Join our daily newsletter At The Bell to receive exclusive market insights
- Ballymore Resources (BMR) intersects significant assays in its initial drilling program at the Seventy Mile Mount prospect in northeast Queensland
- Drilling was carried out in November and targeted a milled polymictic breccia which was identified on the northern margin of the Seventy Mile Mount breccia pipe
- Two diamond holes were drilled and both intersected broad zones of altered breccias with grades peaking at 9.3g/t gold
- A follow-up drilling program has been planned to test the breccia target at depth
- Ballymore is up 15.2 per cent on the market with shares trading at 19 cents
Ballymore Resources (BMR) has intersected significant assays in its initial drilling program at the Seventy Mile Mount prospect.
The Seventy Mile Mount prospect is part of the Ravenswood Project, which is situated in the Charters Towers Province in northeast Queensland.
Drilling was carried out in November and targeted a milled polymictic breccia which was identified on the northern margin of the Seventy Mile Mount breccia pipe.
Two diamond holes, for 654 metres, were drilled to test a gap in previous drilling on the breccia.
Both holes intersected broad zones of altered breccias that are consistent with the geological model.
Results include 40 metres at 1.06 grams per tonne (g/t) gold including three metres at 9.38g/t gold and 15 metres at 0.55g/t gold including five metres at 1.44g/t gold.
These results show the potential for Seventy Mile Mount to host a significant breccia-hosted gold deposit similar to Mount Leyshon which hosts 3.8 million ounces of gold.
A follow-up drilling program has been planned to test the breccia target at depth.
“The Seventy Mile Mount breccia target has a lot of similarities to major breccia-hosted gold deposits in the region and these recent holes are the first completed in the area since 2004,” Technical Director David A-Izzeddin commented.
“This initial drilling program was designed to test the continuity of the gold from the eastern margins to the west, and has proven successful in intersecting shallow, ore grade mineralisation 200 metres west of the zone of best historic drill results.
“A large area of this breccia remains untested beneath the latest holes and planning is now underway to follow-up this initial drilling campaign.”
Ballymore was up 15.2 per cent on the market with shares trading at 19 cents at 1:45 pm AEDT.
