- Poseidon Nickel (POS) provides a maiden resource estimate (MRE) for the Silver Swan Tailings located at the Black Swan Project in Western Australia
- The JORC 2012 MRE is 675,000 tonnes grading 0.92 per cent nickel and 683 parts per million cobalt, containing 6200 tonnes of nickel and 460 tonnes of cobalt
- The company is now undergoing testwork that will help support bankable feasibility study (BFS) on restarting the Black Swan Concentrator
- Just before the market opens, Poseidon last traded at 11.5 cents per share
Poseidon Nickel (POS) has provided a maiden resource estimate (MRE) for the Silver Swan Tailings located at the Black Swan Project in Western Australia.
The JORC 2012 MRE is 675,000 tonnes grading 0.92 per cent nickel and 683 parts per million cobalt, containing 6200 tonnes of nickel and 460 tonnes of cobalt.
Poseidon carried out a resource drilling program at the Silver Swan Tailings, located around 50 kilometres north of Kalgoorlie.
The program was carried out in early 2018 and included 57 vertical holes, using a sonic drill. Sonic drilling is ideally suited to tailings evaluation as there is no injection of water or other drilling fluids.
Detailed testwork is now underway at Silver Swan Tailings to optimise the blend ratio and test the optimal blend ratio with appropriate proportions of the Silver Swan and Golden Swan massive sulphides.
Results from this testwork will help support a bankable feasibility study (BFS) on restarting the Black Swan Concentrator at the 1.1 million tonnes per annum production rate.
Additionally, Poseidon signed a five-year agreement with Norton Gold Fields (NGF) to access large standing water reserves at NGF’s Golden CIties and Mulgarrie open cut mines.
This agreement complements the proposed restart at the Black Swan Concentrator.
Managing Director and CEO Peter Harold is pleased with the results from Silver Swan Tailings.
“Combining the Silver Swan tails with the Black Swan disseminated ore feed significantly improves the saleability of the Black Swan concentrate product and will assist with our discussions with potential off-takers as we progress toward a production restart,” he said.
Just before the market opens, Poseidon last traded at 11.5 cents per share.