- Poseidon Nickel (POS) has discovered a massive nickel sulphides lode within the Black Swan mineralised channel
- This new lode, dubbed 'Golden Swan' and this hole, were the first in a drilling program designed to test a recently identified anomaly
- The anomaly is located towards the top of Golden Swan which continues 150 metres below surface and is largely untested
- Poseidon will now test the lower portion of the lode to provide information on continuity for use in future geophysical modelling
- The hole used for this lode will then be widened and made deeper to test the base of Black Swan
- After being reinstated back into trading, Poseidon's share price has jumped 40 per cent and shares are trading for 3.5 cents each
Poseidon Nickel (POS) has discovered a massive nickel sulphides lode within the Black Swan mineralised channel.
This new lode is called Golden Swan and this hole was the first in a drilling program that was designed to test a recently identified electromagnetic (EM) anomaly.
This anomaly is located in a similar stratigraphic location as the previously identified Gosling Massive Sulphide orebody which produced 121,417 tonnes at 4.4 per cent nickel.
"This is a very significant discovery in the context of Black Swan given it is only the second time significant massive sulphides have been intersected within the Black Swan disseminated channel since the discovery of the Gosling Lode in 1996," Managing Director and CEO Peter Harold said.
"This major achievement is a testament to the efforts of our geological team and our geophysics consultants. We are very much looking forward to seeing how this new discovery unfolds," he added.
This new massive nickel sulphide lode is located towards the top of Golden Swan which continues 150 metres below surface and is largely untested.
This core has been logged and sampled and is now on the way for priority lab analysis.
The discovery of Golden Swan finds that massive sulphides are grouping together on the Black Swan channel floor.
Poseidon has understood that the Black Swan lava floor has been widening and slowing down, thus allowing sulphides to naturally drop to the channel floor.
The beliefs of this is that the extent of massive sulphides at Golden Swan are not limited by the size of the felsic rocks but rather the size and geography of the main channel floor.
Poseidon will now test the lower portion of Golden Swan to provide information on continuity and depth for use in future geophysical modelling.
The hole used for this discovery will then be extended to 1000 metres in length and 1300 metres below surface to test the base of the Black Swan channel for massive sulphides.
After being reinstated back into trading, Poseidon's share price has skyrocketed 40 per cent and shares are trading for 3.5 cents each at 12:41 pm AEDT.