The Poseidon Nickel Ltd (ASX: POS) share price is soaring on Monday following the mining company’s latest drilling assay results.
At the time of writing, the nickel miner’s shares are swapping hands for 9.9 cents a pop, up 8.79%.
Poseidon Nickel (POS) has identified continuous massive nickel sulphides at its Silver Swan project in the Goldfields region of Western Australia.
Part of the wider Black Swan project, the company has been undertaking exploration on the Silver Swan Channel to increase the resource and reserve base for its feed the mill strategy.
Drilling by Poseidon at Silver Swan is setting the company up nicely to add even more tonnes to the high-grade nickel resource and reserve at its WA project.
Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) CEO Peter Harold tells Proactive Investors they're continuing to de-risk operations for the restart of its Black Swan nickel project, 50 kilometres northeast of Kalgoorlie in Western Australia. Two underground rigs are currently testing the potential down-plunge extensions and infilling existing inferred resources at the Silver Swan underground mine within the Black Swan project.
Managing Director Peter Harold discusses with Proactive, plans to restart operations at the Black Swan Project in Western Australia, which includes refurbishing the 1.1 million tonnes per annum processing circuit to maximise nickel concentrate production.
Peter Harold will be deliver the presentation for Poseidon Nickel at the New World Metals Conference held at the Perth Hyatt Hotel on 9th September.
Poseidon Nickel Limited's Peter Harold speaks with Proactive following further high-grade assays from nine holes in the Golden Swan drilling program ahead of a maiden resource which is scheduled for release in the September quarter. The program is designed to increase confidence in the continuity of the Golden Swan mineralisation, with completion taking place ahead of schedule at the end of July with 60 holes drilled for a total of 15,968 metres drilled.
|Veteran resources journalist and ‘Garimpeiro’ columnist Barry FitzGerald interviews Peter Harold, Managing Director & CEO.|
Poseidon managing director and CEO Peter Harold reckons the company’s WA projects are at the centre of a perfect storm – poised to enter production in 2022 as nickel demand is forecast to soar.
“I think there is a supply shortage coming, I think we’re already seeing it now,” he said.
AS THE nickel price closes in on circa-US$20,000/t, Poseidon Nickel has got capital cost visibility on restarting the 150,000t per annum high grade circuit at Black Swan, north of Kalgoorlie, Western Australia.