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Poseidon Nickel (ASX:POS) - Managing Director & CEO, Peter Harold
Managing Director & CEO, Peter Harold
Source: Poseidon Nickel
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  • Poseidon Nickel (POS) is progressing drilling and survey work at three deposits within its Black Swan project in WA
  • While drilling hasn’t intersected any significant mineralisation at the Peking Duck or Fledgling-Canard deposits, the Tundra-Mute deposit has returned positive nickel results
  • Poseidon has completed 11 holes at Tundra-Mute with assays received for three that have returned grades of up to 12.98 per cent nickel over 1.55 metres
  • Drilling aims to test for mineralised extensions and will help to potentially upgrade Tundra-Mute’s inferred resources to the indicated category
  • Company shares are down 4.76 per cent to trade at 10 cents each

Poseidon Nickel (POS) has provided an update on exploration activities within its Black Swan project in Western Australia.

Diamond drilling is targeting three areas at the base of the Silver Swan channel which include the Peking Duck, Tundra-Mute and Fledgling-Canard deposits. Collectively, they contain 16,000 tonnes of nickel averaging 9.5 per cent in indicated and inferred mineral resources.

The program aims to infill the inferred resources at Tundra-Mute and potentially upgrade them to the indicated category, as well as test for mineralised extensions beyond the existing resources.

Tundra-Mute

So far, Poseidon has completed 11 holes at the Tundra-Mute deposit and assays have been received for three of them

The best results include 1.55 metres at 12.98 per cent nickel from 259.6 metres, 0.6 metres at 1.31 per cent nickel from 273.4 metres, and 1.95 metres at 6.66 per cent nickel from 251.2 metres.

The company has selected some holes for downhole electromagnetic (DHEM) survey work which will help target potential extensions in the area. POS will conduct the DHEM survey once a geophysical team becomes available.

Peking Duck and Fledgling-Canard

Poseidon has completed nine drill holes at Peking Duck which primarily targeted electromagnetic (EM) plates as potential resource extensions.

While the targeted plates were successfully tested, the drill core didn’t show an economic extension of the resources, but minor remobilisation of sulphides within a fractured footwall felsic unit. Current modelling suggests that the deposit has been shortened by the Feral Fault, according to POS.

To date, three holes have been drilled at Fledgling-Canard to test for down-plunge extensions. So far, no significant mineralisation has been observed in the core. Casing has been completed and the DHEM survey will cover these holes.

DHEM surveying at Southern Terrace

The company has completed drilling and a DHEM survey of the four holes drilled up-plunge from Golden Swan. Drilling successfully tested the plates modelled from previous DHEM surveys, but no visible mineralisation or anomalism was observed.

Despite that, Poseidon still believes that Southern Terrace has the potential to host more massive sulphide mineralisation.

Managing Director and CEO Peter Harold commented on Southern Terrace.

“While the recent Southern Terrace drilling program did not intersect mineralisation or identify any significant EM anomalies, we still believe the Southern Terrace remains prospective for more high-grade nickel sulphides,” Mr Harold said.

“We are now reviewing our exploration techniques for the Southern Terrace to determine if another method may be suitable for targeting our future drilling activities.”

Additionally, the maiden resource estimate for Golden Swan has been delayed and is now expected in the last week of October.

Company shares were down 4.76 per cent to trade at 10 cents at 10:58 am AEDT.

POS by the numbers
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