Poseidon Nickel (ASX:POS) has launched fresh aircore and reverse circulation (RC) drilling at its Lake Johnston Project in Western Australia.
The $66.74 million market capitalisation company aims to progress several ‘highly promising’ greenfield targets along the Western Ultramafic Unit (WUU) and at the Maggie Hays West area.
At Maggie Hays West, drilling will comprise 18 aircore holes, with a further 7 slimline RC holes to be completed thereafter.
For the 6 other regional prospects along the WUU, an additional 7 slimline RC holes are planned.
The results of this program will facilitate the design and prioritisation of future deeper drilling programs targeting ‘high-grade’ nickel deposits.
Commenting on the drilling program, Poseidon Nickel Chief Executive Officer (CEO) Craig Jones says the company is ‘pleased’ to be starting drilling to follow up on the targets identified through its last reconnaissance drilling program conducted earlier in the year.
Assay results from the May 2023 reconnaissance drilling uncovered multiple targets with coincident zones of elevated nickel and copper, along with highly anomalous platinum group elements. This discovery confirmed the ‘strong’ prospectivity for nickel sulphides.
Jones says: “The Western Ultramafic Unit drilling has so far delivered positive results with coincident nickel, copper, and platinum group elements considered indicators for nickel sulphides, and we are very excited about the prospectivity of the targets already defined.”
“we are very excited about the prospectivity of the targets already defined”
Poseidon Nickel is a nickel sulphide explorer and developer with 3 projects located within the Goldfields region of Western Australia. These projects include the Windarra, Black Swan, and Lake Johnston projects.
As of 30 June 2023, the company had $5.7 million cash at hand, according to its latest quarterly report. In August, the company conducted a $6 million placement.
Write to Aaliyah Rogan at Mining.com.au
Images: Poseidon Nickel