POSEIDON NICKEL LIMITED - RESOURCE INCREASE OF 25% OF WINDARRA NICKEL PROJECT
Poseidon Nickel Limited (ASX:POS) is pleased to announce that it has completed the drilling programme at Cerberus announced earlier this year and an associated recalculation of the Mineral Resource size.
- Current Drilling Programme now complete at Cerberus and has demonstrated continuity of mineralisation from 64m below surface (previously 110m) to 700m depth.
- Cerberus Mineral Resource increase to 68,633 tonnes nickel and is now larger than Mt Windarra.
- Global Mineral Resource at the Windarra project now stands at 9,187,449 tonnes at 1.51% for 138,366 tonnes nickel, a 25% increase to previouslyreported tonnage.
- Approximately half of the Windarra Nickel Project resource is now classified as Indicated.
- Cerberus full feasibility study including Ore Reserve calculation will be completed by the end of this year.
The drilling programme has resulted in infill drilling to 350 metres vertical depth below surface. In addition recent drilling combined with the infill drilling has demonstrated that the zones of mineralisation near to the surface and at depth are in fact linked to a continuous zone of mineralisation. This outcome was expected but had not been adequately demonstrated from previous drilling that concentrated on the near surface extent of the mineralisation.
The new drilling assay data has been added to the existing data and a resource recalculated by independent consultants Optiro Pty Ltd for Poseidon. The new Cerberus Mineral Resource amounts to 68,600 tonnes of nickel at a 0.75% nickel cut-off (similar to that used for Mt Windarra for comparison purposes). The Cerberus deposit is now larger than the Mt Windarra Mineral Resource and further reinforces Poseidon's position as having the largest nickel sulphide resource of any of the higher grade nickel exploration/development companies in Australia.
Note: The information in this report relates to Exploration Results and Mineral Resources based on information compiled by Mr N Hutchison, General Manager of Geology at Poseidon Nickel, who is a Member of The Australian Institute of Geoscientists and Mr I Glacken who is a Fellow of the Australasian Institute of Mining and Metallurgy and a full time employee of Optiro Pty Ltd. Mr Hutchison and Mr Glacken both have sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the `Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.' Mr Hutchison and Mr Glacken have consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.
For further information, please read the full ASX Annoucement by Poseidon Nickel Limited:HERE