Burley Minerals to Acquire Canadian and Gascoyne Lithium Projects
THE BOURSE WHISPERER: Burley Minerals (ASX: BUR) is set to acquire a hattrick of international and domestic lithium projects.
Burley Minerals has entered into an exclusive agreement to acquire 100 per cent of the Chubb lithium project in Quebec, Canada and the lithium-prospective Mt James and Dragon projects in the central Gascoyne Region of Western Australia.
The Chubb lithium project is made up of 35 contiguous mineral claims in the Val-d’Or Quebec region in Canada where drilling has confirmed the presence of spodumene-bearing lithium pegmatites.
The Gascoyne projects are prospective for lithium, with outcropping pegmatites knowingly mapped plus previous copper and gold anomalism has been identified on the tenements.
“We are very pleased to announce the signing of this Agreement to acquire such high-potential lithium projects in jurisdictions complemented by other major Lithium explorers and developers,” Burley Minerals managing director Wayne Richards said in the company’s ASX announcement.
“The strategic and geographic location of all three potential projects are located 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 supports the development potential of the assets.
“The presence of neighbouring mines, concentrate plants and proposed refineries likewise offers many future operational permeations for Burley.
“The exploration that has been conducted to date at Chubb has defined near surface mineralisation along a corridor of 550 metres with multiple paralleling pegmatites.
“Our research has unveiled previous drilling completed in the early 1950s, that was conducted along strike of the known body of mineralisation which intersected up to 9.4 metres of spodumene pegmatites and was not assayed.
“Whilst the acquisition is progressing the company intends on modelling the existing drilling, permitting 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 suitable geochemical and mapping program is being devised to rank and prioritise targets warranting further investigation.
“The acquisitions present the opportunity for value accretive exploration and the potential development of forward-looking battery minerals projects at a time of record lithium prices.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE