Burley Minerals Limited (ASX:BUR) has received assay results from its maiden reverse circulation (RC) drilling programme at the North and Step-Out Targets of the Cane Bore Iron Project in Western Australia's Pilbara, with the company saying the results confirm channel iron deposit (CID) mineralisation across both areas.

According to the announcement released on 6 October 2026, the programme comprised 59 RC holes for 1,009 metres, with holes generally between 10 and 20 metres deep and several taken to 30 metres.

Key intercepts

The company reported intercepts above a 47% Fe cut-off grade. Highlights included 7 metres at 52.7% Fe (59.4% calcined Fe) from 8 metres in hole CBRC064, 8 metres at 50.0% Fe (56.4% calcined Fe) from 3 metres in CBRC053, and 6 metres at 51.2% Fe (58.0% calcined Fe) from 2 metres in CBRC082.

Across the reported intervals, the maximum assay was 55.9% Fe (61.8% calcined Fe) and the weighted average grade was 50.6% Fe (57.1% calcined Fe), with average alumina of 4.2%, silica of 10.0%, phosphorus of 0.04% and loss on ignition of 11.5%. Calcined Fe is a calculated grade that adjusts iron content for loss on ignition.

The company said assays indicate mineralised zones extending to approximately 15 metres, with intercalated layers of lower-grade material, which it described as typical of CID systems. Burley also stated that the mineralisation remains open to the southwest and northeast.

Project setting

The North and Step-Out Targets form a contiguous mesa-form CID covering more than 290 hectares over more than 5 kilometres of strike, according to the company. Cane Bore sits on exploration licence E08/3424, within the Cane River Conservation Park, and is less than 100 kilometres by sealed road from Onslow and the Port of Ashburton. The company noted that the CID targets are less than 30 kilometres from the sealed Onslow Road, which it said offers a significant advantage in Capital and operating costs.

Managing Director and CEO Stewart McCallion said the results "are very encouraging" and noted that the mineralisation "remains open beyond the drilled area to the northeast and southwest".

Caveats

These are early-stage exploration results. Burley's JORC Table 1 states that current drill spacing is not considered sufficient to establish the geological and grade continuity required for Mineral Resource estimation, and no Mineral Resource has been reported for these targets. Collar locations were recorded by handheld GPS, elevations were taken from satellite-derived data, and significant intersections were verified internally, with no twinned holes and no duplicate samples taken during drilling.

The company also referred to a 2016 resource of 664 Mt at 56.9% Fe reported by Red Hill Iron for deposits about 40 kilometres upstream; those deposits lie outside Burley's tenement and do not indicate the size or grade of mineralisation at Cane Bore.

Next steps

Burley has submitted a Reserve Activity Management Plan to the Department of Biodiversity, Conservation and Attractions covering infill RC and diamond drilling. Once that is approved, it must seek a Programme of Works from the Department of Mines, Petroleum and Exploration, which the company said "may be expected next quarter". About 30 RC holes remain in its existing approved programme, and nine diamond holes are approved to twin existing RC holes for metallurgical samples.

Analysis: The results give a first look at grade and thickness across a large target close to existing infrastructure, but metallurgical testwork, infill drilling and regulatory approvals all lie ahead before any resource estimate can be considered.