- Poseidon Nickel (POS) identifies continuous massive nickel sulphides at its Silver Swan project in the Goldfields region of Western Australia
- The company is undertaking infill drilling at the Tundra-Mute deposit with results peaking at 15 metres containing 17.9 per cent nickel
- A downhole electro-magnetic survey also returned strong conductors, which POS says is due to the presence of well-developed nickel sulphides
- Further EM surveys are scheduled and drilling programs at Tundra Mute and below the Black Swan open pit are continuing
- Shares have been trading 4.4 per cent higher at 9.5 cents
Poseidon Nickel (POS) has identified continuous massive nickel sulphides at its Silver Swan project in the Goldfields region of Western Australia.
Part of the wider Black Swan project, the company has been undertaking exploration on the Silver Swan Channel to increase the resource and reserve base for its feed the mill strategy.
So far, 23 holes have been completed as part of the resource Infill drilling program in Tundra-Mute with two more holes in progress.
Last month, the company reported a massive nickel-copper sulphide intersection, with visual estimates being 13.6 metres of nickel-copper sulphides with an estimated true width of 9.8 metres.
Now, with assays received Poseidon said results have peaked at 15 metres at 17.92 per cent nickel from 265 metres.
Moreover, the company completed a downhole electromagnetic survey, which returned three untested conductive downhole electromagnetic conductors.
Specifically, the plates are believed to be due to the presence of well-developed nickel sulphides and are located in extensional positions to the existing Silver Swan High Grade Resources.
In conjunction with the latest results, Managing Director and CEO Peter Harold said the strong EM conductors indicate the potential for additional high-grade mineralisation within the existing known mineralisation.
“These are fantastic results and demonstrate the prospectivity of the Silver Swan
Channel,” he said.
The company has scheduled further EM surveys and the underground drilling programs continue at both Tundra Mute and below the Black Swan Open pit.
Shares were trading 4.4 per cent higher at 9.5 cents at 11:45 am AEDT.