Ballymore Launches Drilling at Historic High-Grade Torpy’s Silver Mine

Historic Riches Meet Modern Exploration

Ballymore Resources (ASX – BMR) has initiated a drilling campaign at the Torpy’s Crooked Creek mine, a historically high-grade silver-lead-zinc deposit located near Chillagoe in North Queensland. The mine, which operated intermittently between 1904 and 1914, delivered impressive grades, averaging 435 grams per tonne silver and 15.3% lead, before zinc content rendered the ore uneconomical with the processing technology of the time.

Despite its past production, the deposit has seen limited modern exploration, with only two drill holes ever completed, both of which Ballymore believes missed the main mineralised lode. The company’s recent fieldwork, including rock chip sampling and geophysical surveys, has uncovered compelling evidence that the mineralisation extends beyond the historic workings.

Strong Sampling and New Targets

Rock chip assays collected by Ballymore have returned standout results, including samples with up to 348 g/t silver, 24% lead, and 14% zinc. These findings reinforce the potential for a substantial mineralised system. Additionally, Ballymore has reprocessed historic electromagnetic (EM) survey data from the mid-1990s, identifying two significant conductors, one coincident with the old mine workings and another to the west, that remain untested by drilling.

The company has developed a new structural model that guides the current drilling program, aiming to test down-plunge extensions of the mineralisation and the geophysical targets. Four reverse circulation drill holes are planned, including one designed to intersect the lode beneath the historic mine and others targeting the EM plates and nearby workings known as “Little Torpy’s.”

Favourable Market Backdrop and Broader Strategy

Ballymore’s Managing Director, David A-Izzeddin, highlighted the timing of the drilling as particularly opportune given the positive market conditions for silver, lead, and zinc. Silver prices have surged over 55% year-to-date in 2025, currently trading around US$48 per ounce, enhancing the economic potential of the project.

The Torpy’s Crooked Creek drilling is part of a broader exploration push within Ballymore’s Ruddygore Project and other assets in Queensland. The company is well funded and plans multiple drilling campaigns across its portfolio, aiming to delineate bulk tonnage gold and base metal deposits in historically productive but underexplored regions.

Historic Challenges, Modern Opportunities

Historically, the mine ceased operations largely due to the high zinc content, which was problematic for early 20th-century processing methods. Today, zinc is a valuable commodity, and modern metallurgical techniques can better handle complex ores, potentially turning a former liability into an asset. Ballymore’s approach to integrating geochemical, geophysical, and structural data reflects a modern exploration methodology that could unlock significant value from this historic site.

While drilling results are pending, the combination of high-grade surface samples, untested geophysical anomalies, and a new structural understanding positions Torpy’s Crooked Creek as a compelling target in Ballymore’s portfolio.