Total
0
Shares
Source: Shutterstock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Iron ore and base metals explorer Burley Minerals (BUR) finds several electromagnetic anomalies at its Yerecoin Project in Western Australia
  • The find is from a first-pass analysis of the data and according to the company is “highly encouraging”
  • The survey was flown in March and 651 line kilometres of data was acquired
  • This is the first major exploration program completed at the Yerecoin Project since 2012
  • On market close, Burley is down 8.11 per cent, trading at 34 cents per share

Burley Minerals (BUR) has found several electromagnetic anomalies at its Yerecoin Project in Western Australia.

The find is from first-pass analysis of the data and according to the iron ore and base metals explorer the results are “highly encouraging”.

Burley’s survey was flown in March and 651 line kilometres of data was acquired.

This is the first major exploration program completed at the Yerecoin Project since 2012 and the first exploration for nickel-copper-platinum group elements (Ni-Cu-PGE) mineralisation.

Notably, neighbouring explorers, Chalice Mining (CHN) and Caspin Resources (CPN), have also had recent success with their airborne surveys leading to Ni-Cu-PGE finds in ultramafic rock units.

Managing Director Gary Powell is pleased with the survey find.

“We know the Project comprises ultramafic rock units with copper and nickel-sulphides identified in drill core, so the EM survey results are particularly exciting.,” he said.

“We are now planning follow up ground EM surveys to verify the conductors and better define drill targets.”

Burley is now planning an infill and extension ground geophysics survey involving fixed loop time-domain electromagnetic and moving loop time-domain electromagnetic surveys.

On market close, Burley was down 8.11 per cent, trading at 34 cents per share.

BUR by the numbers
More From The Market Herald

" Beacon Minerals (ASX:BCN) declares fully franked dividend

Beacon Minerals (BCN) has declared a fully franked dividend of 0.125 cents per share.

" Alchemy’s (ASX:ALY) subsidiary wins tenement ballots at Lake Rebecca

Alchemy Resources’ (ALY) subsidiary, Goldtribe Corporation, has won ballots for three exploration licence applications within ALY’s Lake Rebecca Project in Western Australia.

" Tigers Realm Coal (ASX:TIG) recounts positive September quarter

Tigers Realm Coal (TIG) has released its quarterly report for the three months ending September 30.

" Chase Mining’s (ASX:CML) Red Fox applies for more tenements in Queensland

Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources has applied for another three exploration permits in northwest Queensland.