- Poseidon Nickel (POS) has struck a middle-upper high-grade 4-metre core section of nickel at its Lake Johnston project in Western Australia
- The company announced that results from the Maggie Hays West target prove the validity of the project
- Further drilling will now commence targeting the Maggie Hays West area
- A processing plant is already present on-site servicing the two historical underground mines within the tenement
- POS shares closed up 10.8 per cent higher, trading at 4.1 cents at market close
Poseidon Nickel (POS) has hit “exciting” nickel intersections at its Lake Johnston project in Western Australia.
The project is underpinned by two existing underground nickel mines presenting with sulphide-style mineralisation, called Emily Ann and Maggie Hays, respectively.
Prospect target Maggie Hays West has become the site of renewed interest from the geotechnical team, with Poseidon Nickel intersecting more than a four-metre wide core at 1.32 per cent nickel.
An anomalous range at the prospect predicted to contain mineralised sulphide-style nickel is thought to be some 300-metre in length. Sulphide-style nickel is easier to refine in downstream applications and is more desired by proponents in both the steelmaking and EV battery sectors.
Other hits included a 28-metre wide section at 0.66 per cent nickel and an additional seven-metre wide section at 0.70 per cent nickel.
Poseidon Nickel Managing Director and CEO Peter Harold said that the results of the 14-kilometre drilling program validated further exploration opportunities, given the success at Maggie Hays West.
“The results indicate the possibility of a mineralised target at Maggie Hays West that is up to 400m wide and corresponds to an [electromagnetic target],” he said.
“This compelling high-priority target … warrants further drilling.”
POS shares closed up 10.8 per cent higher, trading at 4.1 cents at market close.