Poseidon Nickel Limited - Press Release, 50% Upgrade to Resources at Cerberus Deposit
POSEIDON NICKEL LIMITED - CERBERUS RESOURCE UPGRADE - MINERAL RESOURCE AT THE CERBERUS DISCOVERY HAS INCREASED BY 50% FOLLOWING COMPLETION OF INDEPENDENT RESOURCE CALCULATION BY OPTIRO.
- Mineral Resource at the Cerberus discovery has increased by 50% to 38,000 tonnes of contained nickel
- 40% of the Mineral Resource now to an indicated category
- Cerberus drilling is now underway with 20,000 metres planned
Poseidon Nickel Limited is pleased to announce a 50% upgrade of the Cerberus Resource which now stands at 1.85Mt at 2.05% nickel for 38,000t of contained nickel metal above 1.25%Ni cut-off grade. The upgrade follows further drilling at the resource completed in late 2010 and completion of an independent resource calculation undertaken by Optiro.
As a result the total nickel sulphide content at the Windarra Nickel Project now stands at 110,500t of contained nickel metal.
Poseidon is now undertaking approximately 20,000 metres of reverse circulation and diamond drilling over the next six months at Cerberus. The drilling is targeted at further extending the size of the resource prior to undertaking conceptual mine planning later this year. David Singleton, CEO & MD said "Cerberus is the priority focus of our drilling programme over the next few months. Conceptually, we regard Cerberus as the second phase of the project after the restart of the Mt Windarra mine, the refurbishment of which is now in full swing"
For further information please refer to the attached ASX Press Release from Poseidon Nickel