Ballymore Resources : Dittmer Drilling Confirms Displaced High Grade Extension

ASX Announcement

20th June 2022

onlyASX CODE: BMR

BOARD

Nick Jorss

Chairman

useDavid A-IzzeddinT chnical Director

Andrew Gilbert

Director - Operations

Andrew Greville

Non-Executive Director

personalHEAD OFFICE Suite 606

Level 6

10 Market St Brisbane QLD 4000

[phone]ballymoreresources.com

For

DITTMER DRILLING CONFIRMS DISPLACED HIGH GRADE EXTENSION

HIGHLIGHTS

Stage 2 Drilling has confirmed Ballymore's interpretation of a previously undiscovered displacement of the historically mined bonanza grade Duffer lode.

Significant quartz chalcopyrite veins have been logged in all holes drilled in the Stage 2 underground drilling campaign. Assays are pending however all holes support the interpretation that the displaced mineralised lode continues and is broadening at depth.1

Figure 1 - Drill Hole DTDD009 Showing Significant Quartz-Chalcopyrite Vein Intersections

Planning works are in progress to extend the existing underground exploration chamber to support a resource drilling program and further investigate depth extensions to the known mineralised Duffer lode.

Regional mapping, stream sediment and rock chip sampling completed around the historic Dittmer mine have demonstrated further potential for a larger gold and copper target with multiple vein hosted gold and copper mineralisation occurrences discovered in this area, with rock chips returning up to 99.7g/t Au and 28% Cu over a mineralised zone greater than 1km.

Ballymore Resources Limited ("Ballymore" or "the Company") is pleased to announce that the Stage 2 underground diamond drilling program has been completed at the historic Dittmer Mine, near Proserpine. Initial logging of drill core has confirmed Ballymore's initial interpretation from the Stage 1 underground drilling program that the historic bonanza grade Duffer lode has been displaced by a fault and sits approximately 30m away from the historic workings1.

1 Ballymore Resources ASX Announcement, 25th October 2021

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Ballymore Resources ASX Announcement 20th June 2022

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Figure 2 - Cross Section of Displaced Duffer Lode with Drilling and Underground Workings

The Dittmer mine area had never been drill-tested prior to Ballymore acquiring the project. The Duffer lode continues to demonstrate a broadening at depth with individual quartz-chalcopyrite zones logged up to 4.3m in the recent campaign, with some areas showing multiple mineralised zones. Results from this drilling campaign support Ballymore's interpretation of displacement of the historically mined bonanza grade Duffer lode, and further assist in understanding the reasons for cessation of mining at Dittmer in conjunction with other technical and external influences.

Ballymore Director of Operations, Andrew Gilbert commented:

"Further confirmation of the displaced lode in this drilling program gives confidence to advance the Dittmer project towards definition of a mineable resource, and subsequent feasibility assessment for production from the granted mining lease. The Dittmer mine was one of the highest-grade gold mines in Australia in its day and supported over 70 workers during production2. Our discovery of the lode displacement by drilling from underground gives us confidence in the controls of the system that would have eluded the historic miners. Recent rehabilitation and mining by Ballymore to facilitate underground drilling has demonstrated that the ore body and host rock are favourable to support a high-grade narrow vein mining operation, similar in style to the Fosterville gold fields. Further discovery of high-grade lodes in the broader area surrounding Dittmer during recent field work demonstrate the potential of the area for a larger scale operation in the future."

2 Rockhampton Morning Bulletin 20th September 1946

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Ballymore Resources ASX Announcement 20th June 2022

About Dittmer Target

The Dittmer Mine (also known as Kelsey Creek) is historically the largest mining operation in the Proserpine region and exploited the Duffer Reef. After its discovery in 1934, it became one of the highest-grade gold mines in Australia3. From 1935 to 1951 it produced over 54,500 oz of gold (1,696 kg), 23,400 oz of silver (728 kg) and 295 long tons of copper (300 t) from 17,100 long tons of ore at an average mined grade of 151.1g/t Au 66.8g/t Ag and 2.8% Cu.

