Burley Reports 56.2% Fe Rock-Chip Assays, Completes Maiden Drilling at Cane Bore

Exploration Momentum at Cane Bore

Burley Minerals Limited (ASX: BUR) has reported significant progress during the March 2025 quarter at its 100%-owned Cane Bore Iron Project in Western Australia’s Pilbara region. The company completed a maiden drilling program at the South Target, comprising 28 holes for just over 1,000 metres, with assay results anticipated in late May. This drilling follows encouraging rock-chip sampling over the West Flank Channel Iron Deposit (CID), which returned an average iron grade of 46.8% Fe, peaking at 56.2% Fe, highlighting the prospectivity of the area.

The West Flank CID extends over a strike length of 4 kilometres and adds more than 200 hectares of potential drilling targets, expanding Burley’s footprint in this highly prospective iron ore province. The company’s geological mapping and sampling efforts have thus far delineated over 30 kilometres of CID mineralisation at Cane Bore, underscoring the scale of the opportunity.

Cultural Heritage and Regulatory Progress

Burley has been proactive in securing heritage clearances critical for advancing exploration. During the quarter, heritage surveys were completed in collaboration with the PKKP Aboriginal Corporation and Pinikura Traditional Owners at the South Target, while a Heritage Protection Agreement was signed with the Robe River Kuruma Aboriginal Corporation (RRKAC) covering northern exploration areas. The company has also received Programme of Work (PoW) approval from the Department of Energy, Mines, Industrial Regulation and Safety (DEMIRS) for 151 drill holes across multiple targets, facilitating an expanded drilling campaign.

Broader Project Portfolio and Drilling Highlights

Beyond Cane Bore, Burley’s Broad Flat Well Iron Project in the Pilbara continues to show promise. Initial reverse circulation drilling intersected CID-style mineralisation with several intercepts exceeding 50% Fe, including a standout 6 metres at 54.5% Fe from surface. Meanwhile, the Chubb Lithium Project in Quebec, Canada, remains strategically positioned near established lithium operations, although exploration updates were limited this quarter.

Financial Position and Corporate Developments

Burley ended the quarter with a cash balance of $295,000, supplemented by $450,000 in tax receivables received in April. To bolster its exploration programs, the company raised approximately $1 million through a placement and a non-renounceable entitlement offer priced at 3 cents per share, with free attaching options sweetening the deal. The capital raise aims to fast-track drilling and evaluation activities at Cane Bore.

Corporate changes included the resignations of directors David Crook and Jeff Brill, signaling a potential shift in board dynamics. The company is actively exploring strategic funding options amid a buoyant M&A environment in the Pilbara iron ore sector, referencing recent deals involving CZR Resources, Robe River JV, and Fortescue.

Outlook and Next Steps

With assay results from the maiden Cane Bore drilling imminent, Burley is poised to refine its resource understanding and advance project development. Upcoming heritage surveys and drilling at the North and Step-Out Targets will further define the project’s scale. The company’s tight capital structure and ongoing strategic funding efforts will be critical to sustaining momentum in a competitive iron ore landscape.