Annuncio • Oct 02
Poseidon Nickel Limited, Annual General Meeting, Nov 20, 2024 Poseidon Nickel Limited, Annual General Meeting, Nov 20, 2024. New Risk • Sep 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (35% average weekly change). Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$12.5m market cap, or US$8.44m). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). New Risk • Jul 15
New major risk - Revenue and earnings growth Earnings have declined by 23% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$18m free cash flow). Share price has been highly volatile over the past 3 months (32% average weekly change). Earnings have declined by 23% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (9.1% increase in shares outstanding). Market cap is less than US$100m (AU$18.6m market cap, or US$12.6m). New Risk • Jun 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.9m (US$9.89m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$18m free cash flow). Share price has been highly volatile over the past 3 months (31% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (AU$14.9m market cap, or US$9.89m). Minor Risk Shareholders have been diluted in the past year (9.1% increase in shares outstanding). Annuncio • Mar 20
Mineral Resources Limited (ASX:MIN) entered into binding heads of agreement to acquire Lake Johnston Project from Poseidon Nickel Limited (ASX:POS) for AUD 15 million. Mineral Resources Limited (ASX:MIN) entered into binding heads of agreement to acquire Lake Johnston Project from Poseidon Nickel Limited (ASX:POS) for AUD 15 million on March 18, 2024. Consideration comprises of AUD 1 million non-refundable cash payment, AUD 6.5 million payable on completion of a formal sale and purchase agreement and AUD 7.5 million deferred payment (payable 12 months after completion). The transaction is conditional upon completion of legal due diligence on the sale assets to the reasonable satisfaction of Mineral Resources, the Parties entering into an assignment deed with the relevant parties in respect of the Ngadju Native Title Agreement on terms acceptable to Poseidon Nickel and the consent of the Minister for Mines and Petroleum being obtained under the Mining Act for the transfer of all the rights and obligations in respect of the tenements. The transaction will provide Poseidon with the funding to execute Mineral Resources' strategy which includes an exploration focus targeting high-grade nickel discoveries, continuing with reduced care and maintenance activities at Black Swan (to conserve funds) and pursuing new opportunities. The transaction is expected to close within thirty days of execution of the binding heads of agreement. Annuncio • Oct 05
Poseidon Nickel Limited, Annual General Meeting, Nov 22, 2023 Poseidon Nickel Limited, Annual General Meeting, Nov 22, 2023. Breakeven Date Change • Mar 15 The analyst covering Poseidon Nickel previously expected the company to break even in 2025. New forecast suggests the company will make a profit of AU$60.1m in 2025. Average annual earnings growth of 1.1% is required to achieve expected profit on schedule.
Board Change • Jan 24
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Non-Executive Chairman Derek La Ferla is the most experienced director on the board, commencing their role in 2019. Independent Non-Executive Director Peter Muccilli was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Annuncio • Dec 13
Poseidon Nickel Limited Announces Drilling Underway At Black Swan Poseidon Nickel Ltd. reported that following the positive outcomes of the Black Swan Bankable Feasibility Study ("BFS") for the 1.1Mtpa mill feed option (refer to Company ASX announcement "Positive Black Swan Feasibility Study", dated 21 November 2022), reverse circulation ("RC") resource delineation drilling from the floor of the dewatered Black Swan open pit has commenced. Background Following the dewatering of the Black Swan open pit, the Company has undertaken clean-up activities to facilitate the RC drilling from in-pit positions. The Company intends to complete an 11,000 metre RC drilling program into the Black Swan Disseminated resource. Activities within the pit are now well advanced with drilling now underway. The drilling program is scheduled to be completed early February 2023 with all assay results expected by the end of March 2023. The principal aims of the drill program are: to convert more Inferred Resources to Indicated and increase the Measured and Indicated Resource and in particular for the large amount of Inferred resources that are not currently in the mining inventory; enhanced delineation of the metallurgically important serpentinite and talc-carbonate hosted ore types to quantify variations in their respective characteristics such as talc and non-sulphide nickel levels as well as sulphur/nickel ratios, which are important to optimise ore blending strategies; provide more detailed production scheduling for commencement of operations; and provide material for ongoing metallurgical testwork programs on the rougher concentrate option. The program will further enhance the restart information as the Company moves towards commencement of operations in the first half of 2024, subject to Final Investment Decision (FID). Black Swan Disseminated Resource Drilling Program: Strike Drilling Pty Ltd. has been contracted to undertake the RC program initially with one rig, with the option to utilise a second rig from early 2023. The drilling program targets a zone of the BSD Resource which was not able to be targeted from the underground diamond drilling from the Gosling development drive completed during 2021/2022. The results of the 11,000 metre RC program will provide new data that will enable the development of a new ‘Life of Project’ Resource model containing, in addition to the usual ore type grade data, important metallurgical related information such as talc and non-sulphide nickel levels as well as sulphur/nickel ratios. This information is important for ore blending requirements and will support the process now underway to secure binding offtake and project financing as the Company progress toward project FID during first half 2023. Breakeven Date Change • Nov 28
