HAWKSTONE PROJECT

The Hawkstone Project covers an area of over 600 square kilometres over highly prospective stratigraphy in the west Kimberley, in northern Western Australia. The project includes five100% owned granted tenements, E04/2299, E04/2325, E04/2784, E04/2918 and E04/287. Five granted tenements with 100% ownership of the hard-rock mineral rights, E04/1169, E04/2563, E24/2405, E04/2717 and E04/2623 as well as two 100% owned tenement applications, E04/2877 and E04/2878.

The Kimberley region is vast and remains significantly under‑explored, largely due to its remoteness and the high logistical cost of conducting field programs. Much of the area has seen little to no systematic exploration since the 1970s, and it has not been assessed using modern geophysical, geochemical, or drilling techniques.

Stavely Minerals Limited is targeting Nova-style magmatic Ni‑Cu sulphide mineralisation within the Hawkstone Project, located in the Proterozoic belts of the west Kimberley.

A major catalyst for renewed exploration interest in the region was the 2015 discovery of high‑grade massive nickel sulphide within the Ruins Dolerite at the Merlin Prospect, situated approximately 1 km northwest of the Hawkstone Project. This discovery, made by Buxton Resources, demonstrated the presence of a fertile magmatic system capable of producing high-tenor nickel sulphides, with the Merlin Prospect reporting an average nickel tenor of ~8% (2018 estimate).

More recently, the Dogleg Prospect, also within the Buxton–IGO Double Magic and Quick Shears JV, has delivered additional intersections of massive nickel sulphide, further confirming the fertility of the Ruins Dolerite along this structural corridor.

The Hawkstone Project lies directly along strike from both the Merlin and Dogleg discoveries and is positioned on the same gravity ridge, indicating a continuation of the prospective intrusive system. This structural and geophysical alignment, combined with the proximity to known high‑grade mineralisation, presents a compelling opportunity to drill for similar nickel sulphide mineralisation within Stavely’s tenure.

In 2023 the Company completed a detailed airborne gravity gradiometer survey over the Hawkstone Project. The previously available gravity survey over the project was of poor resolution (GSWA regional survey with ~400m grid cell size). IGO/Buxton have found that conducting detailed gravity shows very high resolution of the Ruins Dolerite stratigraphy and is useful in defining specific prospective units. IGO/Buxton noted that all the EM conductors associated with sulphides are also associated with gravity highs.

The target mineralisation consists of primary orthomagmatic intrusion related Ni-Cu-Co sulphides within magmatically differentiation and layered mafic- ultramafic intrusive igneous sills of the host Ruins Dolerite. The Hawkstone Project is also highly prospective for pegmatite-associated lithium mineralisation, with a number of historic tin-tungsten-tantalum mines/occurrences in the area indicative of potentially lithium-prospective pegmatites derived from the highly fractionated Mondooma and Lennard Granites.