Is this the below film?

I vaguely remember a western that involved bullets that were somehow magical. This was a very unusual film (possibly Australian?) that seemed to be a fairytale/western crossover. I believe it would have been early eighties and I must have seen it in the early nineties on UK TV. I've only just thought of this film for the first time in years and wondered if anyone could tell me what it was. I don't know how the bullets came to be but I think it was a revenge film, 6 men had tried to kill someone, he had their bullets melted down and coated with gold or something then went to hunt them. The wierd thing is I think he had to shot them with the bullet then recover it after which he'd take some sort of "power" off them. He had to get one guy from down the well.
Any help would be appreciated.