Forecast breakeven date pushed back to 2025 The analyst covering Poseidon Nickel previously expected the company to break even in 2023. New forecast suggests the company will make a profit of AU$60.0m in 2025. Average annual earnings growth of 89% is required to achieve expected profit on schedule. Annuncio • Nov 21
Poseidon Nickel Ltd Reports the Outcomes of the Black Swan Bankable Feasibility Study Poseidon Nickel Ltd. reported the outcomes of the Black Swan Bankable Feasibility Study ("BFS") for the 1.1Mtpa mill feed option (the "Project"). The Poseidon board and management are pleased to provide the outcomes from the Black Swan Bankable Feasibility Study (BFS) for a 1.1Mtpa feed to produce smelter grade concentrate scenario ("Phase 1 Black Swan Project" or the "Project"). The BFS is based on the plan to mine ore from the Black Swan disseminated (BSD) open pit (serpentinite ore only) and Silver Swan and Golden Swan high-grade underground mines, supplemented with Silver Swan Tailings and existing surface stockpiles (disseminated serpentinite material) and process these feed sources through the existing concentrator and associated infrastructure. The study is based on refurbishing and operating the existing plant with a processing capacity of 1.1Mtpa to align with the available processing mine inventory of 5.0Mt, presenting a post development project life of four years. Plant refurbishment and mine development works are expected to take about 11 months. Over the life of the project, the Phase 1 Black Swan Project will produce 200kt of smelter grade concentrate averaging 15% nickel containing ~30kt of nickel from the various feed sources representing an average metal recovery of 68%. Completion of the BFS is a key milestone in Poseidon's "Fill the Mill" strategy which aims to build Poseidon into a sustainable nickel producer delivering value through performance and growth. The Black Swan restart is the basis to achieving our first strategic pillar of our "Pathway to Production". Beyond a potential restart of Black Swan, the Company continues to progress growth opportunities including: the Feasibility Study on the 2.2Mtpa feed option to produce rougher concentrate (Phase 2 Black Swan Project). a 10,000 metre resource drilling program at Black Swan to convert more Inferred BSD resource to Indicated, supporting the 2.2Mtpa feed scenario or increasing reserves for the Phase 1 Project; exploration activities at Lake Johnston to increase the resource base supporting a potential restart of operations at that site; mining studies at Windarra on the Mt Windarra orebody to determine the economics of mining and trucking the ore to Black Swan for treatment; and assessing business development opportunities which may provide third party feeds to either Black Swan or Lake Johnston. This BFS includes substantial work completed since the 2018 Black Swan Feasibility Study which significantly de-risks the project. Metallurgical breakthroughs with the addition of a rougher concentrate regrind stage and the blending of Silver Swan Tailings into the processing feed have reduced risks associated with high MgO levels in concentrate, which can impact the marketability of the concentrate product to conventional smelters. This is further supported by the BSD Resource update which includes delineation of the talc content in the resource model to more accurately define the serpentinite ore zones which are more amenable to producing a smelter grade concentrate. A list of material activities completed since the 2018 Feasibility Study are detailed in Section 1 Introduction. Mineral Resource updates following resource drilling of the BSD, Silver Swan and Golden Swan resources, the release of the Maiden Resource for the Silver Swan Tailings, plus inclusion of the surface BSD ore stockpiles, has confirmed a total combined Mineral Resource for Black Swan of 31.5Mt averaging 0.68% Ni for 214kt of contained nickel. Conversion of Resources to Reserves for the BFS was contingent on feeding material types to the concentrator which are amenable to producing a smelter grade concentrate with an MgO content and Fe:MgO ratio that is suitable for potential offtake partners. Producing a conventional smelter grade concentrate limits the combined Mineral Reserves to the Measured and Indicated Resources of Silver Swan and Golden Swan and the serpentinite ore type in the BSD Measured and Indicated Resources with appropriate MgO levels. A portion of the BSD Resource not included in the Mineral Reserves is subject to the ongoing 2.2Mtpa rougher grade concentrate Feasibility Study which may convert a larger amount of the BSD Resource to Reserves. The BSD Resource is large and continues well beyond a depth of the planned open pit for current feasibility studies. This portion of the BSD Resource may be subject to feasibility studies in the future, however, is not included in the current 1.1Mtpa smelter grade concentrate or 2.2Mtpa rougher grade concentrate studies. The available feed sources will be processed through the existing Black Swan plant to produce smelter grade concentrate. Locked cycle tests confirmed the benefit of the two metallurgical breakthroughs for the project which reduce MgO content in concentrate and improve the Fe:MgO ratio being: inclusion of a rougher concentrate regrind stage in the flowsheet; and addition of Silver Swan Tailings to the feed blend. Results presented are typical range for each test. Refer to Section 8 Metallurgical Testwork for further locked cycle test results and Section 9 Concentrate Product Quality for further details on concentrate specifications. Based on available feed sources, the BFS assumes that 5.0Mt of feed containing 44.3kt of nickel will be processed over a four-year period to produce 200kt concentrate grading 15% Ni containing 30kt of nickel (the Production Target). Metallurgical recoveries for each feed source are discussed in Section 8 Metallurgical Testwork. Price Target Changed • Nov 16
