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Poseidon Nickel (ASX:POS) - Non Executive Chairman, Derek La Ferla
Non Executive Chairman, Derek La Ferla
Source: Poseidon Nickel
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  • Poseidon Nickel (POS) receives final results from its drilling program at Golden Swan, located within the Black Swan Project in Western Australia
  • The drilling program commenced late April and these latest results show “good widths and grades”
  • Poseidon completed the drilling program ahead of schedule at the end of July with 60 holes drilled for 15,968 metres
  • Additionally, drilling is continuing on the Southern Terrace where the company is looking for further high-grade mineralised zones
  • Just before the market open today Poseidon is sitting at 12 cents per share.

Poseidon Nickel (POS) has received the final results from its drilling program at Golden Swan.

Golden Swan is located within The Black Swan Project, about 600 kilometres northeast of Kalgoorlie, Western Australia.

The drilling program commenced late April and was designed to increase the confidence of mineralisation at the project to inferred and indicated levels.

The company completed the drilling program ahead of schedule at the end of July with 60 holes drilled for 15,968 metres.

Results from the latest bunch of assays showed “good widths and grades”.

This included 3.8 metres at 5.06 per cent nickel from 245.6 metres, including 0.6 metres at 12 per cent nickel from 245.6 metres and 3.1 metres at 2.21 per cent nickel from 262.9 metres.

Managing Director and CEO Peter Harold commented on the results.

“The Golden Swan Resource definition drilling program has been completed and all assay results have now been received. The final batch of assays had some good widths and grades,” Mr Harold said.

“Now that all the assay results have been received the consultant geologists have commenced work on determining the maiden resource which is on track to be delivered in late September.”

Additionally, drilling is continuing on the Southern Terrace where the company is looking for more Golden Swan style high-grade mineralised zones.

“Three holes have been drilled to date and a down hole EM crew is due on site this week to survey those first three holes. The Silver Swan Reserve Upgrade drill program, designed to increase the highgrade nickel mining inventory at Black Swan, and test for extensions is also underway,” Mr Harold said.

Just before the market open today Poseidon was sitting at 12 cents per share.

POS by the numbers
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