Burley (ASX:BUR) claims promising new grounds
November 16, 2022Burley Minerals will acquire 100% ownership of the Mt James Lithium and Dragon Lithium ELA’s in Western Australia’s Gascoyne Region and the strategic Chubb Lithium Project in the world-class Quebec province in Canada.
The Gascoyne assets are prospective for Lithium, with outcropping pegmatites knowingly mapped with previous copper, and gold anomalism has been identified on the tenements.
The Chubb Lithium Project is represented by 35 contiguous mineral claims in a single block totalling 1,509 ha in the Val-d’Or Quebec region in Canada, with the previous drilling confirming the presence of spodumene-bearing lithium pegmatites in shallow, multiple parallel dykes.
Key Intersections
- 12m at 1.57% Li2O from 108m in 21-CH-15
- 11.8m at 1.28% Li2O from 83.2m in 22-CH-17 ▪ 9.0m at 1.26% Li2O from 69m in 21-CH-07
- 6.3m at 1.18% Li2O from 54m in C-17-01
- 5.8m at 1.24 Li2O from 70.2m 21-CH-06
- 5.8m at 1.21% Li2O from 202.2 in 22-CH-26
- 5.4m at 1.24% Li2O from 31.2 in L-94-1
- 2.3m at 2.34% Li2O from 32.3m in 21-CH-04
The Company said the acquisitions present the opportunity for value-accretive exploration and the potential development of forward-looking battery minerals projects at record lithium prices.
“We are very pleased to announce the signing of this Agreement to acquire such high-potential Lithium Projects in jurisdictions complemented by other major Lithium explorers and developers,”
“We are very pleased to announce the signing of this Agreement to acquire such high-potential Lithium Projects in jurisdictions complemented by other major Lithium explorers and developers,” Managing Director Wayne Richards said.
“The strategic and geographic location of all three potential Projects are located in world class mining provinces and in Tier 1 jurisdictions of Australia and
Canada.
“The strategic geographical positioning of the Chubb Lithium Project with regard established infrastructure, services, and transport corridors, greatly supports the development potential of the assets.
“The presence of neighbouringmines, concentrate plants and proposed refineries likewise offers many future operational permeations for Burley.
“The exploration that has been conducted to date at Chubb has defined near surface mineralisation along a corridor of 550m with multiple paralleling pegmatites.
“Our research has unveiled previous drilling completed in the early 1950’s, that was conducted along strike of the known body of mineralisation which intersected up to 9.4m of
spodumene pegmatites and was not assayed.
“Whilst the acquisition is progressing the Company intends on modelling the existing drilling, permitting infill and extensional drilling and tendering for diamond drilling which will commence at Chubb upon completion.
“Concurrently all data available in relation to the Gascoyne Projects is being evaluated and a suitable geochemical and mapping program is being devised to rank and prioritise targets warranting further investigation.
“The acquisitions present the opportunity for value accretive exploration and the potential development of forward- looking battery minerals projects at a time of record lithium prices.”
Price Action
The Company’s ASX-listed shares are 24c at Market Open.
About the Chubb Lithium Project
The Chubb Lithium Project represents a strategic opportunity for Burley to further explore and unlock resource potential in the heart of the world-class lithium province of Quebec. The Project is surrounded by significantly advanced lithium projects currently developing mines, concentration plant(s) and potential lithium carbonate or lithium hydroxide refineries. Well-established towns, sealed roads, airports, hydro-generated power and rail networks support the Project.
About the Gascoyne ELA’s
Li20 Pty Ltd owns 100% of the Mt James Gold, Copper and Lithium Project ELA 52/4185 and the Dragon Lithium Project ELA 09/2747, located in the Gascoyne of Western Australia (Figure 10).
The Mt James Gold, Copper and Lithium Project ELA52/4185 and the Dragon Lithium Project ELA09/2747 are located in the central Gascoyne of Western Australia on the same corridor as the Yinnetharra Lithium Project, recently acquired by Red Dirt Metals Limited (ASX: RDT).
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