Poseidon Nickel Increases Indicated Resource at Maggie Hays

Poseidon Nickel Ltd. (ASX:POS) announced that it has completed a geological review of the Maggie Hays deposit, which is located at its Lake Johnston site. With the review, the company has been able to boost Maggie Hays’ indicated resource by 50 percent; that means 80 percent of the resource is now in the indicated category.

Other highlights include:

• Re-estimated resource base for Maggie Hays of:
  • 3.5 million tonnes @ 1.49% for 52,000 tonnes of contained nickel
• Drilling programme has been defined to increase Indicated Resources at Maggie Hays further and develop the newly identified Western zone
• Resource update excludes the high grade Emily Ann North deposit on the site which is expected to add over 25% to the announced contained nickel and lift average grades further

The press release further explains:

The Lake Johnston project consists of two mined deposits approximately 3.6km apart called Maggie Hays and Emily Ann. The update has been undertaken only for the Maggie Hays deposit as this is where mining is expected to restart initially. Emily Ann North is a smaller but higher grade unmined deposit adjacent to the Emily Ann mine which Poseidon believes could be mined in the future. However the access to this mineralised zone is through the Emily Ann mine which is currently flooded. Additional work and development is required to assess the Emily Ann mines suitability for operations.

The Maggie Hays mine has been maintained in good operational condition with near immediate access to the nickel mineralisation.

Click here to read the full Poseidon Nickel Ltd. (ASX:POS) press release.