Ballymore Resources : Maniopota High Grade Rock Chip Results

ASX CODE: BMR

BOARD

Nick Jorss

Chairman

David A-Izzeddin

Technical Director

Andrew Gilbert

Director - Operations

Andrew Greville

Non-Executive Director

HEAD OFFICE

Suite 606

Level 6

10 Market St Brisbane QLD 4000

[phone]ballymoreres.com

HIGH GRADE ROCK CHIPS CONFIRM POLYMETALLIC POTENTIAL AT MANIOPOTA

Rock chip sampling of historic Maniopota mining area in Ruddygore Project confirms significant copper-lead-zinc-silver-gold mineralised system

Mineralisation occurs in prolific Palmerville Fault Corridor and is associated with skarn alteration, similar in style to Red Dome and Mungana (3.2 Moz Au). Rock chip samples have reported high grade polymetallic results including:

• • RUD 105: 22.2% Cu, 1.07 g/t Au & 395 g/t Ag

• • RUD 119: 31.2% Pb, 0.24% Zn, 379 g/t Ag & 0.21% Cu

• • RUD 113: 2.15% Cu, 12.35% Pb & 585 g/t Ag

Large, 3.4km long zinc-lead +/- copper soil anomaly tested by limited, historic drilling with reported shallow intersections including 3m @ 10.72% Pb & 20.63% Zn from 13m

Ballymore Resources Limited ("Ballymore" or "the Company") is pleased to announce the results from field work completed on EPM 14015, within the Ruddygore Project area, near Chillagoe, North Queensland.

The Maniopota prospect hosts numerous historic pits and shafts and sits within the major northwest-trending Palmerville Fault Corridor. Many mineral occurrences and old mines are located along this structure including the Red Dome and Mungana gold-copper-zinc-lead-silver mines (3.2 Moz Au). The Mungana deposit was mined by Kagara Limited and Auctus Resources for copper-zinc-lead sulphide lenses associated with skarns. Red Dome is a gold-copper-silver-molybdenum deposit which was developed as an open pit mining operation by Elders Resources Limited and Niugini Mining Australia Ltd between 1986 and 1996. Historically, it was one of the largest gold producers in North Queensland and produced almost 1 Moz of gold.

Figure 1 - Location of the Ruddygore Project area and the Maniopota Prospect within

Palmerville Fault Corridor

The Maniopota prospect area is located 30km southeast of Mungana and sits on a highly altered, faulted contact between granitic rocks of the Almaden Granodiorite and sediments of the Chillagoe Formation with mineralisation associated with skarns similar in style to the Red Dome and Mungana deposits.

An initial field reconnaissance trip to the Maniopota prospect was undertaken by Ballymore in late 2019. This field inspection confirmed the presence of extensive alteration and base metal mineralisation at Maniopota. Rock chips reported up to 2.03% Cu, 6.75% Pb, 1.88% Zn and 131 g/t Ag. Subsequently, a portable XRF soil survey was completed over the Maniopota area in September 2021 and defined an extensive zone of zinc-lead +/- copper mineralisation extending for 3.4km along strike.

Follow-up field work and rock chip sampling completed in November 2021 by Ballymore has confirmed the large-scale potential of this target. Thirty-five samples were collected from around the Maniopota mine workings and soil anomaly. Out of 35 samples, 6 samples exceeded 1.0% Cu, 14 samples exceeded 1.0% Pb, 9 samples exceeded 1.0% Zn and 10 samples exceeded 100 g/t Ag. Maximum results reported from this batch of samples included 22.20% Cu, 31.20% Pb, 13.80% Zn, 1.07 g/t Au and 585 g/t Ag. The best sample (RUD-105) reported 22.2% Cu, 1.07 g/t Au and 395 g/t Ag from a mullock grab sample of gossanous skarn material with associated malachite. A full list of results is presented in Appendix 3.

A summary of significant rock chip results includes the following:

RUD 105	22.2% Cu, 1.07 g/t Au, 0.11% Pb, 0.12% Zn & 395 g/t Ag
RUD 119	31.2% Pb, 0.24% Zn, 0.21% Cu & 379 g/t Ag
RUD 113	12.35% Pb, 2.15% Cu & 585 g/t Ag
RUD 125	4.57% Pb, 4.70% Zn, 311 g/t Ag & 0.11% Cu
RUD 126	14.80% Pb, 0.11% Zn, 150 g/t Ag& 0.23 g/t Au
RUD 124	3.49% Cu,118 g/t Ag, 0.15% Pb & 0.18% Zn
RUD 117	9.15% Pb, 0.78% Cu, 0.54% Zn & 170 g/t Ag
RUD 135	13.80% Zn, 0.15% Pb & 21 g/t Ag
RUD 129	10.85% Zn, 0.54% Pb, 0.14% Cu & 60 g/t Ag
RUD 121	7.39% Pb, 0.69% Zn, 0.19% Cu & 184 g/t Ag
RUD 123	2.63% Pb, 0.95% Zn & 245 g/t Ag

