Burley Granted Highly Prospective Pilbara Exploration Licence With Confirmed Channel Iron Deposit (CID) Mineralisation

“We are thankful to all Parties associated with the grant of the Exploration Licence for Broad Flat Well (E47/4580) and will immediately embark on a field mapping and extended ore sampling and drilling regime, to define the prospectively of the three mapped targets, and the potential resource size and future viability of the Project. The tenement presents Burley with an opportunity to qualify the resource and assess logistical solutions for an “end to end”, sustainable Business solution. With previous sampling indicating high-quality CID (Fe) grades, and the tenement’s advantageous location, there is profound optimism around Broad Flat Wells prospectivity”.

“The granting of this exploration license in this premier iron ore province demonstrates the Company’s effective strategy of developing current resources and securing value adding tenements for future development”.

About Broad Flat Well – E 47/4580 – 100% Burley-Owned

Exploration Licence E47/4580 is located close to the Roebourne-Wittenoom Road and is 115km by road from Karratha townsite and the Dampier port facilities.

The EL 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. The rock-chip sampling conducted by API, returned iron results typical of those from surface sampling of CID throughout the Pilbara with results ranging up to 61.5% Fe as highlighted in Figure 2. (refer ASX: BUR announcement “Burley applies for Exploration Licences for Iron Ore in the Hamersley Province” dated 23^rd September 2021)

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