Burley Minerals Quarterly Report - June 2024
BUR (BUR) Share Update July 2024 Tuesday 30th
Burley Minerals Reports Progress on Iron and Lithium Projects
Burley Minerals Limited (ASX: BUR) has released its quarterly report for June 2024, detailing significant progress in its iron and lithium projects in Western Australia and Canada.
Instant Summary:
- Heritage survey completed for Broad Flat Well Iron Project.
- Maiden drilling program underway with 50 drill holes.
- Cane Bore Iron Project CMP expected to be referred to Environment Minister in August 2024.
- Cash balance of $2.40M as of 30 June 2024.
- Successful capital raise of $2.3M through SPP.
Broad Flat Well Iron Project
The Broad Flat Well Iron Project, located 115 km from Karratha, WA, saw significant progress this quarter. A heritage survey was completed with the Yinjibarndi Nation in June 2024. Following this, earthworks for access tracks and drill pads were largely completed by Yurra Pty Ltd, a construction company majority-owned by the Yindjibarndi Nation.
The maiden drilling program, consisting of 50 drill holes over more than 6 km of outcropping Channel Iron Deposits (CID), is currently underway. Initial assay results are expected in late August or early September 2024.
Cane Bore Iron Project
The Cane Bore Iron Project, located approximately 90 km from Onslow, WA, is progressing through the exploration license application process. The Conservation Management Plan (CMP) received no recommended amendments from the Department of Biodiversity, Conservation and Attractions (DBCA) or the Conservation and Parks Commission (CPC). The CMP is expected to be referred to the Environment Minister in August 2024.
Chubb Lithium Project
The Chubb Lithium Project in Quebec, Canada, continues to advance. The project, located 25 km north of Val d’Or, has seen additional pegmatite mapping and XRF analyses conducted during the quarter. A ground disturbance permit application has been submitted to the Quebec Ministry of Natural Resources to facilitate further exploration activities.
Corporate Updates
Burley Minerals reported a cash balance of $2.40M as of 30 June 2024, up from $0.85M at the end of March 2024. This increase is attributed to a successful capital raise, including a Share Purchase Plan (SPP) in April and May, which raised $2.3M before costs. The company also announced the appointment of Mr. Daniel Bahen as Non-Executive Chairman.
The progress in Burley Minerals' projects is likely to have a positive impact on the company's stock. The successful completion of the heritage survey and the ongoing drilling program at Broad Flat Well are significant milestones. Additionally, the capital raise has strengthened the company's financial position, which should reassure investors.
Investor Reaction:
Analysts are likely to view the updates positively, given the progress in key projects and the improved financial position. The successful capital raise and the appointment of an experienced Non-Executive Chairman are also expected to boost investor confidence.
Conclusion:
Investors should keep an eye on the upcoming assay results from the Broad Flat Well drilling program and the progress of the Cane Bore CMP. Burley Minerals' continued advancements in their projects and strategic financial moves indicate a promising future for the company.