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- Poseidon Nickel (POS) has received excellent assays from the Golden Swan discovery
- Golden Swan lies within the Black Swan Project in the Goldfields region of WA
- One hole returned high grades of up to 13.8 per cent nickel which is nearby to a hole that previously intersection 8.8 per cent nickel
- Additionally, one hole intersected a 2.7-metre zone of stringer nickel sulphides and semi-massive nickel sulphides
- Poseidon is now considering several options to realise the exploration potential for Golden Swan and the Southern Terrace
- Company shares are up 2.08 per cent and trading for 4.9 cents
Poseidon Nickel (POS) has received excellent assays from the Golden Swan discovery.
Golden Swan lies within the Black Swan Project which is located approximately 600 kilometres east of Perth and 50 kilometres northeast of Kalgoorlie, in Western Australia.
Hole PBSD030B confirmed a 50-metre up-plunge continuation of high-grade mineralisation from hole PBSD029A, which previously intersected 7.6 metres (4.3 metres true width) at 8.8 per cent nickel.
The high-grade nickel and good widths in both holes are similar and suggest positive continuity of mineralisation between the holes.
The best result from PBSD030B includes nine metres (4.5 metres true width) at 10.46 per cent nickel including 4.6 metres (2.3 metres true width) at 13.8 per cent nickel.
“The latest assay and drill results confirm the significance of the Golden Swan discovery. The thick, high-grade nickel intersections in combination with favourable geological setting is pointing to something very exciting,” CEO and Managing Director Peter Harold said.
Additionally, a third intersection has been achieved by hole PBSD030C. The intersection extends the known mineralisation over a plunge of 130 metres.
Further, a second semi-massive sulphide intersection in the same hole is located on a continuation of the up-plunge part of the Southern Terrace. This represents mineralisation in the upper part of the Souther Terrace which extends above the Golden Swan pinch-out structure. These structures are reportedly common in nickel deposits.
Next steps
Poseidon is currently extending the PBSD029 down-hole electromagnetic (DHEM) platform hole which runs in the footwall and down plunge of the Golden Swan mineralisation.
Depending on the electromagnetic response, the company may conduct further exploration.
Poseidon is also considering surface and underground drilling, as well as a potential exploration drill drive to explore the Southern Terrace.
In regards to Golden Swan, preliminary metallurgical test work will soon commence to better understand how to utilise the high-grade resource.
Company shares are up 2.08 per cent and trading for 4.9 cents each at. 11:27 am AEST.
