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Poseidon Nickel (ASX: POS) (“Poseidon” or “the Company”) is pleased to report an updated Mineral Resource Estimate (MRE) for the Black Swan disseminated sulphide deposit at Black Swan.
Key Points
- Updated Black Swan Disseminated Mineral Resource Estimate reported as follows:
- 28.9Mt at 0.63% nickel containing 181kt nickel at a 0.4% cut off; including
- Measured and Indicated Resources of 10.7 Mt at 0.75% nickel containing 80kt nickel
- Measured and Indicated Resources now have 35% more contained nickel compared to the 2014 Resource
- Global Resource nickel inventory has increased by ~10kt contained nickel and is at a higher average grade
- The updated Black Swan Mineral Resource has significantly improved the confidence in the nickel grade and distribution of the metallurgically important serpentinite and talc-carbonated hosted disseminated mineralisation immediately below the Black Swan open pit
- The update Resource underpins the previously outlined “Fill the Mill” Strategy
Managing Director and CEO, Peter Harold, commented, “The update of the Black Swan Disseminated Resource is an important milestone for our Fill the Mill Strategy. Black Swan has a 2.2Mtpa process plant (mill) and our strategy is to “Fill the Mill” to leverage off the existing infrastructure and large resource base at Black Swan.
The latest MRE incorporates the results from the recent underground drill programs undertaken from the Gosling drill drive. We are pleased the update has resulted in both an increase in the overall tonnes of contained nickel together with an increase in the inventory of the Measured and Indicated Resources. Most importantly, the recent drilling has provided an improved understanding of the disseminated grade distribution within the metallurgically important serpentinite and talc-carbonate hosted ores below the existing Black Swan open pit. The improved metallurgical understanding is key to further de-risking the restart of Black Swan.
Work is well advanced on optimising the pit shell designs from the new MRE and from the underground mining studies at Silver Swan and Golden Swan. Once completed, this work will allow the updating of Ore Reserves for the Black Swan Project to underpin the Bankable Feasibility Study.”
The MRE was prepared for Poseidon by independent resource consultants Golder Associates Pty Ltd (Golder) using all available assay data as at June 2022. The updated MRE now totals 28.9 Mt @ 0.63% Ni for 181kt of nickel metal contained. The MRE replaces the previous Black Swan MRE completed by Golder in 2014 (refer to Company announcement “Black Swan Mineral Resource” dated 4 August 2014) which reported 29.1 Mt @ 0.59% Ni for 170.9kt of nickel metal contained excluding stockpiles which have not been updated at this time.
TABLE 1 - COMPARISON BETWEEN 2014 MRE AND 2022 MRE AT 0.4% NI CUT-OFF
The updated 2022 Black Swan MRE is classified in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC 2012) and are reported herein above a 0.4% Ni cut-off grade in Tables 1 and 2. The JORC 2012 Compliance tables (Sections 1, 2 and 3) that accompany this announcement are contained in Appendix 1.
Competent Persons for this updated 2022 MRE are Poseidon’s in-house geology team for providing the validated drill hole database and the lithological and mineralisation domains for the Black Swan deposit. Golder’s personnel were responsible for the estimation, reporting and classification of the MRE.
New Data
The updated MRE incorporates 5,144 metres of new drilling from 24 diamond drill holes (DDH) completed by Poseidon between October 2021 and March 2022 (refer to Table 2 and Appendix 2) and 14 RC holes (2,481 metres) completed in 2019 (refer to Company announcement “Black Swan underground RC Drilling – Final Assay Results” dated 27 November 2019). Both drill programs were completed from underground using the Gosling access drive. The recent 24-hole drill program was specifically undertaken to increase the confidence in the Black Swan MRE, by infilling the area extending approximately 125 metres immediately below the existing Black Swan open pit with the objective of better delineating the metallurgically important serpentinite and talccarbonate hosted resources in this area. Below this area, the MRE is based on the same historical drill hole data that was used in the August 2014 MRE.
