- Poseidon Nickel (POS) gets a fresh batch of high-grade nickel results from drilling at the Golden Swan trend in Western Australia
- One hole in particular has returned grades of up to 16.5 per cent nickel within an interval of 2.1 metres at 13.79 per cent nickel
- Additionally, a downhole electromagnetic (DHEM) program confirms mineralisation extends from Golden Swan, meaning other mineralised zones may exist
- The drilling data is being used to complete a maiden resource estimate which the company expects will be delivered later this quarter
- Company shares were down 8.57 per cent to trade at 9.6 cents
Poseidon Nickel (POS) has received assays from five holes drilled at the Golden Swan trend.
Golden Swan is part of the Black Swan Project which is located around 50 kilometres northeast of Kalgoorlie, Western Australia.
The resource definition drilling program began in April this year and was designed to increase the confidence in the continuity of mineralisation to inferred and indicated levels. The drilling effort includes up to 57 holes, for 13,000 metres, with 39 holes, for 11,222 metres, completed as of July 4.
Best results from the latest batch come from hole PGSD025 and include 2.1 metres at 13.79 per cent nickel including 1.3 metres at 12.07 per cent nickel and 0.8 metres at 16.5 per cent nickel as well as a second intersection of 14 metres at 1.16 per cent nickel.
Additional results include from two other holes include 5.65 metres at 1.97 per cent nickel and 8.45 metres at 1.05 per cent nickel.
Managing Director and CEO Peter Harold was pleased with the results and the progress of the drilling program.
“Drilling continues on the resource definition program at Golden Swan with one of our best high-grade intersections returned in hole PSGD025, together with some broad lower grade intersections,” Mr Harold said.
“We will continue to release drill hole data as it comes to hand, culminating in the maiden Golden Swan Resource during the September 2021 quarter.”
Poseidon has also completed a downhole electromagnetic (DHEM) program to explore for more massive sulphide trends along the greater Southern Terrace area within the Black Swan Project.
Positively for the company, the DHEM results have confirmed the interpretation that mineralisation extends outside of Golden Swan.
The company will continue drilling and geophysical work to gain a better understanding of the mineralisation potential in the area.
Company shares were down 8.57 per cent to trade at 9.6 cents at 10:08 am AEST.