Stavely Minerals expands exploration footprint

Stavely Minerals Limited (ASX: $SVY) has strategically expanded its exploration footprint at the Hawkstone Nickel Project in the West Kimberley region of Western Australia through an Earn-in and Joint Venture agreement with Falcon Metals Limited (ASX: $FAL). The agreement includes minimum expenditure equal to two-years' statutory minimum expenditure on the tenements, $500,000 expenditure for Stavely to earn an 80% equity interest in the tenure, formation of a Joint Venture with Falcon free-carried to a decision to mine, and acquisition of the non-proceeding interest on a fair value basis if not proceeding to mine development with contributions on an equity basis.

Executive Commentary on Joint Venture Agreement

Falcon Metals Managing Director, Tim Markwell, expressed pleasure in securing a strategic entry to the emerging West Kimberley magmatic nickel province through the Earn-in and Joint Venture Agreement with Stavely Minerals. Stavely Minerals' Executive Chair and Managing Director, Mr Chris Cairns, highlighted the Hawkstone Nickel Project as an exceptional walk-up exploration opportunity with high prospectivity and fertility for major new magmatic nickel sulphide discoveries.

Summary of Joint Venture Agreement and Exploration Outlook

Stavely Minerals has strategically expanded its exploration footprint at the Hawkstone Nickel Project through a Joint Venture with Falcon Metals, aiming to explore the emerging West Kimberley magmatic nickel province. The agreement outlines the terms for minimum expenditure, equity interest, Joint Venture formation, and acquisition of non-proceeding interest. The Hawkstone Project represents a relatively under-explored opportunity for a significant discovery in an emerging mineral field. The company aims to capitalize on the prospectivity and fertility of the Ruins Dolerite, as demonstrated by the Merlin and Dogleg discoveries. The gravity and magnetic data provide a strong foundation for future exploration programs, with plans for an ambitious ground geophysical programme in advance of drill testing robust conductive targets. The Hawkstone Project's proximity to recent nickel-copper-cobalt discoveries and the presence of a large gravity anomaly suggest the potential for significant mineralisation, akin to world-class deposits like Voisey's Bay and Nova/Bollinger. Stavely Minerals is optimistic about the exploration outlook and the potential for new discoveries in the West Kimberley region.