Price target increased to AU$0.13 Up from AU$0.076, the current price target is provided by 1 analyst. New target price is 195% above last closing price of AU$0.044. Stock is down 53% over the past year. The company is forecast to post earnings per share of AU$0.0051 next year compared to a net loss per share of AU$0.0039 last year. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chairman Derek La Ferla is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Annuncio • Oct 29
Poseidon Nickel Limited Receives EIS Grant for Proposed Lake Johnston Drilling Poseidon Nickel Limited announced that its application for a Western Australian State Government grant under the Exploration Incentive Scheme (EIS) for the planned drilling program on the Western Ultramafic Unit at Lake Johnston has been successful with a grant of $180,000 being awarded. Offered under Round 26 of the Western Australian State Government's co-funded Exploration Incentive Scheme (EIS), the grant awarded to Poseidon will reimburse the Company for up to 50% of direct drilling costs and 50% of mobilisation costs (capped at $5,000), up to a combined maximum of $180,000 towards the cost associated with the planned Western Ultramafic exploration program. The scheme is designed to support exploration activity in underexplored areas with valid geological methodology. The grant application process is highly competitive with numerous applications. Submissions are assessed by an expert panel of officers moderated by independent industry representatives with only 38 EIS grants offered in Round 26. Annuncio • Oct 19
Poseidon Nickel Limited, Annual General Meeting, Nov 24, 2022 Poseidon Nickel Limited, Annual General Meeting, Nov 24, 2022. Annuncio • Sep 27
Poseidon Nickel Provides a Corporate and Operating Update, in Particular the Positive Outcomes from Recent Metallurgical Testwork for the Black Swan Bankable Feasibility Study Poseidon Nickel provided a corporate and operating update, in particular the positive outcomes from recent metallurgical testwork for the Black Swan Bankable Feasibility Study. Positive results from recent metallurgical testwork employing locked-cycle flotation tests indicate that the addition of a regrind circuit, utilising the existing 150ktpa Silver Swan ball mill, would significantly improve the nickel grade and reduce the MgO content to levels more attractive to potential offtakers. Immediately prior to the shutdown of Black Swan in 2009, a period during which operations were processing only disseminated ore, the project produced concentrate with an MgO content of around 15% which is not preferred for most conventional nickel smelters. The project team have been looking for ways to lower the MgO levels of the Black Swan concentrate and the recent locked-cycle testwork indicates that MgO levels can be reduced to around 5%, which is a major breakthrough for the project. In addition, following the recently completed Quantitative Xray Diffraction analysis program the project team has completed the initial assessment of the talc distribution throughout the Black Swan Disseminated Resource. This assessment has confirmed that the level of talc within the serpentinite ore will not impede the project producing an acceptable MgO level in the smelter grade concentrate. In addition, this work has allowed to focus on blending the talc carbonate and serpentinite ore types to produce a lower grade rougher concentrate which would be suitable feed for POX and HPAL plants and could significantly extend the mine life at Black Swan. Following the recent metallurgical breakthrough, further optimisation testwork is required to finalise study assumptions and confirm concentrate specifications to achieve the best offtake terms. As a result, completion of the 1.1Mtpa smelter grade concentrate Bankable Feasibility Study will be during the December quarter. The 2.2Mtpa rougher concentrate study continues to progress with further infill resource drilling required to convert more Inferred Resources to the Indicated category. This drilling will be undertaken from the open pit floor and is expected to commence during November 2022, following the completion of pit dewatering. Progress to date of both the 1.1Mtpa and 2.2Mtpa feasibility studies has highlighted the significant benefits these studies have identified for the project. The marketability of potential concentrates, smelter and rougher, are critical to the outcomes of the respective studies. The company has identified several potential customers, including Pure Battery Technologies, for the rougher concentrate which has the potential to significantly increase mine inventory and mine life. Also, securing water rights from the Norton Goldfields pits and grid power from Western Power will provide significant operating cost and environmental benefits. In addition, the Company has continuedto progress various pre-production works for the restart of Black Swan. Annuncio • Sep 18
Poseidon Nickel Limited Auditor Raises 'Going Concern' Doubt Poseidon Nickel Limited filed its Annual on Sep 16, 2022 for the period ending Jun 30, 2022. In this report its auditor, KPMG LLP - Klynveld Peat Marwick Goerdeler, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Annuncio • Jul 12
