Stavely Minerals has expanded exploration at its Hawkstone nickel-copper project in Western Australia through an earn-in and joint venture (JV) agreement with Falcon Metals.
Under the agreed terms, Stavely Minerals is committed to a minimum expenditure that aligns with two years' statutory requirements for the tenements.
The company will also invest A$500,000 ($324,900) to secure an 80% equity interest in the tenure.
The formation of the JV also stipulates that Falcon Metals will be free-carried until a decision to mine is made.
Should the project not advance to mine development, contributions will be made based on equity, or the non-proceeding interest will be acquired at fair value.
The Hawkstone Project is situated nearly 1km along strike from the Buxton Resources/IGO JV at the Double Magic Project.
This proximity to recent discoveries underscores the project's significance within the emerging West Kimberley magmatic nickel province.
Last July, Stavely Minerals took proactive steps to enhance its understanding of the Hawkstone Project's potential by commissioning Xcalibur Aviation.
The aviation company conducted an airborne gravity survey using its advanced Falcon Plus gravity gradiometer system, which is expected to provide valuable data to guide future exploration efforts.
Stavely executive chair and managing director Chris Cairns said: “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.
“The Merlin nickel-copper-cobalt discovery is a high-tenor nickel discovery (~8% Ni), an attribute which can be very important in terms of economic potential. Located just 1km from the Hawkstone Project tenement boundary, the Merlin discovery is significant in several respects.
“Technically, it demonstrates that the geological processes required to form a magmatic nickel sulphide deposit have occurred within the Ruins Dolerite, and the Hawkstone Project contains some 30km of strike continuation of this highly prospective yet underexplored unit.”
Last August, Stavely Minerals closed the acquisition of the Hawkstone nickel-copper-cobalt project.
