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Poseidon Nickel (ASX:POS) has confirmed it’s further advanced its copper gold exploration efforts at Lake Johnston.
The company has now selected a range of copper-gold drill targets, with with the Billy Rae and Norfolk prospects of foremost interest to Poseidon geotechs.
The company confirmed Billy Ray’s prospectivity on the back of a 1km x 1.2km infill program that confirmed a “bullseye shaped” anomaly.
Recon sampling efforts at Norfolk, meanwhile – extended by further efforts on-site Poseidon’s Mantis tenement it holds rights to on a farm-in – will be chased up with a second infill sampling campaign in the coming weeks and months.
As for the Mantis tenement, there lies potential lithium mineralisation for the company to consider – but with lithium prices far less exciting than that for copper and gold (notwithstanding excitement spurred for lithium miners driven by Rio’s confirmed takeover bid for Arcadia,) the company is more interested in Billy Ray.
That’s evidenced by an imminent recon drill program to take place at Billy once “necessary approvals are in place.” Flora surveys will be conducted through Spring to ‘enable submission of the program of work.’
Not a bad turnaround for a company smashed by Indonesian nickel oversupply earlier this year. Especially if the team hits upon a major deposit.
“Due to the historic nickel focus, large areas of the Lake Johnston greenstone belt that are prospective for gold, lithium and base metals have been under explored with no surface geochemistry coverage or assays for these targeted metals,” Poseidon CEO Brendan Shalders said.
“The Billy Ray Prospect is a coherent bullseye shaped copper-gold anomaly extending onto the Mantis tenement, with the highest values concentrated on the eastern margins which have not been drill tested.”
POS last traded at 0.4cps.
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