Positive exploration results at Poseidon Nickel’s Black Swan and Lake Johnston sites have bolstered confidence in the company’s gold potential.
Highly weathered quartz bearing shears exposed at the surface at Black Swan returned multiple anomalous gold rock chip samples. A soil sampling program has been completed and additional rock chip samples collected across the tenement portfolio.
Initial soil results at the Lake Johnston copper-gold site have extended the Billy Ray copper-gold soil anomaly into the largely untested Mantis tenement, and the anomaly remains open to the Northeast. The company will continue the high-priority soil sampling program, which is expected to be completed this quarter.
Poseidon Nickel’s CEO, Brendan Shalders, said the ongoing exploration works focused on gold prospectivity at Black Swan and Lake Johnston continue to generate positive results.
“Rock chip samples collected on a recent site visit to Black Swan have returned anomalous gold from quartz-bearing shear zones in the same area as the recovered gold nuggets.
“Rock chip assay results are an important step forward given the potential source of the recovered gold nuggets has now been identified, and these auriferous shear zones are located well within our tenement package.”
Mr Shalders said that the company recently completed a wide-spaced reconnaissance soil sampling program across the entire landholding at Black Swan, which will be assayed for the full suite of elements to progress the gold targeting along these prospective shear corridors.
“We look forward to receiving the assay results early next quarter and will commence planning drilling programs for any defined gold anomalies.”
Mr Shalders said that recently received soil sample assay results testing the extension of the Billy Ray Prospect at Lake Johnston confirmed the continuation of the large copper-gold anomaly.
“The anomaly remains open to the North-East, with geological structures suggesting the potential for further Cu-Au anomalism over the newly acquired Mantis tenement.”
According to Mr Shalders, Poseidon Nickel intends to extend soil sampling across the Mantis tenement and will use the assay results and any copper-gold anomalies identified to plan drilling programs to test the Billy Ray prospect.
“The Company is pleased with the recent series of exploration results as they continue to enhance the prospectivity for gold at both Black Swan and Lake Johnston.
“The low-cost exploration programs that are underway are important to defining drill targets to efficiently test the gold potential in these areas.”
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