Poseidon Nickel Ltd (ASX:POS) (OTCMKTS:PSDNF) (FRA:NYG) has been granted a trading halt with assay results pending from Golden Swan Nickel Project in Western Australia.
The halt also covers the company providing a response to an ASX price and volume query received on July 1, 2021.
It will remain in place until the start of regular trading on Tuesday, July 6, or until an announcement is released to the market, whichever occurs earliest.
Shares last traded at A$0.105 just shy of the new six-year high of 11 cents reached this week while the company’s market cap is approximately A$295 million.
Strong nickel results
Last month, the company returned more strong results from resource definition drilling underway at the Golden Swan discovery of its Black Swan Nickel Project.
The assays have highlighted a series of high-grade nickel intersections, including:
- 10.55 metres at 3.17% nickel;
- 9.5 metres at 3.8% nickel and 31 metres at 2.41% nickel; and
- 1-metre at 14.5% nickel.
Additionally, one drill hole intersected two metres of massive sulphide mineralisation (visually >80% total sulphide content), which has been geologically logged as pyrrhotite-pentlandite with matrix chalcopyrite.
The program remains ahead of schedule with 29 holes completed as of June 14, 2021, for a total of 8,171 metres out of the planned 57 holes for 13,000 metres.
Poseidon Nickel aims to use the results to prepare a maiden Golden Swan resource estimate later this quarter.