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Poseidon Nickel Ltd (ASX:POS) has made significant advancements in its gold exploration initiatives at the Black Swan project located in Western Australia. The company executed a comprehensive reconnaissance soil sampling program, collecting a total of 362 soil samples across the entire Black Swan tenement package. This sampling involved traverses spaced at 800 and 400 meters, with intervals between sampling points ranging from 80 to 160 meters.
The analysis of these soil samples utilized the UltraFine+ technique, which identified four coherent gold anomalies throughout the sampling area. Among these, the most prominent anomaly is situated at Wilson's Prospect, positioned just north of the existing Black Swan nickel mines and associated infrastructure. This anomaly spans approximately 1.4 kilometers by 1 kilometer and remains open to the south, indicating potential for further exploration.
Assay results from this anomaly returned values of up to 54 parts per billion (ppb) of gold. Notably, this area is adjacent to previously reported gold-bearing rock chip samples that graded as high as 1.25 grams per tonne (g/t) of gold, as well as gold nugget discoveries that have been documented. Historical drill intersections in the vicinity have yielded assay results exceeding 1 g/t of gold, including an impressive 0.4 meters at 6.41 g/t. This data is significant, especially considering that only 5% of all historical drillhole samples have been assayed for gold, suggesting untapped potential in the area.
The layered geological indicators for gold potential at Wilson's Prospect highlight its status as a highly promising exploration target, further bolstered by ongoing evaluation programs. Poseidon’s CEO, Brendan Shalders, expressed enthusiasm about the findings from the reconnaissance soil sampling program completed in August 2024. He noted that the results reveal four significant gold-in-soil anomalies that trace prospective gold-bearing structures within the geological framework of Black Swan, which have not been systematically explored for gold in the past.
Given the minimal outcrop at Black Swan, reconnaissance surface geochemical surveys are regarded as a cost-effective method for swiftly identifying areas with gold anomalies. Although the soil profile is largely comprised of sands and clays, leading to typically low recorded gold values, the presence of a gold-in-soil anomaly often serves as an indicator of a potentially significant gold system below.
The results from Wilson's Prospect demonstrate several positive attributes that enhance the prospectivity of the identified gold targets. These include the development of a substantial coherent gold-in-soil anomaly encompassing the locations of previously reported gold nuggets, anomalous rock chip samples, and notable historical drilling intersections with grades up to 6.41 g/t gold.
To further advance the exploration efforts, high-priority infill soil sampling and additional grab sampling programs are currently in progress at Black Swan. The results from these infill samples will be instrumental in optimizing drill targets and planning cost-effective shallow drilling programs. Additionally, maiden reconnaissance soil surveys were conducted at Lake Johnston across the newly acquired Mantis tenement, with results pending analysis. Once received, the data will guide the company in its ongoing efforts to develop and establish any newly identified gold targets within its portfolio.