Click here for the full ASX Release
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POS:AU
Ramp Metals
Investor Insights
Ramp Metals’ strategic focus on precious and base metals is essential for various growing industries in the global market. The company is in a compelling position to potentially make a significant gold discovery in a top-tier Canadian mining jurisdiction which is currently underexplored.
Overview
Ramp Metals (TSXV:RAMP) is a grassroots exploration company specializing in precious and base metals, particularly gold and nickel-copper-PGE. The company has two properties, two situated in Northern Saskatchewan, Canada.
The flagship property, Rottenstone SW Claims is situated along a geological structure that historically yielded the highest-grade nickel and platinum group elements (PGE) in Canada. It exhibits remarkable parallels to the Nova-Bollinger nickel-copper mine in Western Australia, which was discovered by Sirius Resources and ultimately sold to IGO Limited for AU$1.8 billion. The Nova-Bollinger mine had an estimated resource of 13.1 million tons (Mt) grading 2 percent nickel, 0.8 percent copper, and 0.07 percent cobalt.
The striking similarity between Rottenstone and Nova-Bollinger mine is encouraging and the appointment of Dr. Mark Bennett, the discoverer of the Nova-Bollinger deposit, as a strategic advisor, reinforces Ramp’s belief in the potential of the Rottenstone property. Bennett has over three decades of experience in establishing mines, and played a key role in multiple discoveries, such as the Wahgnion gold mine, the Thunderbox gold mine, and the Waterloo nickel mine, in addition to the Nova-Bollinger nickel-copper mine. Along with Bennett, Ramp Metals has also appointed leading geologists Scott McLean and Richard Murphy, as its strategic advisors to bolster its geology team.
The project’s presence in Saskatchewan is also encouraging for investors given the region’s mining-friendly policies. Saskatchewan was ranked second globally and the top in Canada by the Fraser Institute as the most attractive jurisdiction for mining investment in 2021.
Saskatchewan has gained prominence for its abundant uranium resources, yet its geological diversity presents significant potential beyond this. Exploration for other battery metals in the region has been limited or largely unexplored.
Current Gold Landscape
According to data from the World Gold Council, total gold demand gained a record 5 percent year-over-year to 1,313 tons during the third quarter of 2024, resulting in a series of record-high gold prices during the same quarter. The value of demand rose 35 percent to more than US$100 billion for the first time ever.
A major driver for gold’s growth are global gold ETF inflows, while bar and coin investments dipped 9 percent year-over-year. Gold jewelry consumption declined 12 percent, despite an increase in spending, with the value of demand jumping to 13 percent to more than US$36 billion.
Year-to-date central bank buying remains in line with 2022, despite a notable slowing down in Q3 2024.
Gold application in technology continues to be driven by artificial intelligence, growing 7 percent year-over-year and the “outlook remains cautious,” the World Gold Council report said.
Outlook on Battery Metals
The demand for battery metals will continue to grow, due to a strengthening EV market. S&P Global Mobility's 2024 global sales forecast anticipates battery-electric passenger vehicles will reach approximately 13.3 million units worldwide by the end of 2024, an increase of 40 percent year-over-year. In terms of market share, EVs will constitute around 16.2 percent of the total global passenger vehicle sales in 2024, compared to 12 percent in 2023.
Further, the emerging trend toward high-density batteries using nickel and cobalt, and less lithium, is also expected to boost demand for these metals. As one of the top critical minerals in the US and Canada, nickel projects are likely to see increased funding over the coming years.
There is a strong demand in the market for new, high-quality nickel-copper and lithium opportunities. Rottenstone SW borders Fathom Nickel, which recently secured C$4.6 million in funding and seems to be focusing on a similar geological system. The Rottenstone SW eye structure presents an ideal target for nickel-copper-PGE exploration.
