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Poseidon Nickel (ASX: POS, the Company) is pleased to provide an update on the gold exploration programs at Black Swan.
- Reconnaissance soils sampling has identified several gold anomalies
- Anomalies extend over multiple soil traverses (between 400m to 800m) along the interpreted gold bearing structures
- Wilson’s Prospect – several positive coincident attributes established
- A coherent gold anomaly defined (up to 54ppb Au) that is 1.4km by 1km in size and remains open to the south
- The gold anomaly extents capture the locations of the previously announced gold nuggets and anomalous rock chip samples that graded up to 1.25g/t Au in gossanous quartz veins1,2
- Several historical gold drill intersections with assay results >1g/t Au, including 0.4m @ 6.41 g/t Au2, are also located within the anomaly area, despite only 5% of all historical drillhole samples being assayed for gold
- The layered indicators for gold potential at Wilson’s Prospect point to a highly prospective exploration target as evaluation programs continue
- Gold exploration programs underway
- High priority infill soil and further grab sampling programs are underway to better define soil trends at Black Swan. Infill results will be used to optimise drill targets
- At Lake Johnston, maiden reconnaissance soil surveys have been completed across the newly acquired Mantis tenement and submitted for analysis - results awaiting
CEO, Brendan Shalders, commented, “During August 2024 the Company completed a wide spaced reconnaissance soil sampling program across the entire landholding at Black Swan which was assayed for the full suite of elements.
Soil sample assay results have noted four promising gold in soil anomalies. The extents of the anomalies and morphology appear to be tracing the prospective gold bearing structures throughout the geological sequence at Black Swan which have never been systematically tested for gold.
There is little outcrop at Black Swan thus reconnaissance surface geochemical surveys are considered a cost-effective exploration technique to quickly identify areas of gold anomalism. Due to the significant dilution of the soil profile as it is mainly comprised of sands and clays, the gold values recorded are usually only at low levels (ppb). The importance of a gold in soil anomaly is it often presents a vector to a prospective gold system below, and in its original undiluted setting, maybe at much higher grades, hence drilling is required to effectively test the target.
We are particularly excited about the gold targets that are presenting at the Wilson’s Prospect. Results of the separate work programs to date are showing several positive coincident attributes underpinning the prospectivity for the targets. These include the establishment of a large coherent gold in soil anomaly with a footprint that captures the locations of the previously reported gold nuggets, anomalous rock chip samples and historical drilling intersections grading up to 6.41g/t Au.
Despite the historical gold intersections, only 5% of all drillhole samples at Black Swan were assayed for gold. Given the lack of gold assays and the historical focus on nickel, the gold potential at Black Swan has been somewhat overlooked.
High priority infill soil sampling programs are underway to better define drill targets and progress the planning for low-cost shallow drilling programs.
We are also awaiting the results from the Lake Johnston soil programs completed in early September 2024. Once received and interpreted the company plans to continue to undertake additional programs to progress and established any newly identified gold targets within the portfolio.”
Gold in Soil Anomalies at Black Swan
During August 2024 the Company collected 362 soil samples from a wide spaced reconnaissance soil sampling program over the entire Black Swan tenement package on 800m and 400m space traverses with sampling intervals of between 80m and 160m. The soil samples were tested using the UltraFine+ technique identifying four coherent anomalies across the program (refer Figure 1).
Figure 1: Black Swan gold in soil anomalies
Gold assay results from the soil sampling, tabled in Appendix 1, grade up to 54ppb and present four distinct gold in soil anomalies spread across the Black Swan tenements. Importantly these anomalies correlate to the interpreted secondary structural corridors emanating NNE off the larger north striking Mt Monger Fault (see Figure 2 for interpreted location of Mt Monger Fault).
The Black Swan project is situated within the Boorara Geological Domain which hosts a number of gold mines including the nearby Kanowna Belle, Mungarra and Gordon Sirdar projects, as recently announced in ASX announcement “Gold Prospectivity Enhanced at Black Swan and Lake Johnston” re- released 16 August 2024.
Click here for the full ASX Release
This article includes content from Poseidon Nickel Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Maximus Hits 19m @ 3.21 g/t Gold at Hilditch as Development Activities Advance
- Assay results from a Reverse Circulation (RC) drill program at the Hilditch gold deposit return multiple shallow high-grade intersections, including:
- 19m @ 3.21g/t Au from 16m incl. 6m @ 5.64g/t Au from 18m and 5m @ 3.28g/t Au from 30m (HGRC065)
- 9m @ 3.11g/t Au from 63m incl. 4m @ 4.84g/t Au from 63m (HGRC068)
- 15m @ 1.12g/t Au from 24m incl. 1m @ 2.85g/t Au from 25m and 4m @ 2.12g/t Au from 35m (HGRC067)
- 5m @ 1.61g/t Au from 48m incl. 1m @ 2.02g/t Au from 48m and 1m @ 2.0g/t Au from 51m (HGRC065)
- Representative minable ore-grade intervals have been submitted for metallurgical test work under real-world toll milling protocols with results expected to be received in October. Initial results up to 95.8Å recovery of gold.
