Commodities, Exploration/Development, News, Nickel

Poseidon beefing up Silver Swan resource

Poseidon

Poseidon Nickel continues to make progress at its Black Swan project in Western Australia with recent drilling and surveys set to increase the resource and reserve base of the Silver Swan deposit.

Infill drilling assays within Silver Swan’s Tundra-Mute inferred resource zone highlighted an area of continuous well-developed massive nickel sulphides across 23 completed holes.

Findings were led by drill hole PTMD018, which returned 15 metres at 17.92 per cent nickel from 265 metres of drilling.

PTMD005 hit 12.9 metres at 10.63 per cent nickel from 241.1 metres, PTMD014 returned 11 metres at 13.26 per cent nickel from 288 metres, while a grade of 16.3 per cent nickel was found across 3.5 metres at PTMD015 (287.9 metres of drilling).

Eight drill holes were surveyed by Vortex Geophysics using an Atlantis down hole electromagnetic (DHEM) probe.

Seven plates recorded a conductance of more than 15,000 siemens, which is considered highly conductive. Such readings are suggestive of the presence of massive sulphides.

Poseidon managing director and chief executive officer Peter Harold said the results indicate the potential of further nickel extensions beyond what’s already been explored.

“We are delighted that the recent Silver Swan drilling has returned a series of high-grade results which will most certainly add tonnes to the resource base at Tundra-Mute,” he said.

“While these results are very significant on their own, the fact that the down hole EM (electromagnetic) survey has returned strong EM conductors is a good indication that there is additional high-grade mineralisation in the vicinity of the existing know mineralisation.”

Poseidon initially released a Black Swan scoping study in July 2018, which was denied for development due to a deteriorating nickel market following the release of the study.

The company has been working to further de-risk the project since then, whereby growing the mineral resource has been a principal strategy.

In July 2021, GR Engineering Services completed a scoping study on Black Swan, which suggested maximising the nickel tonnes produced would be the best way forward for the project.

Poseidon is currently completing a bankable feasibility study for Black Swan, which the company hopes to release in mid-2022.

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