Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF, FRA:NYG1) has fielded more strong assays from the Golden Swan resource drilling program within its Black Swan Nickel Project, 50 kilometres northeast of Kalgoorlie in Western Ausralia’s Goldfields region, ahead of an initial resource estimate primed for the end of September.
Designed to increase the confidence in the continuity of Golden Swan mineralisation to JORC inferred and indicated levels, the program was completed ahead of schedule at the end of July with 60 holes drilled for a total of 15,968 metres.
The drilling database has been supplied to Optiro Pty Ltd to model and the second drill rig has moved to the Silver Swan extension with results set to be announced as assays become available.
Maiden resource on track for September
Speaking to the results, managing director and CEO Peter Harold said: “The Golden Swan resource definition drilling program has been completed and all assay results have now been received.
“The final batch of assays had some good widths and grades.
“Now that all the assay results have been received the consultant geologists have commenced work on determining the maiden resource which is on track to be delivered in late September.”
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Simplified Golden Swan long section showing current pierce points and drill results.
Drilling continues on Southern Terrace
Harold continued: “Drilling is continuing on the Southern Terrace where we are looking for more Golden Swan style high-grade mineralised zones.
“Three holes have been drilled to date and a down hole EM crew is due on site this week to survey those first three holes.
“The Silver Swan Reserve Upgrade drill program, designed to increase the highgrade nickel mining inventory at Black Swan, and test for extensions is also underway.”
Results
The latest assays include:
- 3.8 metres at 5.06% nickel from 245.6 metres, including 0.6 metres at 12% from 245.6 metres and 3.1 metres at 2.21% from 262.9 metres, including 0.3 metres at 8.59% from 262.9 metres;
- 0.55 metres at 4.22% from 182.7 metres;
- 2.5 metres at 3.58% from 270.5 metres, including 0.45 metres at 7.59% from 270.5 metres;
- 5.15 metres at 8.62% from 227.35 metres, including 3 metres at 12% from 227.35 metres, including 0.65 metres at 13.9% from 227.35 metres and 1 metre at 7.32% from 228 metres.
Silver Swan and Southern Terrace
With completion of Golden Swan, one rig has moved to drill the up-plunge part of the Southern Terrace targeting some weak plates detected during the Golden Swan surveys.
These plates are of a low conductance and are thought to reflect changes in lithology or structure and not believed to be mineralised.
By targeting them the company hopes to add to the understanding of the Southern Terrace outline. A DHEM program will be conducted as and when survey crews are available.
The first three holes are scheduled to be down hole surveyed this week.