Poseidon Nickel Provides Black Swan Restart Project Update Poseidon Nickel provided an update on the Black Swan "Fill the Mill" strategy and the Bankable Feasibility Study process. Poseidon recently released a Black Swan Disseminated Mineral Resource Estimate (MRE) update totaling 28.9Mt at 0.63% Ni for 181kt of nickel metal contained, an uplift of approximately 10kt of nickel from the previous estimate. The table below summaries the total Mineral Resource Estimate at Black Swan. The updated Black Swan Disseminated (BSD) Mineral Resource has significantly improved the confidence in the nickel grade and distribution of the metallurgically important serpentinite and talc-carbonate hosted disseminated mineralisation immediately below the Black Swan open pit. Confirming the distribution of the ore types (and quantifying the talc content) is important to identify mining blocks that will be suitable to produce a smelter grade concentrate. The talc-carbonate ore is typically high in talc (MgO) content (and low in iron-sulphide content) to produce a favourable concentrate feed for conventional smelters. Earlier in 2022 a laboratory pressure oxidation (POX) test was completed on a concentrate produced from a 50:50 talc-carbonate/serpentine ore blend. The POX leach extraction results were excellent, demonstrating greater than 97% nickel and cobalt extraction to the leach solution after 120 minutes residence time in the laboratory autoclave, with greater than 90% extraction of both nickel and cobalt after only 30 minutes. This testwork demonstrates the amenability of concentrate produced from higher talc ore blends to POX and has the potential to significantly increase the volume of ore from the BSD resource that could be economically mined. Quantitative X-Ray Diffraction (QXRD) assessment to model the talc distribution within the BSD resource is ongoing and will provide information for mine planning to blend the ore types to produce a flotation concentrate for feed into a POX facility. Concurrently within the GR Engineering Services (GRES) 1.1Mtpa process plant and infrastructure study, the Company has requested GRES to investigate increasing the throughput of the concentrator to 2.2Mtpa (nameplate) capacity and provide capex and opex estimates for the production of approximately 100ktpa of concentrate to feed into a POX circuit to produce mixed hydroxide precipitate (MHP). The POX study will assist the Company in its discussions with Pure Battery Technologies (PBT) in relation to the potential supply of concentrate to their proposed Kalgoorlie refinery hub which is the recipient of a $120 million MMI grant from the Federal Government. Preliminary economic assessments are internal Company milestones which provide the basis for management and the Board to make decisions to continue various workstreams and also approve selected works to progress the Fill the Mill strategy. At the end of June 2022, the Company completed the second internal preliminary economic assessment which concluded there was rationale for the Company to consider varying throughput scenarios for the Black Swan restart. In addition, the potential to process concentrate produced from higher talc ore types through POX opens a path to market for these ore types. These scenarios are summarised below and are not mutually exclusive. The 1.1Mtpa option producing a smelter grade concentrate could be preceded by a larger 2.2Mtpa operation producing a rougher concentrate for POX/autoclave processing. Annuncio • Jul 04
Poseidon Nickel Limited Reports Updated Mineral Resource Estimate for the Black Swan Disseminated Sulphide Deposit At Black Swan Poseidon Nickel Limited reported an updated Mineral Resource Estimate (MRE) for the Black Swan disseminated sulphide deposit at Black Swan. 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 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. New Data: The updated MRE incorporates 5,144 meters of new drilling from 24 diamond drill holes (DDH) completed by Poseidon between October 2021 and March 2022 and 14 RC holes (2,481 meters) completed in 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 meters immediately below the existing Black Swan open pit with the objective of better delineating the metallurgically important serpentinite and talc-carbonate 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. Poseidon engaged Golder in March 2022 to update the Black Swan MRE with the aim to quantify the current resource following recent drilling and create a block model for ongoing mine planning studies as part of a Black Swan Project Bankable Feasibility Study (BFS). Geology and Geological Interpretation: The Black Swan Komatiite Complex (BSKC) is a 3.5km long by 0.6km thick arcuate lens of olivine cumulate and spinifex textured flows. The complex is enclosed by a broad sequence of proximal facies intermediate felsic lavas and associated volcanoclastic rocks situated on the NE dipping, NE facing limb of the Kanowna-Scotia anticline. The anticline is located in the upper greenschist - lower amphibolite facies of the Boorara Domain, one of six tectono-stratigraphic domains making up the Kalgoorlie Terrane. The complex evolved as a series of episodically emplaced komatiite flows. The flows were channelized within a dynamic, coevally erupting calc-alkaline submarine environment, which resulted in the formation of several large felsic bodies (extrusive and intrusive) at various levels within the complex. Early during its evolution, massive and disseminated nickel sulphides accumulated in favorable locations on and adjacent to the basal contact of the complex. Post emplacement serpentinization and talc-carbonate alteration, metamorphism and deformation, was moderate to extreme and was responsible for the destruction of primary igneous textures throughout much of the complex, but without significant modification of the nickel sulphides. The host lithologies to the Black Swan disseminated sulphide deposit comprise a core area of serpentinite (dominantly as antigorite) enclosed by broad areas of talc magnesite and dolomite altered komatiites. The disseminated sulphides form between 2-10% of the host rock. They generally consist of composite grains of pyrite-millerite-magnetite±violarite in serpentinite areas with vaesite-polydymite becoming significant in the surrounding talc-carbonate altered rocks. Two textural sulphide types are recognized: fine grained interstitial composite grains between olivine