Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF, FRA:NYG1) has fielded further high-grade assays from nine holes in the Golden Swan drilling program ahead of a maiden resource update scheduled for release in the September quarter.
The program is designed to increase confidence in the continuity of the Golden Swan mineralisation, with completion taking place ahead of schedule at the end of July with 60 holes drilled for a total of 15,968 metres drilled.
The return of assays from SGS is ongoing and once all the assays have been received the database will be supplied to Optiro Pty Ltd to model with an initial resource estimate.
Looking for more Golden Swan style mineralised zones
Poseidon managing director and CEO Peter Harold said: “The Golden Swan resource definition drilling program has been completed and assay results continue to be received.
“The latest batch of assays has some good widths and grades, including some very high-grade intervals which will bulk up the tonnes in the mineralised zone.
“Once all the assay results are received, we will be able to prepare a maiden resource which we plan to release late in the September 2021 quarter.
“Drilling is well underway on the Southern Terrace where we are looking for more Golden Swan style high-grade mineralised zones.
“The Silver Swan reserve upgrade drill program, which is designed to increase the high-grade nickel mining inventory at Black Swan, should be underway in late August.”
Drilling results
Notable results include:
- 0.8 metres at 14.3% nickel from 178.85 metres;
- 2.95 metres at 4.46% from 166.85 metres;
- 3.95 metres at 5.1% from 168 metres, including 0.7 metres at 11.9% from 168.45 metres;
- 4.6 metres at 4.04% from 178.45 metres;
- 4.15 metres at 7.69% from 174.8 metres, including 1 metre at 11.6% from 174.8 metres and 1.15 metres at 11% from 177.8 metres;
- 4.15 metres at 2.22% from 166.85 metres; and
- 12.5 metres at 2.96% from 183.5 metres, including 0.5 metres at 19.1% from 183.5 metres.