Poseidon Nickel (ASX: POS, 'the Company') is delighted to advise that laboratory results have been received from drill hole PBSD0029D.
The latest intersection is 50m up dip of hole PBSD0030B which returned 9m (4.5m true width) at 10.46% Ni and 100m up dip of hole PBSD0029A which intersected 7.6m @ 8.8% Ni (4.3m true width) - refer ASX releases dated 18 August 2020 (Golden Swan assays confirm exceptional drill intersection) and 12 October 2020 (DHEM Targets Expands Golden Swan Potential).
The thickness and high grade of all intersections achieved to date demonstrate the significance of the Golden Swan discovery. Hole PBSD0029D may also indicate that the previously identified, separate DHEM plates outlining the known Golden Swan mineralisation are a continuous horizon of nickel sulphides accumulating upon the Southern Terrace.
Drilling has been paused pending a review of the recent results and an evaluation of possible drill positions which may be more suitable to continue to drill test Golden Swan and the Southern Terrace. Construction of the Golden Swan drill drive will commence in early December and is due to be completed in February 2021 with resource drilling to commence once the drive is completed.
Tel: + 61 (0)8 6167 6600
About Poseidon Nickel Limited
Poseidon Nickel Limited (ASX Code: POS) is a nickel sulphide exploration and development company with three projects located within a 300km radius of Kalgoorlie in the Goldfields region of Western Australia. The Company has a resource base of around 400,000 tonnes of nickel and 180,000 ounces of gold. Poseidon's strategy is focused on the exploration and eventual restart of its established nickel operations in Western Australia where project risk capital and operating costs are low. A critical element of this strategy has been to acquire projects and operations with high levels of geological prospectivity likely to lead to potential substantial extension of the operation's life through the application of modern exploration techniques. Poseidon owns the Windarra, Black Swan and the Lake Johnston Nickel Projects. In addition to the mines and infrastructure including concentrators at Black Swan and Lake Johnston, these projects have significant exploration opportunities demonstrated by the discovery of the Abi Rose deposit at Lake Johnston and the recent discovery of the Golden Swan mineralisation at Black Swan. The Company is also undertaking a Definitive Feasibility Study on retreating the gold tailings at Windarra given the strength of the A$ gold price.
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