Hi all
Our neighbours at Lake Johnston - RDR and HNR (joint venture) - are hopeful of making a big Ni Sulphide find - and clearly looking to the prospect of toll treatment at Poseidon's LJ concentrator - only 50 kms from their Mt Gordon prospect. Their announcement today is copied below.
They may not be lucky, of course, but it shows the strategic value for POS of owning concentrators at Black Swan and Lake J. Plenty of potential additional income.... RDR (who have an 80% share of the Mt Gordon prospect)
might be a good spec buy to complement a POS holding. (Or not - lol - it all depends on your tolerance for risk). If they fall back to 0.025, and I think they will, I might just buy some....
Cheers
Dave
Nickel Drilling at Lake Johnston
Drill testing of highly prospective nickel sulphide targets has commenced
Nickel targets located adjacent to Poseidon Nickel’s Lake Johnston Project
Hannans’ 20% interest free carried by Reed Resources Ltd (ASX:RDR)
Hannans Reward Ltd (ASX:HNR) (Hannans or the Company) is pleased to advise that joint venture
partner Reed Resources Ltd (ASX:RDR) (Reed) has commenced diamond drill testing of highly
prospective nickel sulphide targets at the Lake Johnston Project, located west of Norseman in Western
Australia (refer Location Plan on page 2).
Hannans Managing Director Damian Hicks said, “The Lake Johnston region has been re-energised by
Poseidon Nickel’s recent acquisition of two nickel mines from Norilsk. The Hannans-Reed nickel targets,
located approximately 50km from the Poseidon concentrator, have been the subject of extensive
geochemical, geophysical and geological activities by both companies. Drilling has started and we’re
optimistic that Reed will encounter nickel sulphide mineralisation in the drilling.”
In 2012, Hannans intersected nickel sulphide mineralisation in a single reverse circulation (RC) drillhole
drilled to test a coincident copper-nickel auger geochemistry anomaly
1. In 2013, a geochemical analysis of
drill samples confirmed the presence of a fertile, high-MgO, reduced komatiite with the potential to host
high tenor nickel sulphides. Petrographical analysis of the samples confirmed the presence of pentlandite
and violarite (after pentlandite).
Additional petrography by Reed confirmed trace amounts of slightly supergene altered (violarite)
pentlandite plus accessory pyrrhotite and chalcopyrite coincident with the end of hole sample that
returned approximately 1% sulphur plus subgrade nickel. Hannans drilling did not penetrate the footwall
contact which is typically the prospective position for nickel sulphide accumulation in komatiite-hosted
nickel sulphide deposits. To this end, Reed Resources is planning to test the footwall position with
diamond drilling and subsequent downhole geophysical surveys (electromagnetic)
2.
Reed will drill two diamond drillholes for a total of 1,000 metres. Results of the drilling will be released by
Reed.
The HNR Announcement is at this url:
http://www.hannansreward.com/reports/121109-141020-Nickel-Drilling-LJ.pdf
The RDR Announcement is at this url:
http://www.asx.com.au/asxpdf/20141017/pdf/42szgfd2cwv2tb.pdf
(20min delay)