Poseidon Nickel (ASX: POS) has reported ‘high grade’ intersections up to 17.92% nickel from infill drilling within the Tundra-Mute inferred resource boundary at its Silver Swan Channel.
Recent drilling has been tasked with growing the ‘high-grade’ resource and reserve base to power the company’s “Fill the Mill” restart strategy for its 1.1Mtpa Black Swan processing plant.
Highlight results include:
- Hole PTMD005: 12.9m @ 10.63% Ni from 241.1m
- Hole PTMD007: 6m @ 11.36% Ni from 257m
- Hole PTMD014: 11m @ 13.26% Ni from 288m
- Hole PTMD015: 3.5m @ 16.30% Ni from 287.9m
- Hole PTMD018: 15m @ 17.92% Ni from 265m
Addressing the update, Poseidon Nickel Managing Director and CEO Peter Harold said “we are delighted that the recent Silver Swan drilling has returned a series of high-grade results which will most certainly add tonnes to the resource base at Tundra- Mute.
“These are fantastic results and demonstrate the prospectivity of the Silver Swan Channel”
While these results are very significant on their own, the fact that the down hole EM survey has returned strong EM conductors is a good indication that there is additional high-grade mineralisation in the vicinity of the existing know mineralisation. These are fantastic results and demonstrate the prospectivity of the Silver Swan Channel.”
Infill drilling at Tundra-Mute is ongoing, with 23 holes already completed and a further two currently underway.
In addition, Poseidon engaged Vortex Geophysics to carry out down hole electro magnetic surveys on eight holes, which has highlighted seven ‘highly conductive’ plates measuring over 15,000 Siemens. The company notes that within the context of the Silver Swan geology, these results often point to the presence of massive sulphides.
Of these identified plates, three are considered untested and may require followup drilling to confirm the suspected presence of well-developed nickel sulphides. The company further notes that each of these plates are located in extensional positions to the current Silver Swan resource.
Images: Poseidon Nickel Ltd