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Poseidon Nickel hits high grades near historic mine infrastructure

Last updated: 12:30 25 Jan 2016 AEDT, First published: 11:30 25 Jan 2016 AEDT

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Poseidon Nickel (ASX:POS) has encountered significant nickel mineralisation with grades exceeding 10% nickel in an extension area north of  the historic Emily Ann underground mine in Western Australia, which produced 46,000 tonnes of nickel at a grade of 4.1%.

The drilling on Poseidon’s newly acquired Lake Johnston property intersected a 10.48-metre-wide zone of nickel mineralisation grading 3.2% nickel containing 5.72 metres at 4.66% nickel and 1.29 metres at 10.22% nickel. 

This hole also intersected a lower massive sulphide unit comprising 2.32 metres at 7.62% nickel from 439.09 metres which included 1.29 metres at 10.22% nickle from 440.12 metres.

The discovery of this new lens has the potential to develop into an economically viable project as it is located close to the existing Emily Ann Mine infrastructure and the Lake Johnston nickel concentrator.

This opens up further opportunities for mineralisation to be discovered in other structurally favourable positions along the belt.

Poseidon general manager of geology, Neil Hutchison, has been behind a number of important nickel discoveries in the region, including the Cosmos nickel operation’s Alec Mairs, Prospero and Tapinos deposits which lead to the takeover of Jubilee Mines.

“I have not seen nickel sulphide intersections of this quality, grade and thickness since my time at Cosmos drilling the Alec Mairs, Propsero and Tapinos deposits,” he said.

“This is an impressive intersection and is the culmination of considerable high quality scientific work between our geology team and Newexco.

“It opens up many opportunities around the historical Emily Ann mine and will hopefully lead to the discovery of an economic deposit.”

Poseidon’s consulting geoscientist partner, Newexco Services, has been credited with targeting numerous nickel discoveries through geophysical techniques, including most recently those of Sirius Resources, one of the largest new finds of its type in recent years.


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