Key Highlights

  • Ballymore Resources (ASX:BMR) resumed drilling at the Torpy’s silver-lead-zinc-indium discovery in north Queensland.
  • The company’s shares rose 11.11% to AUD0.15 on 14 May 2026 following the update.
  • Previous drilling returned high-grade silver-rich intersections including 10m at 483.2g/t silver.
  • The new drilling program will test extensions to known mineralisation and additional structural targets.
  • Ballymore believes shallow mineralisation at Little Torpy’s may indicate a broader mineralised system. 

Ballymore Resources (ASX:BMR) moved higher on Thursday after announcing the resumption of drilling at its Torpy’s silver-lead-zinc-indium discovery within the Ruddygore Project near Chillagoe in north Queensland.

The company’s shares climbed 11.11% to AUD0.15 on 14 May 2026 as investors responded to renewed exploration activity at the project following the end of an extended wet season.

The latest drilling campaign follows a maiden program completed in late 2025 that delivered multiple high-grade silver-rich intersections and strengthened the company’s view that Torpy’s could represent a significant new mineralised system in Queensland.

Management stated that only nine drill holes have been completed at the project to date, yet several high-grade mineralised shoots have already been identified across the growing exploration footprint.

Previous drilling returned high-grade silver intersections

The market’s attention has largely centred on the exceptional silver-lead-zinc-indium grades reported during Ballymore’s maiden drilling campaign.

Among the standout intersections, hole BTPRC005 returned 10 metres grading 483.2 grams per tonne silver, 19.35% lead, 2.82% zinc and 16.5 grams per tonne indium. Within that interval, the company intersected 7 metres grading 650.7g/t silver and 25.37% lead.

Other notable results included 5 metres grading 280.6g/t silver, 15.47% lead and 11.33% zinc from hole BTPRC004, along with 3 metres grading 350.1g/t silver and 13.05% lead from hole BTPRC002.

According to Ballymore, the drilling intersected massive to semi-massive galena and sphalerite mineralisation associated with quartz and carbonate veining.

The high-grade silver-rich intersections have positioned Torpy’s among the more closely watched exploration discoveries in Queensland’s silver-base metals sector over recent months.

New drilling targets extensions and structural zones

The resumed Reverse Circulation Drilling program will comprise up to 3,000 metres and is designed to test extensions to the newly identified high-grade mineralised shoots.

Ballymore said the program will also evaluate additional structural targets generated through reinterpretation of the project’s evolving geological model.

The company expects drilling to continue through June, with assay results anticipated progressively as samples are processed.

Management believes the shallow nature of the mineralisation and the presence of multiple mineralised shoots suggest broader scale potential remains largely untested.

For exploration-stage discoveries, follow-up drilling plays a critical role in determining continuity, geometry and overall system scale beyond initial high-grade intercepts.

Little Torpy’s expands exploration narrative

In addition to the main Torpy’s workings, Ballymore highlighted exploration success at the nearby Little Torpy’s prospect, located approximately 600 metres south of the primary discovery area.

The company reported that broad shallow mineralisation intersected at Little Torpy’s supports the interpretation of a larger mineralised system containing multiple high-grade shoots.

Management described the project as still being at an early stage despite the encouraging initial drilling outcomes.

The evolving geological interpretation has also identified several new structural targets for future drill testing, adding further exploration upside across the broader Ruddygore Project area.

Ballymore also confirmed that a CEI-funded semi-regional gravity survey is scheduled to commence at Ruddygore during May.

Historic Mining adds regional context

The Torpy’s Crooked Creek mine was originally discovered in the early 1900s and historically produced silver and lead ore during several operating periods between 1904 and 1914.

Historical estimates referenced by the company suggest ore production yielded average grades of approximately 15.3% lead and 435g/t silver.

Despite the historic mining activity, Ballymore noted that modern exploration at the project has remained limited. Previous drilling campaigns completed during the 1970s reportedly failed to intersect significant mineralisation, which Ballymore believes may have been due to incorrect drill orientation.

The company’s recent drilling targeted interpreted fault intersections associated with the historic workings and successfully intersected significant mineralisation.

About the Company

Ballymore Resources (ASX:BMR) is an Australian mineral exploration company focused on gold and base metals projects in Queensland. The company is advancing exploration across the Ruddygore Project, including the high-grade Torpy’s silver-lead-zinc-indium discovery near Chillagoe.

Industry trends and market context

Silver and base metals exploration activity has continued attracting investor interest amid ongoing Demand linked to industrial Manufacturing, electrification and renewable energy technologies. Silver remains widely used in electronics, solar technologies and industrial applications, while zinc and lead continue serving traditional infrastructure and manufacturing markets.

Queensland hosts several established mining districts with historical silver and base metals production, supporting continued exploration Investment across the state. High-grade discoveries capable of supporting shallow mineralisation have increasingly attracted attention in junior exploration markets.

At the same time, exploration-stage projects remain highly dependent on ongoing drilling success, geological continuity and future resource definition outcomes.

Investment risks and challenges

Ballymore Resources remains exposed to exploration and development risks associated with early-stage mineral discoveries. The current drilling program is still relatively limited, with only nine holes completed to date, meaning broader system continuity and economic viability remain unconfirmed.

Future drilling may not replicate the high-grade results reported so far, while structural complexity could affect mineralisation consistency across the project area. The company will also require continued funding and successful technical outcomes to advance the project toward resource definition.

From a bullish perspective, investors may view the combination of shallow mineralisation, high silver grades and multiple mineralised shoots as encouraging indicators for future exploration upside. From a bearish perspective, the project remains in an early exploration phase and still faces substantial geological, technical and economic hurdles before any commercial development pathway can be assessed