Poseidon Acquires New Tenement Rights
Poseidon Nickel is pleased to announce that it has entered into an earn-in agreement with Magma Metals Limited (Magma) for nickel, copper and PGE rights to a large tenement package adjoining its Windarra Nickel Project in the West Australian Goldfields. The new tenements cover 203km2 and include:
- tenements adjoining the Cerberus high grade nickel deposit which could include potential extensions to currently known mineralisation;
- tenements to the south east which Poseidon believes could be host at shallow depth to the South Windarra mine channel extension. Poseidon has previously advised that is has evidence from soil sampling and seismic work completed recently of the channel position and intends to commence exploration in this area; and
- a distinct parallel trending and geologically similar ultramafic to the highly productive Windarra ultramafic. The Red Flag ultramafic has had limited nickel exploration to date.
An extensive LANDTEM geophysical survey which was previously completed over the Red Flag Ultramafic unit has generated numerous electro-magnetic conductors, potentially reflecting nickel sulphide mineralisation. Limited testing of the targets leaves a great opportunity for Poseidon to apply its experience in nickel exploration to unlock the potential of the largely unexplored Red Flag Ultramafics.
Poseidon CEO and Managing Director, David Singleton, said "The Windarra tenements have already yielded a 110,000 tonne nickel resource, a brand new nickel ore body and a number of other exploration targets. The acquisition of nickel, copper and PGE rights to the new tenements will nearly double our exploration area and crucially include areas which may cover potential extensions to the Cerberus and South Windarra ore zones. In addition, the Red Flag ultramafic represents a new exploration zone with seemingly similar characteristics to the Windarra ultramafic."
Note: The information in this report relates to Exploration Results and Mineral Resources based on information compiled by Mr N Hutchison 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 as well as 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 refer to the full ASX announcement by Poseidon Nickel Limited: HERE