pseudomorphs; and coarse grained blebby or droplet composites similar in size to the olivine pseudomorphs. The fine-grained composites are more widely distributed, defining a broad, low grade mineralized horizon consisting of several discrete lenses (Figure 1). The coarser grained composites are much less widely distributed, forming small discrete, higher-grade zones within the sulphide rich lenses. They are also unique to the Black Swan deposit and are generally restricted to the disseminated sulphide lenses developed between 11 200 N -11 450 N (Black Swan local grid). The majority of the Black Swan disseminated sulphide mineralization is contained within a central `main" lens which is up to 50 meters thick and contains most of the coarser grained blebby sulphides. Consequently, the main lens is typically higher grade with a S Ni ratio > 1. Up to five much thinner discrete "hanging wall" sulphide lenses are recognized to the east on the main lens. The hanging wall lenses are typically millerite dominant with a characteristic S/Ni ratio of <1 when hosted by serpentinite. To the west of the main lens two footwall sulphide lenses are recognized. Consisting dominantly of the finer grained interstitial sulphide composites, the footwall lenses are mostly hosted within talc-carbonate altered komatiites and are typically lower grade that the main and hanging wall lenses. Collar and Down hole Survey: The Black Swan drill hole database contains drill hole collar coordinates in both AMG51 and Black Swan local grid coordinates typically surveyed to an accuracy of ±10 mm. All Black Swan drill holes have been routinely surveyed generally every 30m or less. In the case of some early drill holes (Australian Anglo American Ltd) however, only the hole dip component was measured using the acid vial method. All subsequent drill holes have been surveyed using a variety of instruments including Eastman single shot, multi-shot and modern down hole gyro survey instruments. Sampling and Sub-Sampling Techniques: The Black Swan mineralization is identified visually by recording the host rock and the texture and proportion of nickeliferous sulphide composites present which, underpins the development of the geological and mineralization domains used in the modelling and estimation process. DDH core is the most dominant sample type. DDH samples are divided into the logged domains, with no individual sample generally being greater than 1.2 meters or less than 0.2 meters. Core samples are sawn and mostly sampled as half core, unless duplicates were taken, which required samples to be quarter core. RC samples were typically collected using cone splitters over intervals between 1.5 meters (Poseidon 2019) and 2.0 meters for in-pit grade control drilling. Density Data: The Black Swan drill hole database used in the 2022 MRE contains in excess of 49,000 SG determinations, of which 13,128 were used in the 2022 MRE, with 3,881 SG determinations added from the recent 24-hole DDHprogram. Virtually all density measurements were performed using the immersion technique (Archimedes water displacement method). The density was calculated as a wet density even though core was often left to dry for some time. In some sampling programmes a representative section of core was used for measurements, instead of entire core sample. Annuncio • Jun 01
Poseidon Nickel Limited Appoints Warren Hallam as Non-Executive Director, Effective 1 June 2022 Poseidon Nickel Limited announced that Warren Hallam has been appointed to the Board of Poseidon as a Non-Executive Director, effective 1 June 2022. Warren is a highly experienced metallurgist and mineral economist. Warren's skills will complement the current Board with his extensive operational and executive experience and expertise in financing, developing and operating of base metal and gold projects within Australia which will also significantly benefit the Company as it moves towards the restart of the Black Swan Nickel Project. Warren has considerable technical, managerial and financial experience across a broad range of commodities including copper, nickel, tin, gold and iron ore. He has held numerous board and senior executive positions within the resources sector including directorships of Westgold Resources Limited, Aziana Limited, Nelson Resources Limited and was the Managing Director of Metals Exploration Limited, Metals X Limited, Capricorn Metals Limited and Millennium Minerals Limited. Warren has a Bachelor of Applied Science in Metallurgy, a Master of Science in Mineral Economics, and a Graduate Diploma of Business. Annuncio • Apr 27
Poseidon Nickel Limited Announces Silver Swan Resource Update Poseidon Nickel announced an updated Mineral Resource Estimate (MRE) for the Silver Swan deposit at Black Swan. Silver Swan Resource Tables: The Silver Swan Mineral Resource Estimate (MRE) was prepared for Poseidon by independent resource consultants Snowden Optiro Pty Ltd. following the completion of the 38 hole, 8,179m exploration and resource drilling programme. The 2022 Mineral Resource Update has focussed on the four mineralised lenses: Goose; Fledgling-Canard: Tundra-Mute; and Peking Duck. Poseidon engaged Snowden Optiro Pty Ltd. to undertake the Silver Swan MRE update with the aim to quantify the resource and create a Block Model suitable for mine planning purposes. The Silver Swan Massive (SSM) deposit comprises four narrow, high grade nickel sulphide mineralised shoots, located along the basal ultramafic contact of the Black Swan Komatiite (BSK). The BSK is a large extrusive ultramafic flow that can be traced over a 3,500m strike length and extends at least 1,600m below surface. The width of the BSK varies from 150 to 600m in the central area of the flow, which narrows significantly along strike north and south of the central portions of the flow. The four shoots that were assessed for this MRE are Goose, Peking Duck, Fledgling-Canard and Tundra-Mute. There is remnant mineralisation located