In 2021, historic mine workings at Dittmer were refurbished and a drilling platform was developed on 4 level to complete drilling from underground and target potential extensions to the mined Duffer Reef. Upon reopening of the old workings, a total of 33 underground channel samples were taken with 24 of these exceeding 10g/t Au and 10 samples exceeding 100 g/t Au including a best result of 0.4m @ 207g/t Au, 2.97% Cu & 76 g/t Ag and individual gold samples up to 287g/t Au4

Stage 2 Underground Drilling

Stage 2 Underground Drilling was undertaken during May 2022 and consisted of 3 holes for 537.3m from the underground drilling platform. Holes were designed to target depth extensions to the Stage 1 drilling (See BMR ASX Announcement "High grade drilling results and visible gold at Dittmer," 25th October 2021) and provide further confirmation of the displaced lode and orientation of the controlling structure.

Figure 3 - Dittmer Drilling showing Stage 2 Drilling; DTDD008 - DTDD010 and Intersection Locations

All holes successfully intersected the modelled offset Duffer lode within a few metres of the interpreted position based on the offset lode model. Significant zones of mineralisation have been logged with primary intersections including:

• DTDD008: Quartz chalcopyrite veins 120-121m (1m) and then a series of quartz-chalcopyrite- pyrite veins 141 - 145m (4m)

1. The Bowen Independent, Friday October 23, 1942
2. Ballymore Resources ASX Announcement, 29th September 2021

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Ballymore Resources ASX Announcement 20th June 2022

• DTDD009: Significant quartz-chalcopyrite veins 118.2m - 122.5m (4.3m)
• DTDD010: Multiple quartz chalcopyrite veins 113 - 115m (2m)

Figure 4 - DTDD009 118 - 121m Showing Significant Quartz-Chalcopyrite Veins

Drill intersections have demonstrated that the displaced lode is continuing to broaden at depth whilst containing significant mineralisation. Further interpretation of the displaced lode following assay results will facilitate definition of mineralisation zones at depth.

A technical review of previous drilling results, channel sampling from accessed underground workings, grab samples of mineralised backfill and initial logged core from the current Stage 2 program all support the potential for the area to host a significant bonanza gold system. The project area shows characteristics similar to other Intrusive-Related Gold Systems (IRGS) in the region including Ravenswood (4.5Moz Au). Ballymore is planning a further drill program with the goal of defining a mineable resource, pending receipt of assay results (see note on assay results on further in this announcement). Planning works are in progress to extend the existing exploration drive at Level 4 with a new underground exploration chamber to support an expanded resource drilling program and further define depth extensions to the known mineralised Duffer lode. This chamber is proposed to allow for improved drilling angles and efficiencies for drilling below the known areas of mineralisation.

Regional Mapping and Rock Chip Results

As part of the ongoing assessment of the Dittmer project area, a regional mapping and rock chip sampling program was completed in March - April in conjunction with the Stage 2 underground drilling at Dittmer. During this program 40 rock chip samples were collected from historical mineral occurrences in the greater Dittmer area. Rock chip assays have been received and several high-grade results have been realised over a broad area extending over 1 km outside of the Dittmer mine.

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Figure 5 - EPM 14255 rock chip sample locations colour-coded by gold assay

Figure 6 - Examples of significant rock chip samples

Significant results include:

• DT_RC_2204_0015 - Duffer Gossan Mullock Sample (99.7 g/t Au)
• DT_RC_2204_0011 - Gossanous Float from Horseshoe workings (77.0 g/t Au)
• DT_RC_2204_0012 - Quartz Gossan from Horseshoe workings (21.7 g/t Au)
• DT_RC_2204_0034 - Gossan Float from Lantana workings (0.65 g/t Au and 28.0% Cu)

These results in conjunction with the initial Stage 2 underground drill results at the Dittmer mine have demonstrated further potential for multiple vein hosted gold mineralisation targets in this area and the potential to develop further advanced targets in parallel to ore body definition at Dittmer.

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