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Poseidon Nickel Ltd.
Summary
| Project: | Black Swan | |
|---|---|---|
| Deposit: | Silver Swan | |
| Location: | Australia | |
| Commodities: | Nickel-Arsenic | |
| Date: | 8/5/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 5-8-2019: Poseidon Nickel Ltd. announces a Resource Estimation report for its Silver Swan deposit at the Black Swan project. 30% increase in Silver Swan resource. Poseidon Nickel (ASX: POS, “the Company”) is pleased to announce a 30% increase in the JORC | |
| Resources: | (Resource, I+I): 168Kt @ 9.5% Ni, 3060ppm As at Silver Swan | |
| CP/QP: | [Resources]: Steve Warriner, Kahan Cervoj (Internal;Optiro Pty Ltd.) | |
| ABSTRACT: | Poseidon Nickel (ASX: POS, “the Company”) is pleased to announce a 30% increase in the JORC 2012 compliant Silver Swan Indicated and Inferred Resource Estimate recently prepared by Optiro Pty Ltd (Optiro). The current Total Silver Swan Resource stands at 168,000t @ 9.5%Ni for a total of 16,030 nickel tonnes. The Company previously announced that Poseidon had completed underground drilling and the resulting geological interpretations and new wireframes were supplied to Optiro for the estimation which was completed recently. The July 2019 Mineral Resource update has focussed on the remaining four orebodies - the Goose, Fledgling-Canard, Tundra-Mute and Peking Duck areas. The estimate was classified in accordance with the JORC 2012 Code and has been reported above a 4.5% nickel cut-off as presented in Table 1. For the Indicated Mineral Resource, in comparison to the previous 2015 estimate, the 2019 estimate has resulted in a 107% increase in the tonnes, a 2% increase in the nickel grade and a 112% increase in contained nickel metal. In the Inferred category, there has been a reduction of 28% in tonnes, an 8% increase in the nickel grade, resulting in a reduction of 22% of contained nickel metal due to the conversion of these to the indicated category. Importantly, the doubling of the Indicated Resource is expected to positively affect the Silver Swan Reserve and LOM schedule upon which work is now underway. The combined Mineral Resource has an increase of 24% in tonnes, a 5% increase in nickel grade with a resultant 30% increase in nickel metal. This significant increase in the Mineral Resource is the result of the additional drilling extending and increasing the volume of mineralisation, combined with closer spaced drilling improving the proportion of Indicated Mineral Resource | |
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