Stavely Minerals has expanded its exploration footprint at its Hawkstone nickel-copper project through an earn-in and joint venture agreement with Falcon Metals.
The Hawkstone nickel-copper project is located in the West Kimberley region of Western Australia. Stavely acquired the project from Chalice Mining in August 2023 for $1.4 million.
Hawkstone is located about 1km along strike from the IGO-Buxton Resources joint venture at the Double Magic project, near the Merlin and Dogleg nickel deposits.
“Our Hawkstone nickel project is an exceptional walk-up exploration opportunity in a geological setting that has demonstrated prospectivity and fertility for major new magmatic nickel sulphide discoveries,” Stavely Minerals executive chair and managing director Chris Cairns said.
“Stavely Minerals’ recently completed Falcon gravity gradiometer survey sets a very strong foundation for our forward exploration programs to build upon. Both the gravity and magnetic data clearly show that the nickel-prospective ruins dolerite traverses our tenure for meaningful strike lengths of approximately 30 kilometres.
“Importantly, the gravity data from that survey are interpreted to show a large mafic magma chamber at depth beneath the Hawkstone project.
“We are at the advanced stages of planning an ambitious ground geophysical programme in advance of drill testing any robust conductive targets generated.”
The terms of the agreement include:
- minimum expenditure equal to two-years’ statutory minimum expenditure on the tenements
- expenditure of $500,000 for Stavely to earn an 80 per cent equity interest in the tenure
- formation of a joint venture with Falcon free carried to a decision to mine
- if not proceeding to mine development with contributions on an equity basis, acquisition of the non-proceeding interest on a fair value basis.
“Falcon Metals is pleased to have secured a strategic entry to the emerging West Kimberley magmatic nickel province through this earn-in and joint venture agreement with Stavely Minerals,” Falcon Metals managing director Tim Markwell said.
“The IGO/Buxton Dogleg nickel sulphide discovery demonstrates the potential for new nickel discoveries, and we believe there is outstanding potential to discover more high-tenor magmatic nickel sulphide mineralisation across this district.”