Ballymore Resources Limited (ASX:BMR) has commenced a drilling programme to test the Seventy Mile Mount and Matthews Pinnacle prospects, located 20km south of Charters Towers and seven km east-north-east of Mount Leyshon in Queensland.
These drilling targets represent significant hydrothermal breccia targets, similar in style to the Mount Leyshon (3.8 Moz Au) and Mount Wright (1.0 Moz Au) gold deposits. Initially, three holes will be completed to test the targets, for 1,400m of drilling.
The programme includes a hole to test the Matthews Pinnacle target, that has been awarded a CEI grant from the Queensland State Government.
Seventy Mile Mount Target
The Seventy Mile Mount prospect forms a prominent hill composed primarily of brecciated granodiorite. Mapping by Ballymore in 2020 recognised that a separate, highly milled polymictic breccia occurs on the northern margin of the breccia pipe.
This breccia has many similarities with the breccia system at Mount Wright, located north of the township of Ravenswood, which Resolute Mining mined between 2006 and 2019 and produced 1.0Moz Au.
Modelling of the breccia pipe has been completed and has demonstrated that the mapped intrusive breccia remains poorly tested by drilling.
Only extremely limited drilling has tested this milled breccia zone below 100m depth and where intersected, this breccia zone is often mineralised.
Historically only 18 holes have been drilled deeper than 100m and those that intersected the milled breccia zone showed promising results including 58m @ 1.54 g/t Au (PD90/06: 56 – 114m), including 4m @ 12.40 g/t Au and 28m @ 2.89 g/t Au (LSD002: 260 – 288m).
It is noteworthy that Mount Wright hosted similar styles of milled breccias and only reported limited gold in the top 100m of the breccia pipe.
Matthews Pinnacle Target
Like the Seventy Mile Mount target, the Matthews Pinnacle target represents a large breccia system located within the Mount Leyshon Corridor some 7km east-northeast of Mount Leyshon.
The Matthews Pinnacle target forms a large circular feature bounded by a rhyolite ring dyke. A large poly-metallic (copper-lead-zinc-molybdenum-gold) soil geochemical anomaly also coincides with the target. As part of the review of this target, historic IP-resistivity and magnetic data was re-processed and 3D modelled.
The Matthews Pinnacle drill hole is targeting a coincident pipelike magnetic anomaly and resistivity low with a surrounding chargeable anomaly.
This target has remained untested by drilling, although several holes have been drilled adjacent to this target and reported broad, low-grade intersections including 106 m @ 0.23% Zn and 10 ppm Ag (LMD002: 177 – 283m), 128 m @ 0.11% Cu (98 – 226m) and 194 m @ 0.14% Cu (FEN005: 535 – 729m).
A proposal to test this target was prepared and submitted as part of the Geological Survey of Queensland’s Collaborative Exploration Initiative (CEI) Round 5.
Ballymore was successful in its application and was awarded A$100,000 of CEI funding for the drilling of the Matthews Pinnacle target. A diamond drill hole is planned to test the Matthews Pinnacle and is planned to be 500m in length.
About Ravenswood Project
The Ravenswood Project is situated in the Charters Towers Province in northeast Queensland, approximately 20 – 60km south of Charters Towers. The Project consists of EPMs 18424, 18637, 18426, 25466 and 25467, which comprise a total of 96 sub-blocks and encompass an area of 309 sq. km.
On the October 31, 2019, Ballymore Resources Limited entered into a farm-in agreement and joint venture with ActivEX Limited for the Ravenswood Project with Ballymore Resources Limited earning-in to the tenements.
In August 2021 Ballymore earned its initial 51% stake in the project. Under the agreement Ballymore Resources has the option to acquire the Project 100%.
For further information please visit: http://www.ballymoreres.com/