Burley Reports AUD 778K Cash, Prepares 120-Hole Drilling Program at Cane Bore

Exploration Progress and Challenges at Cane Bore

Burley Minerals Ltd (ASX – BUR) has provided a comprehensive update on its September 2025 quarter activities, highlighting ongoing exploration efforts across its iron ore and lithium projects in Western Australia and Quebec, Canada. The company’s flagship Cane Bore Iron Project in the Pilbara region remains a focal point, with plans to commence maiden drilling at the North and Step-Out Targets pending completion of a heritage survey with the Robe River Kuruma Aboriginal Corporation (RRKAC). This survey, initially scheduled for July 2025, was delayed, pushing back drilling timelines.

The Cane Bore project benefits from strategic proximity to key infrastructure, including the Ashburton Port and major highways, and covers a substantial 222 km² exploration area. Previous drilling at the South Target yielded encouraging assay results, with iron grades averaging around 49.6% Fe, supporting the potential for significant mineralisation. The upcoming drilling program aims to test over 290 hectares of contiguous mineralised ridges at the North and Step-Out Targets, with approximately 120 reverse circulation holes planned to delineate the extent and depth of the deposit.

Broad Flat Well and Chubb Lithium Projects Show Promise

At the Broad Flat Well Iron Project, also in the Pilbara, Burley reported positive initial drilling outcomes from a maiden program completed in 2024. Intercepts included multiple intervals exceeding 50% iron content, with some samples reaching calcined iron grades above 60%. These results underscore the project's potential, although further work is required to identify higher-grade zones suitable for economic extraction.

Meanwhile, Burley’s Chubb Lithium Project in Quebec remains strategically positioned within a prolific lithium province near established operations such as Sayona Mining’s North America Lithium mine. The project benefits from excellent transport links and access to hydroelectric power, critical for future development. Lithium prices have recently rebounded from a four-year low, driven by supply cuts and tightening market fundamentals, which could enhance the project's attractiveness as exploration advances.

Legal and Financial Landscape

Burley continues to face access challenges at its 70%-owned Yerecoin Iron Project in Western Australia, where negotiations with landowners remain unresolved. The company is pursuing compensation through the Warden’s Court, supported by favorable recent legal precedents that may expedite resolution. On the financial front, Burley reported a cash balance of AUD 778,000 at quarter-end, down from AUD 1.2 million in June, reflecting reduced exploration activity due to heritage survey delays. The company is actively seeking to raise additional funds through joint ventures and potential asset disposals to sustain its exploration programs and operational objectives.

Overall, Burley Minerals is navigating the complexities of indigenous engagement, legal access, and market conditions while advancing its portfolio of iron ore and lithium assets. The coming quarters will be pivotal as heritage surveys conclude and drilling campaigns commence, potentially unlocking new resource opportunities.