Burley is set to bank $4.5 million from sophisticated investors and existing shareholders keen to see Burley advance exploration at its tier 1 Chubb lithium project in Quebec, Canada.
The additional funding will allow Burley to accelerate exploration, resource definition and metallurgical testwork programmes at the Chubb Lithium Project – proximate to Canada’s only operating spodumene mine and concentrator.
Burley Managing Director and CEO Wayne Richards said there had been a high level of interest at a time of improving lithium prices and demand.
Reports predict a dramatic upswing in lithium prices driven by insatiable and accelerating raw supply demands of battery-driven industries.
The ‘flow-through share’ provisions under Canadian tax law mean we can raise capital at a significant premium to the current share price, which in turn minimises dilution to existing shareholders significantly,” Mr Richards said.
“The funding will allow the Company to ramp up further exploration, resource drilling, and resource targeting activities at the Chubb Lithium Project.
“Our geologists are currently on the ground at Chubb, planning additional holes to significantly extend our 5,000m Phase 1 drilling campaign announced last month,” Mr Richards added.
The funding will be timely as Burley completes the proposed Acquisition of the Bouvier Lithium Project and initiates its spodumene targeting work, including drill planning and approvals.
Additionally, it will allow initial targeting in the Gascoyne Lithium Projects along the same corridor as the Yinnetharra Lithium Project, currently being drilled by Delta Lithium Ltd.
“The Company continues to see exciting progress at both Chubb and Bouvier, which underpins our decision to pursue this capital raise and move more aggressively towards targeting a maiden resource in an established lithium province, close to both infrastructure and an established lithium mine .”
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About Burley Minerals Limited
Burley Minerals Ltd (ASX: BUR) is a well-funded ASX-listed, Perth-based minerals explorer with Lithium and Iron Ore Projects, located within the World-Class Tier-1 provinces of Quebec, Canada and Western Australia. A recent Agreement to acquire 100% ownership of the Chubb Lithium Project in Quebec, Canada, and the Mt James and Dragon Lithium Projects in the Gascoyne region of Western Australia, was completed on 7 February 2023. Burley is currently finalising an agreement and conducting due diligence on the Acquisition of 100% of the Bouvier Lithium Project, located 14 KM North-west of the Chubb Lithium Project, in the Abitibi District of Quebec province.