Stavely Minerals (ASX:SVY) has expanded the exploration footprint at its wholly owned Hawkstone Nickel-Copper Project in Western Australia.
The $11.45 million market capitalisation company entered into an extension of an existing agreement with privately held Kimberley Alluvials, which granted Stavely the hard-rock rights over 3 additional tenements, taking the project tenure to around 870km-square.
The 3 tenements cover portions of an interpreted deep mafic magma chamber that may represent the source of the magmatic nickel-copper-cobalt mineralisation discovered recently across the district.
This news follows after reviewing results from a recent airborne Falcon gravity gradiometer and magnetic survey, which prompted Stavely to enter into the agreement.
Stavely Minerals Executive Chairman and Managing Director Chris Cairns says Hawkstone demonstrates prospectivity and fertility and the recently completed Falcon gravity gradiometer survey sets a ‘strong’ foundation for the company’s 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 (~20km long) mafic magma chamber at depth beneath the Hawkstone Project. This chamber is considered to be analogous to the Eastern Deeps magma chamber at the world-class Voisey’s Bay nickel mine.
The additional tenure we now have hard-rock rights for, expands our footprint over that highly prospective unity. We are at the advanced stages of planning an ambitious ground geophysical program in advance of drill testing any robust conductive targets generated.”
The Hawkstone project lies in the emerging West Kimberley magmatic nickel province in Western Australia.
Stavely Minerals is a mineral resources company focused on exploring and developing its copper-gold-silver projects in western Victoria.
As of 31 December 2023, the company had $1.379 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Stavely Minerals