within the Goose shoot, and the top 15m of the Fledgling-Canard shoot has also been mined. The Peking Duck and Tundra-Mute shoots are unmined, other than some limited development in the upper portions of Tundra-Mute. Within the Black Swan stratigraphy there are several late felsic to intermediate intrusive unites, typically described as porphyritic dykes which have stoped out the mineralisation. These have been depleted from the mineralisation by resetting the density to 0.00. As with the previous estimates, these have been modelled to ensure that any mineralisation is suitably accounted for. The BSK hosts both disseminated nickel sulphide (Black Swan Disseminated - BSD), and massive sulphide nickel mineralisation (Silver Swan - SSM, White Swan - WSM, Cygnet - CM, Gosling - GM and Golden Swan - GSM). The SSM mineralisation is the most significant massive sulphide accumulation within the BSK, extending from 195m to 1,550m below surface and consisting of a series of narrow, variably sized vertical shoots. As a function of the depth of the SSM and the location of the available drilling locations, the majority of the 2019 and earlier drilling was drilled at very acute intersection angles to the mineralisation. The 2020 and 2021 drilling aimed at improving the drillhole intersections and providing infill data for the 2019 MRE. Price Target Changed • Apr 27
Price target increased to AU$0.13 Up from AU$0.076, the current price target is provided by 1 analyst. New target price is 53% above last closing price of AU$0.085. Stock is up 33% over the past year. The company is forecast to post a net loss per share of AU$0.0014 next year compared to a net loss per share of AU$0.004 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chairman Derek La Ferla is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Annuncio • Feb 24
Poseidon Nickel Limited Announces Resignation of Felicity Gooding as Non-Executive Director, Effective 25 February 2022 Poseidon Nickel Limited announced that due to her recent appointment at Fortescue Future Industries as Commercial General Manager, Felicity Gooding has resigned as a Non-Executive Director of the company, effective 25 February 2022. Ms. Gooding joined the Board on 1 October 2018 as the nominee of Tattarang Pty Ltd. (Forrest Group). She has provided a valuable contribution to the Company during a period of significant change over the last three and a half years including in her role as Chair of the Audit and Risk Committee. Annuncio • Feb 03
Poseidon Nickel Limited Extraction on Black Swan Concentrates Poseidon Nickel Limited announced that excellent preliminary test results have been achieved on Black Swan concentrates utilising pressure oxidation. Pressure oxidation testwork: PBT has achieved excellent results from its preliminary leach testwork on samples of nickel sulphide concentrates that could be produced from the Company's Black Swan Project. The Pressure Oxidation Leach tests were carried out on three different concentrate blends provided by the Company. The tests achieved >90% extraction of nickel and >95% extraction of cobalt. Annuncio • Dec 21
Poseidon Nickel Limited Announces Black Swan Restart Project Update Poseidon Nickel provided its second update on the Black Swan 1.1Mtpa "Fill the Mill" project and the Bankable Feasibility Study process. KEY POINTS: Fill the Mill Strategy: Growing mine inventory supports restart strategy based on feeding the 1.1Mtpa processing circuit from a combination of feed sources to maximise nickel units produced. Further exploration success at Silver Swan very high grade intersections: Assay results received from recent resource drilling at Silver Swan indicate potential for increased Reserve (up from current Silver Swan JORC Reserve of 6,800t Ni): PTMD005: 12.9m @ 10.63% Ni; PTMD007: 6m @ 11.36% Ni; PTMD014: 11m @ 13.26% Ni; PTMD015: 3.5m @ 16.30% Ni; PTMD018: 15m @ 17.92% Ni. Drilling in Black Swan Disseminated mineralisation returning positive results: Drilling results indicating potentially greater consistency of metallurgically favourable serpentinite mineralisation in the disseminated zone below the existing pit. Preliminary Investment Decision: Progress to date on the Fill the Mill strategy supports fast tracking a number of initiatives, including: further exploration down plunge of the existing Silver Swan resource to grow the high- grade mining inventory. commence studies on dewatering the Black Swan open pit in 2022. commence environmental and mine approvals process. employ personnel for key project management roles. undertake studies on site-based accommodation and commence approvals process. progress planning and approval for grid power allocation. Marketing and Project Funding: Indicative terms requested from prospective offtake parties indicate interest from market in preliminary Black Swan concentrate specification. Annuncio • Dec 20
Poseidon Nickel Limited Announces High Grade Intersections At Silver Swan Poseidon Nickel provided the following update on the recent exploration activity on the Silver Swan Channel which is aimed at increasing the high-grade resourceand reserve base for the "Feed the Mill Strategy". The Resource Infill drilling program in Tundra-Mute is continuing with 23 holes completed and two more inprogress with the most significant results, including the exceptional intersection seen in PTMD018 of 15m at 17.92% Ni from 265m. Eight drill holes were surveyed by Vortex Geophysics using an Atlantis Down Hole Electro Magnetic (DHEM) probe between 26 November and 6 December 2021 with the interpretation of the results carried out by Newexco. The survey highlighted seven plates with a conductance of >15,000 Siemens which is considered highly conductive. Within the Silver Swan setting, these readings are often indicative of the presence of massive sulphides. When compared against drilling data, four of the plates can be explained using historical drilling and will not be tested further. In relation