Poseidon Nickel has announced exciting results from its latest drill program at its Lake Johnston site.
Assay results along the previously defined Western ultramafic unit have identified seven zones of anomalous nickel.
The most notable of these nickel and copper intersections were made at the Maggie Hays West prospect. According to Poseidon Nickel, the prospect could represent a mineralised, open-ended channel up to 400m wide.
Significant intercepts taken from Maggie Hays West include a 28m intercept at 0.66 per cent nickel, which included a 4m intercept at 1.32 per cent; and an 8m intercept at 1.18 per cent nickel.
“The initial results from the drilling program are extremely positive for a reconnaissance program and confirmed several areas of coincident nickel copper anomalism…” Poseidon managing director Peter Harold said.
“The results indicate the possibility of a mineralised, open ended channel target at Maggie Hays West that is up to 400m wide and corresponds to a discrete magnetic feature.
“This interpretation presents a compelling high priority target that warrants further drilling. The Western ultramafic unit opens up new opportunities for further discoveries and is an exciting development for Lake Johnston.”
The Lake Johnston Project is located 190km south-west of Kalgoorlie in Western Australia and contains two historical underground nickel sulphide mines, Emily Ann and Maggie Hays, along with a 1.5 million tonnes per annum processing plant, a 200-person village and associated infrastructure.
Poseidon is currently trading on the ASX at a five day high of $0.04 per share.