Company Highlights
- Ramp Metals is a precious and base metals exploration company with a focus on exploring high-grade gold and nickel-copper-PGE in Northern Saskatchewan. Ramp intends to uncover a new gold district in a region that is underexplored following its discovery of high-grade gold intercepts, including 73.55 g/t gold over 7.5m.
- The company has two properties covering a total area of 33,886 hectares. Of these, two are located in Northern Saskatchewan – Rottenstone SW Claims and Peter Lake Domain (PLD).
- The company’s flagship project Rottenstone SW property is situated adjacent to a northeast-southwest geological formation connected to the renowned Rottenstone Mine. This mine yielded 40,000 tons of high-grade nickel-copper-platinum group elements (PGE) and gold ore, with grades averaging 3.28 percent nickel, 1.83 copper, and 9.63 grams per ton platinum-palladium-gold.
- The geophysical program at Rottenstone highlights striking similarities with the Nova-Bollinger mine in Australia owned by Sirius Resources, which was eventually sold for AU$1.8 billion.
- Dr. Mark Bennett, founder of Sirius Resources who oversaw the development of the Nova-Bollinger mine, is a strategic advisor to Ramp Metals.
Key Projects
Rottenstone SW Claims
The Rottenstone SW property is approximately 115 kilometers north of La Ronge, Saskatchewan. The property comprises 12 claims encompassing 17,285.5 hectares and is situated adjacent to a northeast-southwest geological formation connected to the renowned Rottenstone Mine. This mine yielded 40,000 tons of high-grade nickel-copper-PGE and gold ore, with grades averaging 3.28 percent nickel, 1.83 copper, and 9.63 grams per ton platinum-palladium-gold.
The company has completed various geophysical surveys including time-domain airborne geophysical measurements (TDEM), and soil sampling, all aimed at identifying potential drill targets. The survey results show striking similarities between Rottenstone SW Claims and the Nova-Bollinger deposit. The Rottenstone SW conductors show a strong correlation with the conductors identified at the Nova-Bollinger deposit. Based on the geophysical survey results, the company has identified four high-priority targets.
The company’s first drill program at the Rottenstone property was completed in April 2024 which led to a new high-grade gold discovery of 73.55 g/t gold over 7.5 meters in drill hole Ranger-01.
The company has expanded the Rottenstone SW claim block to a total of 32,715 hectares. Additional unexplored EM and mag targets are situated on the original claim block with similar signatures to Ranger and Rogue.
Peter Lake Domain Claims
The Peter Lake Domain (PLD) property is situated within the Peter Lake Domain of the Swan River complex in Northern Saskatchewan, Canada, around 260 kilometers northeast of La Ronge, Saskatchewan. The property comprises two mineral deposit claims spanning approximately 1,171 hectares.
Peter Lake Domain has a history of exploration done by earlier operators. The previous exploration work returned surface grab samples of gabbro outcrop with disseminated pyrite and chalcopyrite (SMDI 5545) having values of 1,860 parts per million (ppm) copper, 461 ppm nickel, 41 parts per billion (ppb) platinum and 49 ppb palladium. A historical VTEM survey conducted by Geotech outlined compelling targets. According to Ramp Metals, the earlier operators drilled the property inaccurately and did not properly test the targets that were generated.
The project has the potential to be a major new discovery. Ramp Metals plans to undertake an airborne TDEM survey to build upon historical data and identify exploration targets. Once the targets are identified, the company will implement a drill program of about 2,000 to 2,500 meters.
Management Team
Jordan Black – Chief Executive Officer and Director
Jordan Black brings over 12 years of geotechnical engineering experience for various infrastructure, renewable energy and mining projects. Black was previously the vice-president of business development at GoldSpot Discoveries and worked as a senior geotechnical engineer at WSP Canada.
Garrett Smith – VP Exploration
Garrett Smith graduated with a BSc in geology from the University of Regina. Throughout his career, he has been involved in projects across Western Canada, focusing on various commodities. His extensive expertise ranges from greenfield mapping and exploration to on-site drill management. Driven by a genuine passion for exploration, Smith has dedicated the past few years to assembling a collection of base metal projects in northern Saskatchewan.
