Highlights

  • Ballymore Resources has started an induced polarisation survey at the Mount Molloy Project in North Queensland.
  • Historic records indicate about 43,600 tons of ore was mined at an average grade of 8.7% copper.
  • Rock chip sampling returned up to 31.81% copper, with 14 of 21 samples above 10% copper.
  • The survey aims to refine targets, including the undrilled Adit Hill northern extension.

Ballymore Resources Limited (ASX:BMR) has started an induced polarisation (IP) geophysical survey at its 100%-owned Mount Molloy Project in North Queensland, about 50km northwest of Cairns. The survey is designed to identify possible extensions of high-grade copper-zinc mineralisation at the historic Mount Molloy mine.

Historic High-Grade Copper at Mount Molloy

Historic records indicate about 43,600 tons of ore was mined at Mount Molloy at an average grade of 8.7% copper, producing about 3,900 tons of copper metal, although the records are incomplete. Historic drilling returned 13m at 1.21% copper, 4.31% zinc and 34.6 g/t silver from 67m in hole NPDH-5. Of the 41 holes drilled for 4,386m, only five exceeded 200m in depth, leaving deeper potential largely untested.

Ballymore's own rock chip sampling returned strong results, with 18 of 21 samples above 1% copper and 14 above 10% copper. The best sample returned 31.81% copper, 2.28% zinc and 300 g/t silver. The company noted that rock chips are selective and may not represent grades at depth.

Geophysical and Geochemical Targets

A copper-in-soil anomaly of about 1,000m by 300m surrounds the main mine, with peak values of 3,933 ppm copper. A 2024 airborne electromagnetic survey identified a strong shallow conductor extending at least 1,000m north of the mine, coinciding with the soil anomaly. A second conductor about 1.5km north-northwest of the mine has not yet been ground-checked.

The Adit Hill target to the north includes a historic adit and copper-stained brecciated sediments and has never been drill tested. Mineralisation at Mount Molloy is interpreted as volcanic-hosted massive sulphide, which the company expects to show as conductive or chargeable zones in geophysical surveys.

IP Survey Details and Next Steps

The IP survey is being conducted by Planetary Geophysics across five east-west lines, each about 2km long and 200m apart, for a total of about 10 line-km. The survey targets a depth of about 200m and is expected to be completed in about three weeks.

Managing Director David A-Izzeddin said Mount Molloy "has all the ingredients we look for in an exploration opportunity" and that the IP survey "will help us refine these targets." Once complete, the results will be integrated with existing electromagnetic, soil and geological data to rank priority targets and select areas for drill testing. Ballymore is also progressing work at its Ruddygore and Dittmer projects.

Key Takeaways

  • Mount Molloy has a history of high-grade copper production, with deeper potential largely untested.
  • Strong rock chip results and coincident soil and EM anomalies support exploration of extensions.
  • The IP survey is expected to be completed in about three weeks.
  • Results will help Ballymore prioritise drill targets, including the undrilled Adit Hill area.