Exploration License Granted over Cane Bore Iron Project

Burley Minerals Limited (ASX: BUR, “Burley” or “the Company”) is pleased to announce that Exploration License E08/3424 (the Cane Bore Iron Project) was granted by The Department of Energy, Mines, Industry Regulation and Safety (DEMIRS). Cane Bore is located within the world class Pilbara Province of the Western Australia and located less than 100 km by sealed road from the export Port of Onslow.

Highlights

Cane Bore Iron Project, WA – 100% Interest

• Exploration License (E08/3424) granted over the Cane Bore Iron Ore Project within the Hamersly Province of the Pilbara, Western Australia ~ 100 km by sealed road from Port of Onslow.
• More than 30km of remnant Channel Iron Deposits (CID) identified with historic rock sampling indicates grades of 51.3% to 55.0% Fe.
• The CID averages 400m widths and sits up to 20m above the surrounding surface.
• Burley is readying for a mapping and rock-chip sampling programme and is preparing a Programme of Work for its maiden drilling programme.
• Burley is currently engaging with Traditional Owners to complete heritage surveys for the maiden drill programme.

The grant of E08/3424 is subject to the conditions outlined in the Conservation Management Plan (CMP) approved by Department of Biodiversity, Conservation and Attractions (DBCA) earlier this year. The CMP provides details of the proposed exploration programmes at Cane Bore and the measures that will be implemented to mitigate environmental impacts of exploration activities.

Burley has Heritage Protection Agreements in place with the PKKP Aborginal Coporation and Buurabalayji Thalanjyi Aborginal Coporation, and is pursuing heritage surveys now. Furthermore, the Programme of Work (PoW) application for the maiden drilling programme is being prepared. This maiden drilling program is well defined in the CMP, faciliatiing the PoW application process. In addition, Burely is preparing a preliminary mapping and rock chip sampling exercise over the Channel Iron Deposit (CID) target areas at Cane Bore.

The Cane Bore Iron Project is adjacent to the sealed Northwest Coastal Highway, interesecting the Osnslow Road, and approximately 200 km southwest of Burley’s Broad Flat Well Iron Project (see Figure 1). The Cane River area was historically explored for iron resources in the late 1960s, but only wide-spaced sampling of surface materials was reported. More recent reconnisaince work, using recent satellite imagery, multi-spectral imagery, topographic data and extrapolation of known regional resources, indicates the potential to delineate more than 30 linear km of CID mineralisation at Cane Bore.

Figure 1: Cane Bore and Broad Flat Well Iron Projects Location Plan, Pilbara, Western Australia.

Burley Minerals Managing Director and CEO, Stewart McCallion commented:

“We are very pleased to have the Cane Bore exploration license granted. This is a major milestone for Burley as Cane Bore has the potential for significant CID-style iron resources, rivalling its neighbours in the local region. Our geologists are getting ready to mobilise to site and complete mapping and surface sampling over 30km of remnant Channel Iron Deposits (CID) that sits up to 20m above the surrounding terraine.

We are liasing with the Traditional Owners of the land to arrange heritage surveys over the primary drilling targets. The approved Conservation Management Plan detailed the proposed exploration programme at Cane Bore and this forms the basis to lodge a PoW application to DEMIRS now; there is more than 200 hectares of CID target areas to explore in this first pass. We are very excited about commencing a maiden drill programme over this substantial project and thank Burley shareholders for their patience while we reached this significant milestone.”

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