to these untested plates the following information is relevant: PTMD022_EOH is a newly identified EM plate down plunge of the Silver Swan Mines is greater than 70m from any other drilling. Drilling stops quickly after passing the footwall contact due to ground conditions limiting the full effectiveness of the platform EM hole. PTMD005_EOH is a relatively small plate with historical drilling surrounding it constraining its extent. Follow up drilling is being considered. PTMD011_EOH is a small plate that is located on the lower edge of the Tundra-Mute inferred shape. Other drilling intersecting the periphery of the plate were thin but mineralisation could potentially be better developed elsewhere in the plate. Follow up drilling is being considered. Other DHEM to be undertaken will be in Hole PTMD023 which is in progress. The results of the DHEM survey will provide important additional information to correlate existing high-grade intersections and determine its potential extents. The information will guide further drill testing in the area. Annuncio • Nov 22
Poseidon Nickel Limited Provides the Following Update on the Silver Swan Drilling Program Poseidon Nickel provided the following update on the Silver Swan drilling program which is aiming to increase the high-grade resource base. The aim of this program is to increase the confidence in the resource, by converting existing resources from Inferred to Indicated and to potentially find high-grade mineralisation outside the current known resources. This latest hole will most certainly increase the amount of material in the Indicated Resource category. Infill drilling in and around the Tundra-Mute Mineral Resource continues. To date 18 holes have been completed with an outstanding intersection of 13.6m of massive sulphides being intersected in PTMD018. Estimated true width of the intersection is 9.8m. The abbreviated log of the visually mineralised interval is included as Table 1, with the core photographs included as Figure 1. The hole has been sampled and sent for analysis at SGS. The Company advises that visual estimates of sulphide material should never be considered a proxy for laboratory analysis, which are required to determine grade and widths for geological reporting and all reported intersection widths are measured down hole, not true thickness. These visual estimates potentially provide no information regarding potential impurities or deleterious physical properties. Assay results will be announced when they become available. The aim of the Tundra-Mute drilling program is to increase the confidence in the current Silver Swan Resource, by converting existing resources from Inferred to Indicated. If the drilling is successful, the Silver Swan Reserve should increase, which will assist the economics of the Fill the Mill Strategy. The intersection in PTMD018 falls within the previously announced Tundra-Mute Inferred Resource area as shown in Figure 2 and is typical of Silver Swan style mineralisation (refer ASX release dated 5 August 2019, "Silver Swan Resource Upgrade"). The Silver Swan Resource Estimate is included as Table 3 of this announcement. Once the current resource infill drilling program is completed at Tundra Mute the plan is to drillat least two deeper holes below the resource which will be used as EM platform holes. Assay results received to date from drilling in the Silver Swan Channel are presented in Table 2. It is believed that the mineralisation seen in PPCD009 is a remobilised stringer within fractured material associated with the emplacement of the Feral Fault, while the mineralisation seen in PPCD006 is 9 metres from the footwall contact and will be of insufficient width to be included in a mineral resource estimate. The current drill program is also testing for more high-grade mineralisation outside the current resources. EM surveys will be conducted in holes already drilled at Peking Duck and Fledgling Canard when an EM crew becomes available. Annuncio • Jul 24
Poseidon Nickel Reports Outcomes from Windarra Gold Tailings Project Definitive Feasibility Study Poseidon Nickel reported outcomes from the Windarra Gold Tailings Project Definitive Feasibility Study. Poseidon is considering development of the Windarra Gold Tailings Project, which comprises the Windarra Gold Tailings Mineral Resource contained within the North and South tailings dams (Windarra) and the Lancefield Gold Tailings Mineral Resource contained on License To Treat (LTT) tenement 700-3709 (Lancefield). The Mineral Resource comprises 4.75 Mt at the Windarra North and South dams at an average grade of 0.73 g/t gold and 1.21 Mt at Lancefield at an average grade of 1.27 g/t gold, all classified as Indicated resources. There is a total of approximately 161,000 ounces of gold contained within the Project Mineral Resource at Indicated classification. The Project also has access to an additional 0.38 Mt at an average grade of 1.20 g/t gold at Lancefield currently classified as an Inferred resource. With additional resource definition drilling it is considered likely this material would be reclassified to an Indicated resource also. A Definitive Feasibility Study (DFS) has been prepared with the assistance from several well recognised and independent mining consultants and contractors that assisted to establish the resource and reserve estimates, design the process plant and infrastructure, complete the metallurgical testwork, mining design and associated cost estimates, finalise the environmental assessment and prepare the submissions for the regulatory approvals. The financial evaluation presented in the DFS was completed by Poseidon using inputs from the various consultants, contractors and competent persons. Annuncio • Jul 07
Poseidon Nickel Limited Provides an Update on the Progress of the Golden Swan Drill Program Poseidon Nickel provided an update on the progress of the Golden Swan drill program with the latest batch of assays received from five holes.
