Proactive’s Tylah Tully breaks down ‘Just the Facts’ from Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) latest ASX announcement.
The company has advanced its gold exploration efforts at the Black Swan project in Western Australia. Poseidon collected 362 soil samples from a reconnaissance soil sampling program, conducted at intervals of 80 to 160 metres, covering the entire tenement. The program identified four gold-in-soil anomalies, with the most significant located at Wilson’s Prospect, near the Black Swan nickel mines.
This anomaly spans 1.4 by 1-kilometre, with assays showing up to 54 parts per billion (ppb) of gold. These results align with previous gold nugget discoveries and rock chip samples yielding up to 1.25 g/t of gold.
Historical drilling in the area revealed intersections like 0.4 metres at 6.41 g/t of gold, though only 5% of historical drill samples were assayed for gold. Poseidon Nickel emphasised the importance of gold-in-soil anomalies, which may indicate higher-grade gold systems below the surface.
The company plans further infill soil and grab sampling, alongside low-cost shallow drilling programs, to define and explore these gold targets.