Burley Minerals' Promising Assay Results at Cane Bore Iron Project
BUR (BUR) Share Update November 2024 Thursday 14th
Burley Minerals Reports Promising Assay Results at Cane Bore Iron Project
Burley Minerals Limited (ASX: BUR) has released promising assay results from its Cane Bore Iron Project, indicating significant iron mineralization at the surface.
Instant Summary:
- 81 rock chip samples collected across 500 hectares at the East Flank.
- Assay results averaged 52.6% Fe, with a high of 56.9% Fe.
- Iron mineralization supports historic sampling and reconnaissance work.
- Preparation for heritage surveys and maiden drilling program underway.
- Programme of Work (PoW) submitted to DEMIRS for approval.
Project Overview
Burley Minerals Limited has completed a comprehensive mapping and rock-chip sampling program at its Cane Bore Iron Project, located in the Pilbara Province of Western Australia. Known for its world-class iron ore mines, the region offers significant potential for new discoveries.
The recent exploration activities focused on the East Flank of the Channel Iron Deposit (CID) areas, where 81 samples were collected over a 500-hectare area. This systematic sampling effort aims to confirm earlier reconnaissance findings and support the planning of a maiden drilling program.
Assay Results
The assay results from the East Flank samples are promising, with iron content averaging 52.6% Fe and reaching a high of 56.9% Fe. These results indicate substantial iron mineralization at the surface, aligning with historical data and recent reconnaissance work.
Burley's geologists utilized advanced satellite imagery and topographic data to delineate potential CID mineralization over 30 linear kilometers. This strategic approach enhances the understanding of the project's geology and guides future exploration efforts.
Next Steps
Meetings with Traditional Owner groups have been held to facilitate heritage surveys, a crucial step before commencing the maiden drilling program. The Programme of Work (PoW) has been submitted to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) for approval, marking a significant milestone in the project's development.
The positive assay results are likely to boost investor confidence in Burley Minerals, as they suggest the presence of significant iron resources at the Cane Bore Iron Project. This development could enhance the company's market position and attract further investment.
Investor Reaction:
Analysts are expected to react positively to the assay results, as they confirm the project's potential and align with Burley's strategic exploration goals. However, the final impact will depend on the successful approval of the PoW and the outcomes of the maiden drilling program.
Conclusion:
Investors should keep an eye on the progress of the Cane Bore Iron Project, particularly the maiden drilling program and heritage survey developments. Burley Minerals' strategic advancements in exploration could present lucrative opportunities for stakeholders.