Caravel Minerals Limited announced that it has executed a joint venture agreement ("JV Agreement") with Round Oak Minerals Pty Limited (Round Oak) for the Mt William Ni-PGM prospect ("Mt William"). Mt William is subject to Exploration License application E70/2338 and is located near Waroona, 100km south of Perth, in the South West Yilgarn Terrane. The main target at Mt William is a 3.5km long, very prominent magnetic feature that is interpreted to be a layered mafic complex with potential for Ni-PGM mineralisation. The 2020 discovery of Ni-Cu-PGM mineralisation at Julimar in the Gonneville layered mafic complex has further highlighted the prospectivity of the Mt William magnetic complex, as both of these intrusions are situated in similar geological settings within the South West Yilgarn Terrane. Mt William shows a very similar style of magnetic anomaly with discrete layering clearly visible and a character consistent with the chonolith style of intrusion at Gonneville. The Mt William intrusion is substantially larger than the Gonneville intrusion with over 3.5km of strike length compared to around 1.5km at Gonneville. The prospect area is dominated by deep laterite weathering profiles typical of the Darling Plateau, with no outcrops present in the area to indicate basement geology and the source of the magnetic anomaly. There is no recorded previous exploration or drilling in this area other than shallow drilling for bauxite exploration to the north.