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- Nickel sulphide explorer and developer Poseidon Nickel (POS) has entered a trading halt ahead of a capital raise
- At this stage, it is unclear how much Poseidon will raise or what it will use the funds for
- However, construction on the Golden Swan Drill Drive Project has begun, which will allow resource definition drilling to commence
- Once this project has been completed in the next three months, Poseidon will immediately begin drilling on the mineralisation at Golden Swan in WA
- Poseidon last traded at 6.7 cents on Wednesday, December 9
Poseidon Nickel (POS) has entered a trading halt ahead of a capital raise.
The company expects to release the details in the next two days prior to market open on Monday, December 14.
Poseidon Nickel is a nickel sulphide explorer and developer with three wholly-owned nickel projects under its belt.
At this stage, it is unclear how much Poseidon will raise or what it will use the funds for.
Yesterday, the company advised its contractee, WestAuz Mining, has begun construction on the Golden Swan Drill Drive Project, which will provide a platform for resource definition drilling on the Golden Swan mineralisation.
“The Golden Swan Drill Drive will provide an excellent location to further drill test for potential extensions of Golden Swan and for other mineralised zones within the Southern Terrace,” Managing Director and CEO Peter Harold said.
“Importantly, the Golden Swan Drill Drive will enable the rapid exploitation of the Golden Swan mineralisation, if it is proven to be economically viable,” he added.
This construction project is expected to be completed in February next year and Poseidon plans to begin drilling immediately. Whether or not the capital raise will support this is not yet known.
Poseidon last traded at 6.7 cents on Wednesday, December 9.
