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.
“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.”
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.
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.)
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