Mining firm Ballymore reports major silver find as prices hit historic highs
Silver prices have gone through the roof, with its rise perfectly timed for the release of exceptional drilling results at a North Queensland mine.
Timing is everything and with the price of silver going through the roof, the latest drilling results from Ballymore Resources’ North Queensland project has everyone excited.
The ASX-listed company – founded by an experienced cohort of mining players – has reported exceptionally high-grade silver, lead, zinc, and indium mineralisation from the first reverse circulation drilling at the Torpy’s prospect within its Ruddygore project near Chillagoe
We may be getting a bit technical here but for the record, a drill hole intersected two massive sulphide shoots at the interpreted junction of northwest-and northeast-trending faults.
Just looking the latest flavour on the month – silver – the upper intersection returned 6 metres at 226.7 grams per tonne silver, including 3m at 350.1g/t silver and the second lens reported 16m at 91.6g/t silver.
Managing director David A-Izzeddin says silver contributes roughly 45 per cent of the in-situ value of the best intercepts.
“With silver doubling in price in 2025 and currently sitting at historic highs of US$57 per ounce, these results confirm Torpy’s potential as a very valuable high-grade silver-lead-zinc discovery,” he says.
Ballymore Resources was incorporated in April 2019 with the aim to seek and identify and develop major mineral deposits in Queensland within its mining and exploration permits which have been historically mined for gold, copper, silver, lead and zinc.
The company’s founders include Nick Jorss (illustrated) and Duncan Cornish, who had previously worked together at Stanmore Coal. Jorss also founded Bowen Coking Coal, which is on the sale block having gone into administration earlier this year.
Legal moves
Mullins Lawyers has expanded its Litigation & Dispute Resolution team, strengthening its construction and major projects capability amid Queensland’s growing infrastructure and development pipeline.
The firm has welcomed Alex Nordang as partner and Nick Thomas as senior associate, both joining from CDI Lawyers, a specialist construction firm following stints at top tier and international firms.
Mullins’ managing partner Sam McIvor says the appointments reflect increased demand for specialist construction disputes expertise in Queensland.
“Their appointment enables our firm to meet significantly increased client demand as Queensland enjoys a once-in-a-generation project and infrastructure boom,” he says.
“Their appointment adds further depth and expertise to our commercial litigation team.”
Pothole pain
The loyal shoppers at Market Central Lutwyche are not happy.
A few have contacted Citybeat about the “monstrous” potholes at the former Lutwyche Shopping Centre that have suddenly appeared in the carpark which are deep enough to do “some serious damage”.
“Enough is enough”, another says “it’s a classic case of commercial negligence”.
We surmised that last month’s rain – and the fact that traffic at the shopping centre has boomed since the demise of Toombul – were major factors behind the potholes.
Last year HMC Capital’s HomeCo Daily Needs fund paid $119m for the shopping centre in Brisbane’s inner north.
A quick call from Citybeat to HomeCo got this response from a spokesman.
“Our Knight Frank centre management team is aware of the potholes at Lutwyche and have arranged for works to be undertaken to repair them. The safety and accessibility of our centre for all customers remains a priority,” he said.
We will be keeping an eye out.
More Coverage
Originally published as Mining firm Ballymore reports major silver find as prices hit historic highs
Rio Tinto walks away empty handed from WA’s lithium corridor
