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- Poseidon Nickel (POS) has been granted an exploration incentive scheme (EIS) grant from the Western Australian government for its Lake Johnston drilling program
- The $180,000 grant will cover direct drilling and mobilisation costs in an even split towards the planned Western Ultramafic exploration
- Poseidon will drill 15,000 metres targeting the basal contact of the Western Ultramafic unit which is considered a high priority area for potential economic nickel sulphide mineralisation
- The company plans to commence the program in early 2023
- Shares in Poseidon is trading steady at 5 cents at 11:40 am AEDT
Poseidon Nickel (POS) has been granted an exploration incentive scheme (EIS) grant from the Western Australian government for its Lake Johnston drilling program.
The scheme is designed to support exploration activity in underexplored areas with valid geological methodology.
The $180,000 grant will cover up to 50 per cent of direct drilling costs and the other half for mobilisation costs.
Poseidon will drill 15,000 metres to target channel features along the basal contact of the Western Ultramafic unit which is considered a high priority area for potential economic nickel sulphide mineralisation.
“Historically, the nickel exploration mindset at Lake Johnson was heavily focused on
the Central Ultramafic Unit as it hosts both the Maggie Hays and Emily Ann nickel mines,” Managing Director and CEO Peter Harold said.
“We are also assessing the lithium potential on our tenements following a number of approaches by third parties and a review of the previous lithium exploration activities carried out by Poseidon.”
The company’s program of works application has been approved by the relevant department and the Poseidon plans to commence the program in early 2023.
Shares in Poseidon was trading steady at 5 cents at 11:40 am AEDT.
