Ballymore Resources (ASX:BMR) Reports 580.4 g/t Silver at Torpy's as Co-Founder Nick Jorss Steps Down

Aditi Sarkar

28 October 2026 04:35 PM AEDT

Ballymore Resources (ASX:BMR) Reports 580.4 g/t Silver at Torpy's as Co-Founder Nick Jorss Steps Down

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Highlights

Ballymore Resources drilled 2 metres at 580.4 grams per tonne silver, 25.88 per cent lead and 10.08 per cent zinc.
Co-founder and former chairman Nick Jorss resigned as a director to pursue other business interests.
Ballymore now expects its 3,000-metre Stage 6 Dittmer underground drilling programme in the first quarter of 2027.
Cash fell to about $2.67 million from $4.44 million, giving an estimated 1.2 quarters of funding.

As co-founder and former chairman Nick Jorss steps back from the board, Ballymore Resources (ASX:BMR) is putting high-grade silver, lead and zinc assays from Queensland on the table. The September quarter report pairs those results with a delayed underground drilling timetable and a tighter cash position.

Torpy's Drilling at Ruddygore

The campaign at Torpy's, part of the 100 per cent owned Ruddygore Project, comprised 22 reverse circulation holes for 2,673 metres. Assays confirmed high-grade mineralisation, including the 2 metres from 46 metres in hole BTPRC013. Results for holes BTPRC010 to BTPRC019 were reported, with mineralisation as shallow as about 30 metres from surface.

Assays for five Little Torpy's holes, BTPRC027 to BTPRC031, were outstanding at quarter end. The company noted that its visual estimates of galena and sphalerite are not laboratory-confirmed. Final gravity survey data has been received and is being modelled. Follow-up drilling at Torpy's, Ruddygore and the MAN03 target is planned for the December quarter, subject to cultural heritage clearances and rig availability.

Dittmer and the Deep Target

At the wholly owned Dittmer Project, surface infrastructure is complete and stripping of the old access drive is under way. Underground development continues on the 4 Level access and the southern exploration drive. The upgraded 4 Level access and the Stage 6 programme are now expected in the first quarter of 2027. Bulk sampling of historic backfill and remnant pillars is scheduled for the December 2026 quarter.

Ballymore also completed a deep magnetotelluric survey of 9.5 line-kilometres over a conceptual porphyry copper-gold target beneath the Dittmer mine. Final data and modelling are due in the December quarter. The company described the target as conceptual.

Other Projects

At Ravenswood, there were no new exploration results this quarter. Earlier diamond drilling at Seventy Mile Mount returned 84.5 metres at 0.247 grams per tonne gold from 25 metres in hole BSMDD006.

At Mount Molloy, no field work was carried out, but 404 ground gravity stations were modelled to generate drill targets. An induced polarisation survey is planned for the December quarter. Soil, stream sediment and prospecting work at Mount Quandong is expected to finish in the same period.

Cash and Funding

The company completed a $5.2 million capital raising during the period, and all resolutions passed at the August general meeting. Operating cash outflow for the quarter was $475,000. Investing outflow was $1.72 million, including $1.73 million of exploration spending. Financing inflow was $433,000 after $67,000 of transaction costs.

Exploration spending was $0.82 million at Dittmer, $0.81 million at Ruddygore, $0.09 million at Ravenswood and $0.01 million at Mount Molloy. Payments to related parties were $210,000.

On its Appendix 5B figures, the company estimated 1.2 quarters of funding. It expects about $383,000 of Collaborative Exploration Initiative reimbursements in the December quarter and has not yet taken steps to raise additional cash. It reported a financial-year 2026 operating loss of $3.10 million and net assets of $18.65 million, with 249,706,085 shares on issue at 21 September 2026.

Board Change

In a separate announcement, Ballymore said Mr Jorss resigned as a director to pursue other business interests. He co-founded the company with David A-Izzeddin and Andrew Gilbert and served as chairman after the 2021 listing. He remains a substantial shareholder and supports the company's future, and chairman Andrew Greville thanked him for his early investment of time and capital. The notice does not state an effective date. The annual general meeting is scheduled for 26 November 2026.

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