- Exploration company Burley Minerals (BUR) has successfully acquired three new lithium projects
- Burley snaps up the new Chubb project in Quebec and the Mt James and Dragon projects in WA’s Gascoyne region through the purchase of private company LI20
- For the acquisition, BUR paid an upfront cash fee of $10,000 and issued 26 million shares to the sellers
- The company also paid C$500,000 (A$535,947) for the rights to 35 mineral claims across the Chubb lithium property
- The company’s next steps will be exploration and drilling at Chubb, which lies next to Sayona Mining (SYA) and Piedmont Lithium’s (PLL) North American operations
- BUR shares are up 15.79 per cent and trading at 33 cents at 1:25 pm AEDT
Exploration company Burley Minerals (BUR) has successfully acquired three new lithium projects through the purchase of private company LI20.
The new projects include the Chubb projects in Quebec and the Mt James and Dragon projects in the Gascoyne region of Western Australia.
As part of the buy, BUR paid an upfront cash consideration of $10,000 and issued 26 million shares to the sellers — 13 million of which will be held in escrow for 12 months.
Burley also paid C$500,000 (A$535,937) for the rights, title and interest to 35 mineral claims across the Chubb lithium property.
The 35 Chubb mineral claims cover 1509 hectares.
The Chubb project lies within a “world-class” lithium province, which hosts other major projects including Sayona Mining (SYA) and Piedmont Lithium’s (PLL) North American lithium mines and operations.
Burley said previous drilling at Chubb confirmed the presence of spodumene-bearing lithium pegmatites in shallow, multiple parallel dykes extending along a strike of 560 metres and a corridor width of 240 metres.
One of the project’s best intersections was a 12-metre hit at 1.57 per cent lithium from 108 metres.
Burley said the two Gascoyne projects were prospective for lithium, with outcropping pegmatites knowingly mapped.
However, the company said these pegmatites would need detailed soil and rock chip sampling to further define targets.
“We were delighted to have concluded the acquisition of these three strategic lithium projects, with the immediate focus being on the exploration and drilling program at the Chubb lithium project in Quebec,” BUR’s Managing Director, Wayne Richards, said.
“With recent exploration success in Quebec by fellow ASX-listed lithium exploration and development companies in the James Bay region and the finalisation of commissioning at the Northern American Lithium (NAL) project located 10 kilometres directly northwest of the Chubb Project tenements, we look forward to commencing a successful drilling campaign in this much sought after province for lithium bearing spodumene pegmatites.”
BUR shares were up 15.79 per cent and trading at 33 cents at 1:25 pm AEDT.