag from 0m (RAT-13)

Historic holes did not drill to sufficient depth to test the newly identified target. Similarly, the historic mine workings do not access the main chargeable anomaly.

A two-stage drilling program has been designed to effectively test the main targets lateral and depth extents and provide sufficient information to progress to a higher level of definition moving forward. Stage 1 drilling consists of 1,650m of RC and diamond core drilling. Stage 2 drilling consists of 1,700m of RC and diamond core drilling.

A plan view of the drilling program is shown in Figure 3. This demonstrates the location of the anomaly to historic workings and how the drilling program will initially test this.

Figure 3- Stage 1 & 2 Drilling Drilling Program

Ballymore positively engaged with Traditional Custodians and Local Landholders during Q1 2022, receiving clearances to complete the proposed drilling program at Ruddygore. Eagle Drilling Pty Ltd have been engaged to complete the drilling works at Ruddygore with operations successfully commencing on the 23rd March 2022 following a period of mobilisation and establishment.

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Ballymore Resources ASX Announcement 24th March 2022

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 recently granted EPM 27840, and covers an area of 558 km2.

Figure 4 - Ruddygore Project Tenements

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 (a member of the Almaden Supersuite). 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- arsenic-bismuth-tin soil anomaly over an area of 2.8 km x 1.9 km. An airborne magnetic survey completed over the Ruddygore area by Ballymore in 2021 further revealed a north-northwest trending magnetic anomaly that underlies the historic Ruddygore mine workings. The recently completed IP survey delineated a chargeability anomaly in the same area and led to the design of the current drill program to test this significant copper target.

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Ballymore Resources ASX Announcement 24th March 2022

Next Steps

• Complete Stage 1 Drilling at Ruddygore mine, currently in progress
• Receive assay results for Matthews Pinnacle CEI drill hole, Ravenswood Project
• Stage 2 drilling program for Seventy Mile Mount, Ravenswood Project
• Stage 2 drilling program for Dittmer Underground, Dittmer 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, gold and critical mineral 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), eleven granted Exploration Permits for Minerals (EPMs) and an EPM application covering an area of 1,355 km2.

Approved by the Board of Ballymore Resources Limited.

For further information:

David A-Izzeddin

Technical Director [e-mail]

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