Burely Minerals’ first pass airborne EM survey at its Yerecoin project has returned eight EM anomalies in a nickel-copper-PGE heavy province.
Two of the EM anomalies are located at Yerecoin South where the closest drillhole (YS12DD009) to YVC1 intercepted ultramafic rock units beneath the BIF units.
Burley Minerals (ASX:BUR) is confident that the results from the first major exploration at Yerecoin since 2012 – and the first ever for nickel-copper-PGEs — warrant follow up.
Neighbouring explorers like Chalice Mining (ASX:CHN) and Caspin Resources (ASX:CPN) have both conducted airborne EM surveys that have led to the identification of nickel-copper-PGE bearing ultramafic rock units.
EM results highly encouraging
Burley managing director Gary Powell said the results of the EM survey are highly encouraging.
“We are very pleased with the survey having identified a number of electromagnetic VTEM anomalies,” he said.
“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.
“The conductors are potentially associated with nickel, copper, cobalt, PGE type mineralization similar to the style that they’re finding down a Julimar and on Caspin’s property, and other companies around us.
“And the ultramafic units have actually been recognized in drilling that was completed about nine years ago, so the nickel copper potential was recognised but never really followed up.
“There was also no assaying for PGEs, so given the recent successes, and what people are finding in our neighbouring blocks, the results are highly encouraging.”
Iron ore and base metals exposure
Notably, the project also has JORC 2012 compliant indicated and inferred mineral resource totalling 247 million tonnes of coarse-grained magnetite at an average grade of 30% iron.
“There’s actually two commodities or two groups of commodities on the same tenement block,” Powell said.
“We have a sizeable iron ore resource with significant existing mining, processing and transport studies surrounded by instrastrucutre, which we can proceed to a preliminary feasibility study, and then we also have the exploration potential of the nickel copper mineralisation.
“So, we’ve got two hands in the cookie jar so to speak, it’s a two-pronged approach and it bodes especially well with the commodity prices looking good right now.”
Next steps
The company is now planning an infill and extension ground geophysics survey involving fixed loop time domain electromagnetic (FLTEM) and moving loop time domain electromagnetic (MLTEM) surveys.
“There’s some anomalies that stand out more than others so we’re just in the process of prioritizing them,” Powell said.
“The next step is then to go in with a ground-based survey to infill that to much closer spacing and a lot more detail to verify the conductors and better define drill targets.”
This article was developed in collaboration with Burley Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.