new sulphide ni hits, page-5

Poseidon higher on Windarra nickel find
20th January 2009, 10:15 WST

Shares in Andrew ‘Twiggy’ Forrest’s Poseidon Nickel rose on news the explorer had discovered a new nickel sulphide deposit called Cerberus at its Windarra nickel project, boosting the project's resource base by 40 per cent.

Poseidon inched one cent, or 3.33 per cent, higher to 31 cents at 10.10am.

The company said the total resource at the project in the indicated and inferred category of Australia's mineral reporting code, JORC, stood at 88,369 tonnes of contained nickel metal.

It said the average grade was 2.45 per cent.

“The discovery is the first major JORC compliant resource identified on the historic Poseidon tenements since the 1970s and follows an intensive drilling programme conducted during 2008,” Poseidon said.

The Poseidon nickel deposit, near the goldfields town of Laverton, sparked Australia’s greatest speculative share market rush in late 1969 when supply of the metal was tight.