Stavely Minerals has concluded the purchase of Chalice Mining’s Hawkstone Nickel-Copper-Cobalt Project in the West Kimberley region of Western Australia.

Located along strike from the Buxton Resources/IGO joint venture-owned Double Magic Project, which hosts the Merlin nickel-copper-cobalt discovery, the Hawkstone Project covers an area of 600km².

The project is also said to be highly prospective for pegmatite-associated lithium mineralisation.

Under the agreed terms, which were announced in May 2023, Stavely Minerals has made a cash payment of A$50,000 ($32,379m) as a deposit.

The deal consideration also includes issuance of 10,633,534 fully-paid Stavely Minerals shares, and 3,917,618 of performance rights that convert to ordinary shares, subject to the “satisfaction of the milestone of receiving approval of the five-year extension of the term of E04/2299” on or before 31 January 2024.

The consideration also includes performance rights of 559,659, which convert to ordinary shares. This is conditional on the satisfaction of the “milestone of receiving approval of the five-year extension of the term of E04/2325” on or before 31 January 2024.

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By GlobalData

Stavely Minerals said it has completed a 3,700 line-kilometres airborne gravity gradiometer survey over the Hawkstone Project. The data processing is being carried out, with results expected in four to six weeks.

Stavely Minerals executive chair and managing director Chris Cairns said: “The Hawkstone Project is an exceptional exploration opportunity in a geological setting that has demonstrated prospectivity and fertility.

“This new gravity data will provide an independent and very complementary dataset of bedrock geophysical properties.

“Notably, the gravity and magnetic data penetrates the shallow transported cover/black soil plains in the region that otherwise obscure much of the basement geology. We look forward to the results of this gravity gradiometer and magnetic survey, which we expect will reveal numerous targets that will need to be followed up and tested in the months and years ahead.”