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    Poseidon Nickel reports second massive sulphide intersection at Golden Swan

    Poseidon Nickel (ASX: POS) announced that the second intersection into the recently discovered Golden Swan Deposit located within its Black Swan komatiite channel near Kalgoorlie, Western Australia has extended the discovery.

    The company announced that hole PBSD0030B intersected 9.0m of massive and stringer nickel sulphides in the newly discovered Golden Swan Deposit.

    POS noted that the latest intersection is ~50m up-dip of discovery hole PBSD0029A which intersected 7.6m @ 8.8% Ni including 2.1m of massive sulphides grading 15.9% Ni.

    The Golden Swan massive nickel sulphides sit on a newly identified and highly prospective felsic terrace that potentially parallels the nearby Silver Swan underground mine. The company said that the drilling is continuing at Golden Swan.

    Black Swan project

    The Black Swan Project is located approximately 600km east of Perth and 50km northeast of Kalgoorlie, Western Australia, and 300kms South of Poseidon’s Windarra Nickel Project.

    The Black Swan project comprises the Silver Swan underground mine, the Black Swan open pit, and the Black Swan 2.2Mtpa Concentrator with 191,400t of nickel metal in resource.

    Black Swan open-pit is centred on M27/39 and extends into M27/200. Silver Swan is wholly located on M27/200. They are located 42.5km NE of Kalgoorlie. They are registered to Poseidon Nickel Atlantis Operations Pty Ltd, a wholly owned subsidiary of Poseidon Nickel Ltd, following the purchase of the assets.

    Golden Swan deposit

    The company had recently discovered Golden Swan Deposit. The Golden Swan massive sulphides are occuring on the base of the Black Swan channel.

    Drilling at Golden Swan

    In March 2020, POS discovered high-tenor massive nickel sulphides in the first hole of the drill program, PBSD0029A, at Golden Swan.

    PBSD0029A

    The diamond drill hole PBSD0029A intersected 19.5m (11.5m true width) of visual confirmation of nickel-bearing, highly mineralised komatiite including 2m of high-tenor massive sulphides between 739.5m and 759m downhole.

    Logging of PBSD0029A showed massive sulphides from the Black Swan channel lying between two felsic footwall units whilst a lower hole, PBSD0029B was predominantly felsic and unmineralised.

    The company has now announced the second intersection into the recently discovered Golden Swan Deposit. POS said that the geological intersection for hole PBSD0030B is of similar sulphide mineralogy to that seen in discovery hole PBSD0029A.

    Drill hole PBSD0030B

    Poseidon said that the study of the core from the latest and highest intersection (PBSD0030B) shows massive sulphide at the base of the Black Swan channel lying on top of a felsic footwall. The company said that below this is an older, unmineralised ultramafic.

    POS has currently reported the geological details of PBSD0030B.

    Assays pending

    The company said that the core is being logged and cut and will be delivered to the assay lab as soon as possible. POS said that the assays for PBSD0030B are pending and are expected within two weeks.

    Additional assays from PBSD0029A

    Poseidon has reported assays for the discovery hole PBSD0029A which include additional significant assays for Pt, Pd, and Au that were not announced previously as the results were unavailable. The composite assay results from discovery hole PBSD0029A are as below.

    Geological model emerging

    POS announced that the modelling of the drill holes and surrounding EM platform holes has led to the identification of a felsic terrace that extends out into the Black Swan channel on which the Golden Swan massive sulphides are accumulating.

    The company said that this is a similar channel edge formation to that seen at the Silver Swan Mine, Mt Windarra and Cosmos where the terrace interaction with the mineralised komatiite flow facilitates the accumulation of significant amounts of massive sulphides onto the felsic “footwall”, proximal to large, disseminated sulphide bodies.

    3D modelling of ST underway

    POS said that detailed 3D modelling of what the Company has named the “Southern Terrace” (ST) is underway to aid the targeting of additional drill holes and EM platforms to expedite exploration of the Golden Swan discovery.

    Poseidon said that the identification of the ST assists in explaining the subtle complexities noted in the recent drilling intercepts and should help to predict areas to be targeted in the future.

    POS reported that once modelling of the ST is completed, a more comprehensive model of massive sulphide formation will follow, and the Company can then begin to quantify an Exploration Target.

    Updates and future plans

    POS reported that the drilling is continuing with a wedge off the current hole targeting the EM response up-dip for the second intersection.

    The company said that a platform EM hole has been prepared (PBSD029) and an EM survey will be undertaken from this hole once the hole is reamed out.

    Poseidon said that it expects to undertake further resource definition and grade control drilling at Golden Swan. The company said that mineralogical and metallurgical recovery studies will be conducted on the drill samples.

    Management comments

    Poseidon’s Managing Director and CEO, Peter Harold said: “This latest intersection has been worth waiting for after operational delays caused by COVID and then the completion of the important Downhole Electromagnetic (DHEM) platform hole below Golden Swan slowed progress.

    The recently completed drill hole confirms the nickel sulphide nature of the EM responses measured to date and we are looking forward to receiving the assays. With the installation of the underground loop nearing completion we hope to highlight further potential around the current Golden Swan intersections as our geological understanding of this area improves.“

    Jonathan Norris
    Jonathan is a founder of Mining.com.au and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.

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    • Delayed Prices (USD) - Last Updated 27-06-2022
    • Gold $1,826.40
    • Silver $21.14
    • Platinum $908.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $113.98
    • Aluminium $2,456.00
    • Cobalt $72,400.00
    • Copper $8,381.00
    • Lead $1,915.00
    • Nickel $22,400.00
    • Tin $24,590.00
    • Zinc $3,350.00