Brett Williams – VP Operations and Senior Geologist
Brett Williams is a seasoned geologist with a diverse background, having worked as a mine geologist in both open pit and underground mining, as well as an exploration geologist in the diamond, base metals, gold and uranium sectors for Rio Tinto and SSR Mining. He earned his B.Sc. in geology and a diploma in business administration from the University of Regina. Williams is a registered member of the Professional Engineers and Geoscientists of Saskatchewan.
Prit Singh – Director
Prit Singh is a seasoned capital markets professional and presently serves as the CEO of Thesis Capital, an advisory firm offering support to high-growth companies in fundraising, Canadian market initial public offerings and investor relations. Throughout his career, Singh has collaborated with more than 50 issuers, facilitating fundraising and providing counsel, resulting in the procurement of over $100 million in capital across various emerging sectors. Before establishing Thesis Capital, he gained experience in investment banking and wealth management, fostering enduring relationships within Canada's buy-side and sell-side communities. Singh holds a BBA with a specialization in finance from Brock University.
David Parker – Director
David Parker has more than 15 years of experience in business financing, consulting and recapitalizing public/private companies in the mining, technology, and media sectors. He also has experience in retail, office, and industrial real estate sales and development. He has led projects from initial market analysis to acquisition, design, approval, site servicing, construction and disposition. He understands the financial implications of technical issues and planning policy changes, making him an effective director.
Peter Schloo – Director
Peter Schloo has a decade of experience and expertise in capital markets, operations and assurance, and holds CPA, CA and CFA designations. Additionally, he is a licensed prospector in the province of Ontario, Canada. His track record includes facilitating over C$85 million in associated capital raising opportunities for both public and private enterprises. Currently, he is the CEO, president, and director of Heritage Mining, and a director of Pacific Empire Minerals. His previous roles included CFO of Spirit Banner Capital and VP corporate development and interim CFO for Ion Energy.
Michael Romanik – Director
Michael Romanik has over 14 years of resource exploration and public market experience with an emphasis on management, promotion and corporate finance. He has built an impressive network of resource and investment industry contacts over the years, and demonstrated a proven ability to utilize those relationships to advance his business objectives. Romanik has served as the president and CEO of GoldON Resources (TSXV:GLD) since 2009 and is a founding shareholder and the CEO of Silver Dollar Resources (CSE:SLVDF).
Advisory Team
Dr. Mark Bennett, Ph.D.
A PhD-qualified geologist with over 30 years of experience in capital raising, mineral exploration and establishing mines; Instrumental in several discoveries, including the Wahgnion gold mine, the Thunderbox gold mine and Waterloo nickel mine, and the Nova-Bollinger nickel-copper mine in Australia for Sirius Resources (acquired for AUD$1.8 billion in 2015); Involved in raising over $1 billion in debt and equity financing for funding exploration and development projects and overseen mergers, demergers, acquisitions, investments and divestments.
Scott McLean, P.Geo., FGC.
A professional geologist with over 35 years of senior management, executive and board experience in the metals and mining industry. Between 1985 and 2007, he worked for Falconbridge Limited and its successor Xstrata Nickel in various capacities throughout Canada with a focus on gold and base metal exploration; Founded HTX Minerals Corp in 2007, Transition Metals Corp in 2010, SPC Nickel Corp in 2013 and Canadian Gold Miner in 2016; Currently leads Transition Metals and is the Executive Chairman of SPC Nickel.
Richard Murphy, P.Geo.
A seasoned exploration entrepreneur with 27+ years of experience in the mineral exploration business. Brought two public companies through founding, acquisition, exploration and sales processes, most notably, Manitou Gold Inc. (acquired by Alamos Gold in Q2 2023). Expertise in building and advancing junior mining companies through discovery, resource definition and pre-feasibility stages to establish fully-valued mine reserves.
