Burley MineralsASX:BUR Stock Report

Burley Minerals Ltd Applies for Exploration Licences for Iron Ore in the Hamersley Province

Burley Minerals Ltd. advised that it has applied for two exploration licences in the Hamersley Iron Ore Province of Western Australia. The Broad Flat Well ELA covers outcropping Channel Iron Deposit (CID) mineralisation and the Hardey West ELA contains prospective stratigraphy for Bedded Iron Deposit (BID) mineralisation and is also prospective for base metal mineralisation. Both applications are in close proximity to significant infrastructure, such as main roads, townsites and port facilities. The ELA's were lodged as part of the Company's ongoing project generation strategy of developing a pipeline of projects by reviewing and acquiring projects that have the potential for early resource definition and development. BROAD FLAT WELL ­ ELA 47/4580: Exploration Licence application 47/4580 is located 116km east of Pannawonica and 110km south-east of Karratha along the northern margin of the Hamersley Basin. The tenement area is close to the Roebourne-Wittenoom Road and is 115km by road from Karratha townsite and the Dampier port facilities. The application covers an area of approximately 223km2,with the geology dominated by mafic to intermediate volcanics and sediments of the Maddina and Jerrinah Formations, which occur within the Fortescue Group. Significantly there are numerous remnants of mid-Miocene Channel Iron Deposits (CID) related to the Fortescue River palaeodrainage located within the application area. CID mineralisation occurs as scattered, dissected outcrops along the Fortescue River valley. The eroded outcrops are remnants of an extensive network of CID deposits, which are found in tributary channels of the ancestral Fortescue River. Much of the Fortescue River floodplain is covered by varying thicknesses of Cainozoic alluvium and colluvium including consolidated ferruginous valley fill. The tenement application area has undergone numerous phases of work dating back to the early 1970's when Westfield Minerals (WA) PL conducted minor exploration for copper. The most significant "on-ground" work was completed by API Management P/L (API) between 2006 to 2010 and more recently by Forge Resources Swan P/L (Forge) during 2018 and 2019. API completed rock-chip sampling over much of the outcropping CID and Forge completed 86 RC drillholes for 2,024m. Other explorers in the area have included Robe River Mining Co. P/L and FMG Limited, however their work was largely restricted to desktop studies with limited helicopter supported ground surveys. Forge carried out RC drilling during 2018 to 2019 and reported that the drilling targeted channel iron deposit (CID), with the western drilling being completed on a nominal 1,200m x 100m grid. Thin (< 5m thick) CID was intersected typically grading less than 50% Fe. A maximum channel width of 300 metres was estimated, entirely buried under a thin alluvial cover. Forge also carried out very limited RC drilling in the central and south-eastern corner of the application area. In the central area, RC drilling intersected CID mineralisation (>40% Fe) up to 10 metres in thickness from surface. The highest grade intercepted was a 2m intercept of 54.9% Fe from surface in hole HFRC053, located towards the northwestern end of the longest drill traverse. Forge completed a large part of their drilling along more distal parts of the palaeochannel where the CID is interpreted by Burley to be thinner and having a stronger weathering overprint thus reducing the Fe grade. The more proximal areas of the palaeochannel, where the CID is interpreted to be thicker and less impacted by degradation of iron grade by weathering, remains largely untested, and is worthy of drill targeting. It is in these areas where API completed most of their rock-chip sampling programs. HARDEY WEST ELA 47/4579: Exploration Licence application E47/4579 covers approximately 470 hectares, located some 70km north-west of Paraburdoo and 70km west south-west of Tom Price. Access from Paraburdoo townsite is just 72km westwards via the sealed Paraburdoo and Nanutarra Roads and a further 18km on unsealed Cheela Plains' station track. Geology is dominated by mafic volcanics and volcanoclastic sediments of the Bunjina and Jerrinah Formations but includes Brockman Iron Formation stratigraphy. It is the latter which hosts the major iron ore deposits in the Pilbara Region of Western Australia. Structurally the tenement application includes a portion of the northern limb of the west plunging Hardey Syncline. Significant iron ore resources are being explored in the syncline region, such as BHP's Rocklea Project and API's Hardey Project.