Ravenswood Project

The Ravenswood Project is located in the Charters Towers district and contains drill-ready targets within a historic 17 Moz gold province. The tenements at Ravenswood are subject to a farm-in agreement and joint venture with ActivEX Limited.

Key targets include Seventy Mile Mount, Middle Mount and Matthews Pinnacle which show geological similarities to the nearby Mount Leyshon (3.5 Moz Au) and Ravenswood/Mount Wright (5.8 Moz Au) mines.

Ballymore has completed a detailed data compilation, data re-processing, prospecting activities, geological mapping and rock chip sampling of various prospects as well as soil sampling.

The Seventy Mile Mount area is located only 5 km from the Mount Leyshon mine and exhibits many similar characteristics to both Mount Leyshon and Mount Wright but remains poorly explored. Significant historic drill intersections include:

- 8m @ 2.56 g/t Au (PSMR7: 79 – 87m);
- 9m @ 2.03 g/t Au (PD90/05: 160 – 169m);
- 16m @ 3.25 g/t Au (LSD001: 184 – 200m);
- 4m @ 11.47 g/t Au (LSD002: 208 – 212m); and
- 8m @ 9.21 g/ Au (LSD002: 260 – 268m)

Middle Mount is a quartz-sericite-pyrite breccia that has had very little drilling completed in the immediate area. Drilling results have generally been subdued but drillhole PSMR15 was drilled under the Middle Mount main breccia and reported 4 m @ 301 g/t Au from 28 m.

Tenements

The Ravenswood Project comprises five granted exploration permits - Mt Leyshon EPM 18424, Cornishman EPM 18426, King Solomon EPM 18637, Charlie Creek EPM 25466 and Birthday Hills EPM 25467. The Ravenswood Project covers an area of 309 km2 and is located to the south and east of  Charters Towers. On 31 October 2019, the Company and ActivEX signed a binding term sheet over the Ravenswood Project tenements and the Company took over exploration management. 

Previous Mining

Mining within the Ravenswood District is dominated by Mount Leyshon, Ravenswood, Mount Wright, Hadleigh Castle and Charter’s Towers mines. The dominant mineralisation in the Ravenswood Project area is the Mount Leyshon gold-silver deposit. Mount Leyshon is located immediately adjacent to EPM 18424. Mount Leyshon operated from 1986 until 2002, and produced approximately 3.8 Moz of gold and 2.4 Moz of silver (Queensland Department of Mines and Energy, 2009). Much of the modern exploration in the region has been directed towards finding Mount Leyshon style mineralisation.

In addition, the Hadleigh Castle mine, is located 8 km east-northeast of EPM 18426. Hadleigh Castle is a complex swarm of quartz-polymetallic sulphide veins hosted in a major shear zone and has produced 350,000 oz Au from 3.15 Mt of ore averaging 3.45 g/t Au from underground and open pit operations. 

The Ravenswood Project tenements host numerous smaller scale hard-rock and alluvial gold mines. 

Exploration Program

The planned Ravenswood exploration program will explore the priority targets (e.g. Seventy Mile Mount, Middle, Mount, Matthews Pinnacle and Pinnacle Creek) in parallel with new exploration to advance many prospective target areas that are less advanced.

A drilling program is planned to test the Seventy Mile Mount breccia target as well as the Middle Mount breccia target, as well as other regional targets. An aircore drilling program is also planned to test the Pinnacle Creek prospect under shallow cover.

Other works include prospecting of historic workings, mapping of various prospects and soil sampling programs.