Good write up on Poseidon in the Mineweb.JUNIOR MININGHIGH GRADE...

Good write up on Poseidon in the Mineweb.

JUNIOR MINING
HIGH GRADE INTERSECTIONS

In the early 1970s a drilling programme at Windarra near Laverton sparked the frenetic nickel boom in Western Australia and the company involved was Adelaide-based Poseidon Ltd. Another company of the same name announced today some positive drill intersections but without the same frenzy.

Author: Ross Louthean
Posted: Friday , 18 Apr 2008

PERTH -

A regional exploration programme by Poseidon Nickel Ltd (ASX: POS) has produced what the company claimed to be "further high grade nickel sulphides at Windarra.

Today's announcement included a diamond drill hole that produced from 743 metres downhole an intercept of 1.65 metres grading 6.38% nickel, including a high grade massive sulphide zone of 0.61m @ 13.4% Ni.

This drill hole intercepted a thicker ore zone from previous intersections that included a wedge hole with 0.37m @ 17.58% Ni and two other holes with 0.56m @ 13.49% and 0.95m @ 6.45%, all downhole in the 650-790m range.

Managing director David Singleton said that as part of regional exploration, the company had acquired surrounding tenements where it had been confirmed that fold repetitions and dislocated segments of the Windarra stratigraphy occur to the east of Mount Windarra.

"Limited historic surface trenching has occurred around these outcrops but no drilling is evident," he said.

Company geologists are "excited" by what they have seen at the Cork Tree Well prospect and are confident drilling will confirm a connection with the Mt Windarra belt.

Poseidon Nickel was Niagara Mining until high profile Perth mining identity Andrew (Twiggy) Forrest bought out Kalgoorlie businessman Doug Daws and his stockbroking son Chris and, with options, now is the dominant shareholder.

Despite the frenzy that saw the original Poseidon company's shares briefly hit +$A100/share in thin trading in London, neither the project nor the original company ever lived up to expectations and other companies, including Shell Minerals tackled the projects with its problems with mining performance and ground conditions. Eventually it was taken over by WMC Resources which re-opened it and operated until mid 1986.

The Poseidon company had, by that stage, left the Laverton scene and took up leases on Kalgoorlie's famous Fimiston (Golden Mile) gold leases and was taken over and absorbed by Robert de Crespigny's Normandy Mining empire. This proved a valuable asset for the then Normandy Poseidon group when open cut mining developed at Fimiston and is now home of the Super Pit, Australia's biggest gold mine.