New EM Results Highlight Project Upside
Poseidon Nickel (ASX: POS)has identified an additional high conductance anomaly down dip of the high-grade intersections at its Golden Swan Project in Western Australia.
Managing Director and CEO, Peter Harold, said the newly interpreted DHEM plate at Golden Swan forms part of a contiguous series of open-ended EM plates now detected for over a 170m dip extent
“The recent downhole EM survey suggests the Golden Swan mineralisation is likely to extend down dip of the current intersections,” Mr Harold said.
“Given the widths and high grades of the previously reported intersections the positive EM results are very exciting news and highlight the potential for Golden Swan to grow into a sizeable deposit.
“I am delighted the Board has committed capital to construct a drill drive that will allow us to drill out the Golden Swan mineralisation to a Resource category.
“The aim is to commence the drill drive during the December 2020 quarter and be resource drilling in early 2021. Assuming Golden turns into an ore body, the drill drive could be used to access ore which would fast track Golden Swan into production, subject to reporting a Reserve and acceptable project economics.
“In the meantime, we continue drilling from the Gosling Drill Drive to test the Southern Terrace.”
Poseidon has recently extended a previously completed diamond drill hole (PBSD0029C) beneath and down- dip from the Golden Swan mineralisation intersected and reported previously.
The drill hole, by design, remained in the footwall immediately beneath Golden Swan to provide a platform for a geophysical DHEM survey to identify extensions to known mineralisation.
Poseidon has installed and commissioned a new underground geophysical transmitter loop to provide stronger EM signal and remove the influence of conductive overburden that has historically been challenging for EM survey interpretation.
The maiden survey using the new loop has proven very successful delivering high quality geophysical data and this loop is considered an important part of Poseidon’s ongoing exploration efforts at the Black Swan Project. Mr Harold said the potential to re-survey historic drillholes with modern geophysical probes and the underground transmitter loop provides an exciting exploration opportunity across both the Southern Terrace and the Black Swan Project.
