Burley Minerals is progressing its Cane Bore Iron Project with planned drilling following heritage surveys, while reviewing its Chubb Lithium Project strategy amid rising lithium prices. The company also relinquished its Yerecoin Iron Project due to legal challenges.
- Planned maiden drilling at Cane Bore North and Step-Out Targets after heritage surveys
- Encouraging maiden drilling results at Broad Flat Well Iron Project
- Strategic review underway for Chubb Lithium Project amid improving lithium market
- Relinquishment of 70% interest in Yerecoin Iron Project due to access and legal issues
- Cash balance of $479K with ongoing cost reductions and tight capital structure
Exploration Momentum at Cane Bore Iron Project
Burley Minerals Ltd (ASX, BUR) has reported steady progress at its Cane Bore Iron Project in Western Australia during the December 2025 quarter. The company is working closely with Aboriginal Corporations to conduct heritage surveys at the North and Step-Out Targets, a prerequisite to commencing its maiden drilling program. With permits already approved, Burley plans to initiate approximately 120 reverse circulation drill holes aimed at delineating the depth and extent of channel iron deposit (CID) mineralisation across a combined 290 hectares.
The Cane Bore project benefits from strategic proximity to key infrastructure, including the Ashburton Port and the Northwest Coastal Highway, enhancing its logistical appeal. Previous mapping and sampling have identified extensive surface mineralisation over 800 hectares, with encouraging iron grades reported from rock chip assays and drilling at the South Target.
Broad Flat Well Drilling Confirms Mineralisation
At the Broad Flat Well Iron Project, also in the Pilbara region, Burley has received promising results from its maiden drilling campaign. The program intersected CID-style mineralisation with iron grades ranging from 50.1% to 54.5% Fe, including calcined iron grades exceeding 60%. These results suggest potential zones of higher-grade material that warrant further investigation to assess economic viability.
Strategic Review of Chubb Lithium Project Amid Market Upswing
In Quebec, Canada, Burley’s 100% owned Chubb Lithium Project lies within a prolific lithium province near established operations such as Elevra’s North America Lithium mine. Following a multi-year bear market, lithium prices have surged since mid-2025, driven by supply cuts from Chinese producers and tightening market fundamentals. This price rebound has prompted Burley to undertake a strategic review of the Chubb project to explore optimal development pathways that could capitalise on the improving market conditions.
Relinquishment of Yerecoin Iron Project
Burley has decided to relinquish its 70% interest in the Yerecoin Iron Project after prolonged legal disputes and access challenges that stalled exploration activities for over four years. The decision to exit this project reflects a pragmatic focus on advancing assets with clearer pathways to development and value creation.
Financial Position and Outlook
The company reported a cash balance of $479,000 at the end of December 2025, down from $778,000 in the previous quarter, reflecting ongoing exploration and corporate expenditures. Burley continues to manage costs tightly, including reductions in director fees, to preserve capital. Exploration expenditure for the quarter was $94,000, with no mining production activities reported.
Looking ahead, Burley’s immediate focus will be on completing heritage surveys and commencing drilling at Cane Bore’s North and Step-Out Targets, while advancing its strategic review of the Chubb Lithium Project. The company remains vigilant on capital management and is evaluating new opportunities to enhance its project portfolio.
Bottom Line?
Burley Minerals is positioning itself to unlock value from its iron and lithium assets, but upcoming drilling results and strategic decisions will be critical to sustaining momentum.
Questions in the middle?
- What will the maiden drilling at Cane Bore reveal about the scale and grade of mineralisation?
- How will the strategic review shape the future development of the Chubb Lithium Project amid volatile lithium prices?
- Will Burley seek to raise additional capital to fund exploration and development activities given its current cash position?