SYDNEY, AUSTRALIA: Burley Minerals Ltd (ASX: BUR) has entered into an unique settlement to purchase 100% of the Chubb Lithium Project in Quebec, Canada and the lithium-prospective Mt James and Dragon Projects within the central Gascoyne Region of Western Australia.
Signing of the Agreement expands the Company’s exploration footprint into high-grade lithium-bearing spodumene Projects and creates an excellent alternative for Burley Shareholders to profit from future worth enhancement achieved through exploration success.
The Chubb Lithium Project represent a strategic alternative for Burley to additional discover and unlock useful resource potential within the coronary heart of the world-class lithium province of Quebec, Canada.
The Project is surrounded by considerably superior lithium projects currently developing mines, focus plant(s) and potential lithium carbonate or lithium hydroxide refineries. Well established towns, sealed roads, airports, hydro-generated energy and rail networks, support the Project.
Burley’s Managing Director, Mr Wayne Richards commented: “We are very happy to announce the signing of this Agreement to purchase such high-potential Lithium Projects in jurisdictions complemented by different main Lithium explorers and developers. The strategic and geographic location of all three potential Projects can be found in world class mining provinces and in Tier 1 jurisdictions of Australia and Canada.
The strategic geographical positioning of the Chubb Lithium Project with regard established infrastructure, services, and transport corridors, greatly helps the event potential of the assets. The presence of neighbouring mines, focus plants and proposed refineries likewise offers many future operational permeations for Burley.
The exploration that has been conducted to date at Chubb has outlined close to floor mineralisation alongside a hall of 550m with a number of paralleling pegmatites. Our analysis has unveiled earlier drilling accomplished within the early 1950’s, that was conducted alongside strike of the known physique of mineralisation which intersected as much as 9.4m of spodumene pegmatites and was not assayed.
Whilst the acquisition is progressing the Company intends on modelling the existing drilling, allowing infill and extensional drilling and tendering for diamond drilling which will commence at Chubb upon completion.
Concurrently all data available in relation to the Gascoyne Projects is being evaluated and a appropriate geochemical and mapping program is being devised to rank and prioritise targets warranting additional investigation.
The acquisitions current the chance for worth accretive exploration and the potential development of forwardlooking battery minerals projects at a time of record lithium prices.