- Updated Mineral Resource Estimate (MRE) for Hilditch gold deposit targeted for October 2024.
- Development studies including geotechnical, environmental, infrastructure, surface water and hydrogeology assessments necessary for the mine approval process are advancing.
- The Hilditch gold project is situated on granted mining tenements, with excellent access to infrastructure, service providers and several toll-treating options within a 60km haulage.
- The Company is in active discussions with potential mining and toll-milling partners.
Eleven RC holes (722m) were drilled at Hilditch to investigate recent intersected high-grade zones. The Company has commenced updating the Hilditch Mineral Resource Estimate (MRE) to finalise optimised open-pit designs, aiming to secure mine approvals and advance discussions with potential mining and toll milling partners.
Maximus’ Managing Director, Tim Wither, commented, “The recent drilling results, including 19m @ 3.21g/t Au from 16m, fall within optimised open pit shells and support the MRE update prior to completing open pit designs. Hilditch offers a promising near-term gold production prospect for Maximus, situated on an approved mining tenement near the Coolgardie-Norseman highway, and within close proximity to multiple regional gold processing facilities.
“These new drilling results successfully expand the high-grade mineralised zones, and significantly improve the economic outlook for Hilditch, with efforts concentrated on advancing open pit development to generate cash flow for the Company, capitalising on the rising gold price environment.”
Hilditch Gold Deposit
Hilditch is located on a granted mining tenement adjacent to the Coolgardie-Norseman highway and is proximal to several toll-treating processing plants. The existing 19,500 oz Au @ 1.3 g/t Au mineral resource is shallow, with mineralisation commencing at the surface over a 200m strike length and remains open at depth with significant strike extension to be tested (ASX announcement 19 December 2023). The completed RC drill program was aimed at infill and resource extension to upgrade material classification into the indicated category, before updating the Hilditch MRE.
Gold mineralisation at Hilditch is interpreted to be associated with east-dipping structurally controlled contacts between mafic/ultramafic and volcaniclastic units. Minor interflow sediments are observed within the mafic and ultramafic sequence, similar to that prevalent at the Company’s Wattle Dam Gold Project. In the Hilditch region, the rocks show extensive weathering, reaching an average depth of 20 metres below the surface, indicative of full oxidation. From 20 to 40 metres, there exists a transitional zone, and beyond 40 metres, the rock is unweathered and contains primary mineralisation.
Preliminary metallurgical test work indicative of the Hilditch open-pit gold resource is free milling (non-refractory) with exceptional gold recoveries between 91.4Å and 95.8Å, indicating that the mineable ore is very amenable to conventional Carbon in Leach (CIL) gold processing found throughout Western Australia’s Eastern Goldfields. Completed metallurgical tests covered various gold grades and oxidation stages, ensuring representative sampling across expected mining depths (ASX announcement 3 July 2024). Further tests are underway to represent real- world toll milling protocols (Figure 2).
Figure 1 – Hilditch gold deposit significant drill results from recent drilling (gram x metres).
Drilling Results
The latest round of drilling expanded upon previous high-grade intersections near hole HGRC038, which had reported 4m @ 12.44g/t Au from 47m, including 1m @ 25.93g/t Au from 47m (Figure 1) (ASX announcement 15 August 2024).
Five RC holes were drilled in proximity to HGRC038. Notably, hole HGRC065, located 25m north of HGRC038, intersected 19m @ 3.21g/t Au from 16m, including 6m @ 5.64g/t Au from 18m and 5m @ 3.28g/t Au from 30m, effectively extending the high-grade zone to the north.
Additionally, hole HGRC068, situated 15m down-dip of HGRC038, intercepted 9m @ 3.11g/t Au from 63m, including 4m @ 4.84g/t Au from 63m. HGRC067 drilled 15m up-dip of HGRC038 returned 15m @ 1.12g/t Au from 24m, with notable intervals of 1m @ 2.85g/t Au from 25m and 4m @ 2.12g/t Au from 35m (Figure 3). These results confirm a well-defined, high-grade gold zone within the central part of the deposit, bolstering geological confidence and continuity of high-grade mineralisation.
At the northern limit of the deposit, several drill holes were positioned to the north of previously reported hole HGRC019, which intersected 7m @ 7.9 g/t Au from 51m, including 2m @ 16.9 g/t Au from 52m (ASX announcement 14 June 2022), in an effort to extend the resource along strike. However, drill holes HGRC059 to HGRC061 failed to return significant results, confirming that the mineralisation is closed off along strike to the north.
Click here for the full ASX Release
This article includes content from Maximus Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
