Dittmer Project

The Dittmer Project contains the historic, high-grade Dittmer mine which was discovered in 1934 and produced over 54,000 Oz of gold through to 1951. Ballymore has reopened old underground workings at the Dittmer mine and is assessing the potential for near term restart.





Tenements

The Dittmer Project is located 20km west of Proserpine in Central Queensland and comprises two granted MLs, one ML application and three granted EPMs covering an area of 513 km2. The Dittmer Project is located 20 – 50 km west and southwest of the regional centre of Proserpine in central Queensland.

Regional potential summary

The historic Dittmer Mine forms one of several old high-grade workings along a 2km north-northeast trending corridor which is also crosscut by a series of structures with associated historical workings. Field work, including mapping, rock chip, soil and stream sediment sampling, was completed by Ballymore in 2023 to assess Dittmer’s size potential.

Other nearby workings are primarily shallow, open pit mines that operated between the 1890’s and 1930’s and mined at average grades of up to 567 g/t (e.g. Loch Neigh Mine) with copper grades not reported. Despite the presence of extensive workings in the area, this corridor has undergone little or no modern exploration.

Exploration Program

2023 was a transformational year for Ballymore with ongoing success at Dittmer, including exceptional drilling results, further extending the known mineralisation associated with the newly recognised hangingwall lode. Preliminary metallurgical testwork has confirmed that the ore is amenable to processing via both cyanide leach and flotation processes. Field work has demonstrated that Dittmer forms part of a major mineralised system and only a small portion of it has been drilled to date. In December 2023, the Company considerably strengthened its balance sheet with an $11.1 million funding package, including a placement, Entitlement Offer as well as securing US$5m project funding for Dittmer from Taurus Mining Royalty Fund L.P. (subject to documentation and legal due diligence).

Ballymore has identified a number of high-grade shoots in the newly recognised lode at Dittmer and the Stage 4 drill program has been designed to test these high-grade zones. The Company is fortunate to have in-house mining capability and has reopened the historic Dittmer underground mine, allowing us to drill from underground during the wet season. The drill rig has arrived on site and commenced drilling. The new program comprises 3,000m of diamond drilling.

Preparations are also underway to test the larger gold-copper geochemical anomaly defined last year. To date drilling has only tested around the Dittmer mine workings over a strike length of 250m, and this soil anomaly indicates that this forms part of a far larger system. The more information we garner, the more we believe this under-explored area has the potential to develop into a Ravenswood-style gold field, which has produced over 4.8 million ounces of gold. Step out drilling of this target will be undertaken after the wet season to test these substantial extensions to known mineralisation.