After $15M MinRes plant sale fell through, Poseidon Nickel flags gold rock chips at Lake Johnston

August 26, 2024 12:19 PM AEST | By Team Kalkine Media

Google News:

After $15M MinRes plant sale fell through, Poseidon Nickel flags gold rock chips at Lake Johnston — Image source: Shutterstock

Recent News

What are next big copper projects? UBS tells when equipment makers cou...

EUR/USD poised to rack up more gains as ECB and Fed rate paths set to...

Carney launches ‘One Canadian Economy’ Act to unify trade, approvals

Trump signs orders to enhance drone defenses, support supersonic trave...

Poseidon Nickel (ASX:POS) has returned its focus to the Lake Johnston nickel project and uncovered preliminary signs of gold mineralization.

Earlier this year, Poseidon considered selling the Lake Johnston site, having negotiated a deal to transfer a 200-worker nickel plant to Mineral Resources for $15 million. Following the deal, Poseidon's former CEO Craig Jones stepped down, and Mineral Resources later withdrew from the agreement, leaving the plant unclaimed.

A year after these developments, Poseidon is now showcasing initial gold findings from recent rock chip samples at Lake Johnston. The samples, which yielded grades of 1.25g/t, were collected from quartz-bearing shear zones. These early-stage results highlight potential gold mineralization, with further assay results from a soil sampling program anticipated later this year.

Additionally, Poseidon has extended its exploration to the Mantis tenement, where a copper-gold anomaly identified through soil data appears to connect with nearby mineralized drill intersections. The company indicates that the anomaly is open to the North-East, suggesting additional copper-gold potential in the newly acquired Mantis area.

“Recent rock chip samples from Black Swan have shown promising gold presence from quartz-bearing shear zones, aligning with previously recovered gold nuggets,” said Poseidon CEO Brendan Shalders.

“The latest soil sample assay results from the Billy Ray Prospect at Lake Johnston confirm the extension of a significant copper-gold anomaly. The anomaly remains open to further exploration, with geological structures indicating potential for additional mineralization.”

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.