Ann: Golden Swan Drilling and DHEM Update, page-3

Golden Swan Drilling and DHEM Update
6 July 2021
KEY POINTS
 Additional intersections have been returned within the Golden Swan trend from the latest batch of
assays. Results include:
 PGSD025: 2.1 metres at 13.79% Ni including 1.3 metres at 12.07% Ni and 0.8 metres at
16.5% Ni followed by a second intersection of 14m @ 1.16%Ni.
 PGSD021: 5.65 metres at 1.97% Ni
 PGSD019: 8.45 metres at 1.05% Ni
 Recent Down Hole Electro Magnetic (DHEM) surveys results from holes that are peripheral to
Golden Swan have correlated well to the previously interpreted EM plates and the current
mineralised extents
 Both resource definition drilling and generative programs to test the greater Southern Terrace
potential continue
Poseidon Nickel (ASX: POS) (“Poseidon”, “the Company”) is pleased to provide an update on the progress
of the Golden Swan drill program with the latest batch of assays received from five holes.
Managing Director and CEO, Peter Harold, commented, “Drilling continues on the resource definition program at
Golden Swan with one of our best high-grade intersections returned in hole PSGD025, together with some broad
lower grade intersections.
As the drill densities at Golden Swan increases, the Southern Terrace morphology and the distribution of massive
sulphide within the trend have proven to be more complex than first envisaged, as is the case with many nickel
sulphide orebodies. We will use the latest EM information to ensure that the areas with the strongest EM
signatures that are typical of well-developed massive sulphides are thoroughly drill tested.
In parallel, the Southern Terrace remains prospective outside the Golden Swan mineralised zone and further
drilling and geophysics will be conducted within the greater Southern Terrace area.
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 Resource Drilling Program
The Resource Definition drilling program commenced in late April 2021 and is designed to increase confidence
in the continuity of the Golden Swan mineralisation to JORC 2012 Inferred and Indicated levels by drilling up to
57 holes for 13,000 metres of NQ2 diamond drill core.ASX Announcement
Current Drilling
Drilling to date continues to indicate a well-developed, competent felsic footwall unit that has resulted in high
advance rates. As of 4 July 2021, the program remains ahead of schedule with 39 holes completed for a total of
11,222 metres drilled. The appropriate drill hole summary table and relevant JORC 2012 Compliance Tables
for the program to date is presented in Appendix 1 and 3.
As understanding of the mineralised Golden Swan zone increases, drilling is focused on following and infilling
the mineralised zone to Indicated Resource levels of confidence (Figure 1).
The Down Hole EM program has been completed by Vortex using the Digi Atlantis system with the data
processed and interpreted by Newexco. The results confirm the known mineralisation around Golden Swan
without reporting any strong conductors away from Golden Swan within the search constraints of 50 metres
around the holes surveyed.