Stavely Minerals Unveils Promising Anomaly at Hawkstone Project - Exploration Update
SVY (SVY) Share Update November 2024 Wednesday 20th
Stavely Minerals Identifies Priority Geophysical Anomaly at Hawkstone Project
Stavely Minerals Limited (ASX: SVY) has completed its first exploration field season at the Hawkstone Nickel-Copper-Cobalt Project in Western Australia, revealing a significant geophysical anomaly that could indicate the presence of a magmatic nickel-copper-cobalt sulphide deposit.
Instant Summary:
- Completion of first field season at Hawkstone Nickel-Copper-Cobalt Project.
- Identification of a Priority-1 MLEM conductor anomaly for follow-up.
- Successful application for $220,000 WA EIS funding for 2025 drilling.
- Rock-chip results up to 0.29% Cu and 0.07% Co.
- RC drill intercepts up to 0.62% Cu, 0.03% Co, and 7g/t Ag.
Exploration Success at Hawkstone
Stavely Minerals has successfully concluded its first exploration field season at the Hawkstone Nickel-Copper-Cobalt Project, located in the promising West Kimberley region of Western Australia. The field activities, which included moving-loop electro-magnetic (MLEM) surveying and Reverse Circulation (RC) drilling, were co-funded by the WA Government's Exploration Incentive Scheme.
Assays from reconnaissance rock-chip sampling and RC drilling have confirmed the presence of widespread disseminated to weak stringer sulphides within the Ni-Cu-Co prospective Ruins Dolerite. The results include rock-chip findings of up to 0.29% copper and 0.07% cobalt, and RC drill intercepts showing up to 0.62% copper, 0.03% cobalt, and 7 grams per tonne of silver.
Geophysical Anomaly and Future Plans
A late-time Priority-1 MLEM conductor anomaly has been identified at the end of line 79300, suggesting potential for a significant magmatic nickel-copper-cobalt sulphide deposit. Stavely Minerals plans to extend and possibly infill this line based on further results. The company has also secured additional WA EIS funding of up to $220,000 for the 2025 field season, which will include drilling an 800-meter deep diamond drill-hole.
Strategic Positioning in the Kimberley
The Hawkstone Project is strategically located in an emerging magmatic nickel-copper-cobalt province, with recent discoveries such as Merlin and Dogleg nearby. These discoveries underscore the potential of the Ruins Dolerite to host large, high-grade nickel deposits. Stavely Minerals' project spans approximately 870 square kilometers, with a combination of 100% owned and joint venture tenements.
The identification of a Priority-1 MLEM conductor anomaly is a promising development for Stavely Minerals, potentially indicating a significant nickel-copper-cobalt deposit. This could positively influence the company's stock as investors anticipate future drilling results. The additional funding from the WA Government further supports the project's potential and Stavely's strategic exploration efforts.
Investor Reaction:
Analysts are likely to view the discovery of the geophysical anomaly as a positive step forward for Stavely Minerals. The company's strategic location in a proven mineral-rich region and the additional funding secured for further exploration are expected to bolster investor confidence.
Conclusion:
Investors should keep an eye on Stavely Minerals as they continue their exploration efforts at the Hawkstone Project. The upcoming drilling season and further analysis of the geophysical anomaly will be crucial in determining the project's potential. As the company progresses, it could present significant opportunities for growth in the nickel-copper-cobalt sector.