Poseidon Nickel Ltd (ASX:POS) (OTCMKTS:PSDNF) (FRA:NYG) has returned more strong assay results from resource definition drilling underway at the Golden Swan discovery of its Black Swan Nickel Project in Western Australia.

Assays have highlighted a series of high-grade nickel intersections of:

  • 10.55 metres at 3.17% nickel;
  • 9.5 metres at 3.8% nickel and 31 metres at 2.41% nickel; and
  • 1-metre at 14.5% nickel.

Additionally, one drill hole intersected two metres of massive sulphide mineralisation (visually >80% total sulphide content), which has been geologically logged as pyrrhotite-pentlandite with matrix chalcopyrite – with assays pending.

The program remains ahead of schedule with 29 holes completed as of June 14, 2021, for a total of 8,171 metres out of the planned 57 holes for 13,000 metres.

Maiden resource in third quarter

Poseidon managing director and CEO Peter Harold said: “Drilling has continued on the resource definition program at Golden Swan with more high-grade intersections reported.

“With each hole our understanding of the Golden Swan mineralisation increases.

“Our geological team is also utilising this program to create more EM platforms to allow us to test the greater potential of the Southern Terrace to host more massive sulphide mineralisation.

“We will continue to release drill hole data as it comes to hand, culminating in the maiden Golden Swan Resource during the September 2021 quarter.”

Golden Swan long section showing current pierce points and drill results.

Southern Terrace prospectivity

Further DHEM platforms have been established to explore for additional massive sulphide trends along the Southern Terrace.

The company’s increased knowledge of the uneven topography of the Southern Terrace surface indicates that the Golden Swan mineralisation defined to date is not a unique occurrence – suggesting other mineralised zones may exist within the Southern Terrace area.

Outer holes to the Golden Swan trend are being drilled and cased with PVC to allow for future DHEM surveys to test outside of the known mineralisation.

DHEM surveys will be conducted in the next few weeks with follow up drilling to occur shortly afterwards if new DHEM anomalies are detected.