Poseidon Nickel Limited (ASX:POS) (“Poseidon”) completed the acquisition of Lake Johnston on 13th November 2014 and immediately began to work to convert the existing Mineral Resource to the JORC Code, 2012 Edition guidelines as is required by regulation. The Lake Johnston resources include two main mineralised bodies at Maggie Hays and Emily Ann. The Maggie Hays mine has been under care and maintenance since mining was temporarily suspended in April 2013 and Poseidon expects this ore body to be the first back into production when it re-opens the site.
The re-estimation of the Mineral Resource has been completed without undertaking any further drilling using existing data handed over during the sale process. Poseidon’s geologists have already undertaken a review of the Maggie Hays ore body both internally and using external specialists that have concluded additional drilling will continue to extend the project resource in several areas. As an example, in the Maggie Hays North Shoot, an extensive database of additional mine data from sampling carried out in the mining drives will allow a much more detailed understanding of the mineralisation to be developed. This information is currently being processed into a detailed electronic 3D model and will be added to the Mineral Resource model during the first quarter of 2015.