Burley Minerals is gearing up for a major drilling campaign at its Cane Bore Iron Project in Western Australia after completing a heritage survey and raising A$1 million to fund exploration and lithium project evaluation.
- Heritage survey completed over Cane Bore North and Step-Out Targets
- Up to 120 RC drillholes planned to define iron mineralisation
- A$1 million capital raise supports drilling and lithium evaluation
- Cash position improved to $980k at quarter-end
- Chubb Lithium Project advancement options under review
Heritage Survey Clears Way for Cane Bore Drilling
Burley Minerals Ltd (ASX:BUR) has completed a crucial heritage survey over more than 290 hectares at its Cane Bore Iron Project in Western Australia’s Pilbara region, clearing the path for an imminent maiden reverse circulation (RC) drilling programme. The survey, conducted in June 2026 in collaboration with the Buurabalayji Thalanyji, Puutu Kunti Kurrama and Pinikura Peoples, and Robe River Kuruma Aboriginal Corporation, covers the North and Step-Out Channel Iron Deposit (CID) targets, which lie on the north side of the Cane River approximately 3.5km northeast of the previously drilled South Target.
This survey completion is a key milestone enabling Burley to mobilise drilling rigs and commence up to 120 planned RC drillholes aimed at delineating the depth and extent of CID mineralisation across these contiguous targets, which collectively span more than 290 hectares. The North and Step-Out Targets form part of a ridge of CID mineralisation that Burley geologists have mapped extensively, following the grant of Exploration Licence E08/3424.
Capital Raise Fuels Exploration Push
To fund this drilling campaign and ongoing evaluation of its Canadian lithium asset, Burley successfully completed a capital raise totalling approximately A$1 million before costs. This comprised a $700,000 placement to sophisticated investors and an oversubscribed Share Purchase Plan (SPP) raising $313,910. The funds are earmarked primarily for the Cane Bore drilling programme and advancing the Chubb Lithium Project in Quebec.
Burley’s cash balance improved markedly during the quarter, closing at $980,000 as of 30 June 2026, up from $341,000 at the end of March. Exploration and evaluation expenditure for the quarter was $158,000, reflecting heritage survey and drilling preparation costs at Cane Bore and minimal activity in Canada.
Cane Bore Project Positioned Near Port Infrastructure
The Cane Bore Iron Project benefits from strategic location advantages, sitting less than 100km from Onslow and the Ashburton Port, with access via sealed roads. The project area covers approximately 222km² adjacent to tenure held by Minerals Resources Limited and the API Joint Venture. Burley’s earlier work has mapped over 800 hectares of surface mineralisation along more than 18km of strike, including the South Target where maiden drilling in 2025 confirmed significant CID mineralisation with assays averaging 49.6% Fe.
Broad Flat Well and Chubb Lithium Projects Maintained
Burley held its Broad Flat Well Iron Project in good standing during the quarter but did not undertake further field exploration, focusing resources on Cane Bore. The project’s last reported drilling in September 2024 returned notable intercepts such as 6m at 54.5% Fe from surface.
Meanwhile, the Chubb Lithium Project in Quebec remains under active evaluation for advancement options, including potential partnerships or divestment. Located near Val d'Or and close to Elevra’s North America Lithium mine, Chubb covers 1,509 hectares in a prolific lithium province.
Corporate and Governance Updates
Payments to related parties during the quarter amounted to $99,139, primarily director fees. Burley continues to hold 100% interests in all key tenements across its Australian and Canadian projects. The company remains focused on progressing the Cane Bore drilling programme while exploring value-adding opportunities in minerals projects.
Bottom Line?
Burley’s imminent Cane Bore drilling, backed by fresh capital, will be a critical test of the project’s iron ore potential and shape near-term valuation catalysts.
Questions in the middle?
- Will assay results from the Cane Bore North and Step-Out drilling confirm significant CID mineralisation?
- How will Burley advance the Chubb Lithium Project amid evolving market conditions for lithium assets?
- What is the company’s strategy for balancing exploration expenditure with its current cash runway?