Burley Minerals signs agreement to acquire Chubb Lithium Project in Quebec

SYDNEY, AUSTRALIA: Burley Minerals Ltd (ASX: BUR) has entered into an exclusive agreement to acquire 100% of the Chubb Lithium Project in Quebec, Canada and the lithium-prospective Mt James and Dragon Projects in the central Gascoyne Region of Western Australia.

Signing of the Agreement expands the Company’s exploration footprint into high-grade lithium-bearing spodumene Projects and creates an outstanding opportunity for Burley Shareholders to benefit from future value enhancement achieved through exploration success.

The Chubb Lithium Project represent a strategic opportunity for Burley to further explore and unlock resource potential in the heart of the world-class lithium province of Quebec, Canada.

The Project is surrounded by significantly advanced lithium projects currently developing mines, concentration plant(s) and potential lithium carbonate or lithium hydroxide refineries. Well established towns, sealed roads, airports, hydro-generated power and rail networks, support the Project.

Burley’s Managing Director, Mr Wayne Richards commented: “We are very pleased to announce the signing of this Agreement to acquire such high-potential Lithium Projects in jurisdictions complemented by other major Lithium explorers and developers. The strategic and geographic location of all three potential Projects are located in world class mining provinces and in Tier 1 jurisdictions of Australia and Canada.

The strategic geographical positioning of the Chubb Lithium Project with regard established infrastructure, services, and transport corridors, greatly supports the development potential of the assets. The presence of neighbouring mines, concentrate plants and proposed refineries likewise offers many future operational permeations for Burley.

The exploration that has been conducted to date at Chubb has defined near surface mineralisation along a corridor of 550m with multiple paralleling pegmatites. Our research has unveiled previous drilling completed in the early 1950’s, that was conducted along strike of the known body of mineralisation which intersected up to 9.4m of spodumene pegmatites and was not assayed.

Whilst the acquisition is progressing the Company intends on modelling the existing drilling, permitting infill and extensional drilling and tendering for diamond drilling which will commence at Chubb upon completion.

Concurrently all data available in relation to the Gascoyne Projects is being evaluated and a suitable geochemical and mapping program is being devised to rank and prioritise targets warranting further investigation.

The acquisitions present the opportunity for value accretive exploration and the potential development of forwardlooking battery minerals projects at a time of record lithium prices.