Figure 2 - Maniopota rock chip sampling area and samples

The area has been previously tested by two small drilling programs by Mines Exploration Pty Ltd in 1971 and Dominion Mining Limited / N.A. Adam / Stuart Foster in 1991-92. A total of 14 holes have been completed for 1,059m and reported significant shallow intersections including:

MPRC1	8m @ 1.12% Zn from 48m
MPRC2	6m @ 0.83% Pb, 0.67% Zn & 20 g/t Ag from 36m
MPRC4	8m @ 4.40% Pb, 15.54% Zn & 20 g/t Ag from 6m
MPRC5	3m @ 10.72% Pb, 20.63% Zn & 0.35% Cu from 13m
MPRC9	1m @ 12.60% Pb, 0.83% Zn, 0.13% Cu & 0.24 g/t Au from 25m
MA-1	6.7m @ 5.98% Zn, 0.40% Pb & 11 g/t Ag from 97.7m

Figure 3 - Maniopota area showing location of rock chip samples and historic drill holes which forms part of a larger 3.4km long Pb-Zn-Cu soil anomaly. Significant rock chip results (white) and drill results (blue) presented.

Ballymore has now defined a large and robust anomaly hosting veins and breccia-hosted mineralisation over an extensive area in the highly prospective Palmerville Fault Corridor. Extensive skarn alteration occurs and these rock chip results demonstrate that there is a significant mineralised system present.

Soil sampling indicates that the mineralised zone may extend for another 2km to the north. The system is polymetallic with significant copper, lead, zinc, silver and gold noted in rock chip results. The area shows potential zonation with increasing copper-gold results in the southern part of the area with more elevated lead-zinc-silver in the northern part of the prospect area.

Ballymore intends to follow up these encouraging results with a work program including detailed geological mapping as well as an IP survey, prior to drilling to test this significant new target.

Ruddygore Drilling Results Update

Drilling commenced at Ruddygore in late March and continues. Drilling to date has encountered broad zones of strongly altered and brecciated granodiorite with extensive quartz-carbonate-pyrite-chalcopyrite-sphalerite veining and breccia fill. Initial results are expected in May.

About Ruddygore Project

The Ruddygore Project is located adjacent to the regional centre of Chillagoe in North Queensland. It consists of four granted EPMs including EPM 14015, EPM 15047 and EPM 15053 as well as recently granted EPM 27840, and covers an area of 558 km2.

Figure 3 - Ruddygore Project Tenements

A number of significant historic mines occur within the Ruddygore project area, including Ruddygore, Maniopota and Torpy's Crooked Creek. The Ruddygore mine is a porphyry copper stockwork and breccia-hosted deposit located wholly within the Ruddygore Granodiorite (a member of the Almaden Supersuite). The Maniopota mine is a skarn deposit hosted in the Chillagoe Formation and was mined for lead, zinc and silver. The Torpy's Crooked Creek mine is hosted in sediments of the Hodgkinson Formation and was mined for silver and lead.

The Ruddygore Mine was mined from 1896 to 1909 by open cut and shaft access to underground. The mine yielded 1,450 tons of copper from 32,750 tons of handpicked ore at a grade of 3.9% Cu and 56 g/t Ag. Extensive workings occur in the area including three shafts and two significant open pits. Despite thehistoric mining activity, historic drilling at Ruddygore has been limited to 26 shallow holes for 1,631m, with most holes being less than 50m deep.

Geological mapping of the Ruddygore mine area by Ballymore in 2020 identified a large circular zone of extensive hydrothermal alteration. The alteration zone includes a number of copper-silver +/- gold prospects, including the Ruddygore mine and Black Cockatoo mine and numerous smaller workings. Subsequent soil sampling of this area revealed a large, annular, polymetallic copper-lead-zinc +/- silver-arsenic-bismuth-tin soil anomaly over an area of 2.8 km x 1.9 km. An airborne magnetic survey completed over the Ruddygore area by Ballymore in 2021 further revealed a north-northwest trending magnetic anomaly that underlies the historic Ruddygore mine workings. An IP survey completed in 2021 delineated a large chargeability anomaly in the same area and led to the design of the current drill program to test this significant copper target.

Next Quarter Major Work Programme

• • Complete Stage 1 Drilling at Ruddygore mine, currently in progress

• • Stage 2 drilling program for Seventy Mile Mount, Ravenswood Project

• • Stage 2 drilling program for Dittmer Underground, Dittmer Project

• • Complete soil sampling and mapping program at Cedar Ridge, Dittmer Project

• • Complete mapping of Day Dawn and Tea Tree prospects, Ravenswood Project

About Ballymore Resources

Ballymore Resources Limited is a minerals exploration company committed to the acquisition, identification, and delineation of new resource projects through active exploration. The Ballymore portfolio is focussed on copper, gold and critical mineral projects, with substantial tenement packages in North Queensland. Ballymore has three project areas at Dittmer, Ruddygore and Ravenswood. These consist of two granted Mining Leases (MLs), eleven granted Exploration Permits for Minerals (EPMs) and an EPM application covering an area of 1,355 km2.

Approved by the Board of Ballymore Resources Limited.

For further information, please contact:

David A-Izzeddin

Technical [e-mail]