Materials

Ballymore Resources hits shallow copper at QLD Ruddygore play

Fri 15 Jul 22, 11:56am (AEST)
Coils of copper lying next to each other
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Key Points

  • Ballymore Resources has found shallow-lying copper at its QLD copper project, with gold also on the radar
  • Both copper and silver were found in initial assay results
  • 1,800m drill program hit broad zones of prospective geology though to bear commercial metals

Ballymore Resources (ASX:BMR) has boosted the impact of its Ruddygore copper play in QLD after finding copper near the surface on-site. 

The discovery is confirmed in the latest Stage I assay results the company has received in the state’s north. 

Drill hole BURUD002 found an 86m thick core equivalent with mid-grade copper consistent throughout, though further work will be needed to confirm overall project grades. 

Company management keen to push on 

“This program has identified broad zones of copper…highlighting strong potential of the Ruddygore area to host copper around old workings,” Ballymore technical director David A-Izzeddin said. 

“Work to date has focused on the Ruddygore mine environs, a highly prospective area for gold and other base metals.” 

“There are extensive historic workings in the project area which lie along strike from and adjacent to significant mines including Red Dome and Mungana.” 

A map of the Ruddygore tenements
A map of the Ruddygore tenements

Company moving ahead with busy year 

Ballymore now awaits further assay results from its Stage I drill run at Ruddygore.

At the separate Ravenswood project, Ballymore is to launch Stage II drilling at the Seventy Mile Mount target. 

It awaits further assay results for a Stage II drill run at its Dittmer Underground project, also in QLD; where soil sampling remains ongoing at Dittmer’s Cedar Ridge target. 

Dittmer is also to be mapped geochemically in the coming weeks and months, while the company awaits further results for Ruddygore. 

How is Ballymore doing? 

The company listed last October, and since then, has been a victim of geopolitics and macro trends’ influence on trader sentiment. 

Listing at a price of 33.5c, the company’s share price currently sits at 18c, though this mightn’t be too unusual for a junior explorer. 

The company has outperformed the ASX200 by 0.69% on a one year basis, and over the last month, has climbed 9%. 

It has a market cap of $13m, and is ranked 617 of 905 in the Materials sector. 

If strong results for Ruddygore remain the quo, there is a chance performance may turn around (notwithstanding the ongoing inflation-interest-recession train.)

Despite turbulence, Ballymore is outperforming the materials index (XMJ)
Despite turbulence, Ballymore is outperforming the materials index (XMJ)

 

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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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