Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) has identified further high-grade nickel-copper intervals in resource extension and infill drilling within and around Tundra Mute resource at Silver Swan Project in Western Australia.
The program aims to increase the confidence in the current Silver Swan resource, by converting existing resources from inferred to indicated.
To date, the company has completed 15 holes from its resource extension and infill drilling program with mineralised intervals including:
- PTMD005 - 4.9 metres of massive and stringer sulphides;
- PTMD007 - 4.2 metres of massive and stringer nickel-copper sulphides;
- PTMD014 -10.1 metres of massive and stringer nickel sulphides including 8.1 metres of massive sulphides; and
- PTMD015 - 6.2 metres of massive and stringer nickel-copper sulphides including 3.8 metres of massive sulphides.
“Good hits”
Poseidon managing director and CEO peter Harold said: “We are pleased to see some good hits within the Tundra Mute resource.
“The aim of this program is to increase the confidence in the resource, by converting existing resources from inferred to indicated and to potentially find high-grade mineralisation outside the current resources.
“These latest holes should assist in increasing the amount of material in the indicated resource category.
“We are also about to drill a couple of deeper EM holes and look forward to seeing whether the EM surveys detect any EM plates beyond the current extent of the known mineralisation.”
Visual massive sulphides in hole PTMD014 from 289.95 metres.
Forward plan
Upon successful completion of the drill program, Poseidon aims to upgrade the Silver Swan reserve which will assist the economics of its 'Fill the Mill' strategy.
In addition, the program is testing for more high-grade mineralisation outside the current resources.
Electromagnetic (EM) surveys will be conducted in holes already drilled at Peking Duck and Fledgling Canard when an EM crew is available.
Once the current resource infill drilling program is completed at Tundra Mute the plan is to drill at least two deeper holes which will be used as EM platform holes.
Further assays results are pending for all holes not previously reported, including those in this article.