Burley has secured an option to acquire 70% of the issued capital of Novarange Pty Ltd which owns 100% of the Yerecoin Project near New Norcia, Western Australia. The option will be exercised and acquisition will be completed by Burley upon its admission to the official list of ASX. Exploration activities have defined significant JORC 2012 compliant magnetite resources within the Project (incorporating the Main and South zones) totalling 247 Mt @ 29.9% Fe (68.1% Fe concentrate grade, 32.1% DTR). A number of historical studies have also been completed and the potential for economic mining established.
The Directors believe this is a favourable time for Burley to embark on an initial public offering and ASX listing with iron ore prices rising to record highs during May 2021, on the back of increased world steel production induced by global government investment stimulus and continued Brazilian supply issues.
Furthermore, following the recent success of Chalice Gold Mines Limited at Julimar in the region, a re-evaluation of the drill database has highlighted the presence of a very large ultramafic intrusion which has the potential to host similar style Ni-Cu-PGE mineralisation.
Burley’s exploration and development strategy is two-fold for the Yerecoin Project. The principal focus is on evaluating and completing feasibility studies on the Yerecoin Project’s magnetite deposits, and the second focus is on exploration of the prospective ultramafic rocks with the potential to host Ni-Cu-PGE mineralisation.
It is anticipated that BUR will list on the ASX during July 2021.
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