Poseidon Nickel has confirmed there is more gold to be found at its Black Swan and Lake Johnston projects in Western Australia.
The news follows the company’s announcement that recent exploration activities enhanced the gold prospectivity for both projects.
Poseidon has found multiple anomalous gold rock chip samples at Black Swan, with a soil sampling program now completed.
The company is expecting assay results to be returned in the fourth quarter of this year.
At Lake Johnston, initial soil results have extended the Billy Ray Cu-Au soil anomaly into the Mantis tenement, with high priority soil sampling to continue into the next quarter.
Flora and heritage survey planning for Billy Ray has also commenced.
“Ongoing exploration works focused on gold prospectivity at Black Swan and Lake Johnston continue to generate positive results,” Poseidon chief executive officer Brendan Shalders said.
“Rock chip samples collected on a recent site visit to Black Swan have returned anomalous gold from quartz bearing shear zones that are located in the same area as the recovered gold nuggets.
“Today’s 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.”
Shalders said the company is pleased with the results.
“The low-cost exploration programs that are underway are important to defining drill targets to efficiently test the gold potential in these areas,” he said.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