In parallel, the Southern Terrace remains prospective outside the Golden Swan mineralized zone and further drilling and geophysics will be conducted within the greater Southern Terrace area. Golden Swan Resource Drilling Program: The Resource Definition drilling program commenced in late April 2021 and is designed to increase confidence in the continuity of the Golden Swan mineralization to JORC 2012 Inferred and Indicated levels by drilling up to 57 holes for 13,000 metres of NQ2 diamond drill core. Current Drilling: Drilling to date continues to indicate a well-developed, competent felsic footwall unit that has resulted in high advance rates. As of 4 July 2021, the program remains ahead of schedule with 39 holes completed for a total of
11,222 metres drilled. As understanding of the mineralized Golden Swan zone increases, drilling is focused on following and infilling the mineralized zone to Indicated Resource levels of confidence. The Down Hole EM program has been completed by Vortex using the Digi Atlantis system with the data processed and interpreted by Newexco. The results confirm the known mineralization around Golden Swan without reporting any strong conductors away from Golden Swan within the search constraints of 50 metres around the holes surveyed. Annuncio • Jun 16
Poseidon Nickel Limited Announces Drilling Results Add to High Grade Continuity Poseidon Nickel to provide an update on the Golden Swan resource drilling program. The Resource Definition drilling program commenced on 28 April 2021 and is designed to increase confidenc in the continuity of the Golden Swan mineralisation to JORC 2012 Inferred and Indicated levels by drilling up to 57 holes for 13,000 metres of NQ2 diamond drill core. Drilling to date has indicated a well-developed, competent felsic footwall unit that has allowed for high rate of drilling. As of 14 June 2021, the program remains ahead of schedule with 29 holes completed for a total of 8,171 metres drilled. Assays have been received for four holes in addition to those reported on 9 June 2021 including the significant intercepts. As understanding of the mineralised Golden Swan zone increases, drilling is focused on following and infilling the ineralised zone. The planned DHEM of the outer lying holes is awaiting crew availability.
Additionally, 2 metres of massive sulphide mineralisation (visually >80% total sulphide content) has been intersected in PGSD025 which has been geologically logged as pyrrhotite-pentlandite with matrix chalcopyrite. The Company is awaiting assay results for this interval. The company advises that visual estimates of sulphide material should never be considered a proxy for laboratory analysis which are required to determine grade and widths for geological reporting. Assay results will be announced when they become available.
The Southern Terrace contact is an uneven erosional surface which underlies a significant disseminated nickel sulphide cloud hosted within the Black Swan komatiite. This highly prospective stratigraphic position could host further undiscovered massive sulphide trends along its path and remains poorly tested. Outer holes to the Golden Swan trend are being drilled and cased with PVC to allow for future DHEM surveys to test outside of the known mineralisation. DHEM surveys will be conducted in the next few weeks with follow up
drilling to occur shortly afterwards, if new DHEM anomalies are detected. Annuncio • Jun 09
Poseidon Nickel Limited Announces Initial Golden Swan Drilling Results Demostrate High Grade Continuity Poseidon Nickel that the 13,000 metre Golden Swan resource drilling program is well underway with several significant mineralised intersections returned to date. The Resource Definition drilling program commenced on 28 April 2021 and is designed to increase confidence in the continuity of the Golden Swan mineralisation to JORC 2012 Inferred and Indicated levels by drilling up to 57 holes for 13,000 metres of NQ2 diamond drill core. The initial Inferred Resource program pattern of drill holes. Once the initial Inferred Resource program is completed, the Company will utilise the outer drill holes of the pattern to undertake further Down Hole Electromagnetic (DHEM) surveys to increase understanding within the Golden Swan trend and the greater area of the Southern Terrace away from the existing DHEM coverage. Drilling to date has indicated a well-developed, competent felsic footwall unit that has allowed for high rate of drilling. As of 6 June 2021, the program is progressing ahead of schedule with 24 holes completed for a total of 6,599 metres. Assays have been received for seven holes including the significant intercepts. The appropriate drill hole summary table and relevant JORC 2012 Compliance. As understanding of the mineralised Golden Swan zone increases, drilling is focused on following the mineralised zone. Additionally, sulphide mineralisation has been intersected in two holes away from existing DHEM plates (PSGD011 and PSG012), confirming the continuation of the mineralised Golden Swan trend up plunge and to the south. Drill targeting has been adjusted to test this observation with results and assays to follow. The Southern Terrace contact underlies a significant disseminated nickel sulphide cloud that is hosted within the Black Swan komatiite. This highly prospective stratigraphic position could host further undiscovered massive sulphide trends along it path and remains poorly tested. Outer holes to the Golden Swan trend are being drilled and cased with PVC to allow for future DHEM surveys to test outside of the known mineralisation. DHEM surveys will be conducted in the next few weeks with follow up drilling to occur shortly afterwards, if new DHEM anomalies are detected. As previously announced, the Company is confident the Golden Swan Resource drilling will result in the delineation of a maiden resource that has the potential to be exploited in the near term. With the completion of the underground drill drive, preparations are well underway for the potential commencement of mining activities in the first half of 2022 with an internal target of producing saleable ore by mid-2022, subject to acceptable economics. The initial plan is to sell Direct Shipping Ore (DSO) and preliminary discussions with potential buyers remain ongoing. The very high nickel grade of Golden Swan, together with the excellent Fe:MgO ratio, low impurities and high metallurgical recovery (>90% to +13% nickel concentrate, based on preliminary metallurgical testwork), will make Golden Swan material (ore and/or concentrate) highly attractive to a number of nickel producers both locally and overseas. Annuncio • Mar 19
Poseidon Nickel Limited Provides Update on Golden Swan Development Poseidon Nickel Limited provide the following update on progress with the Golden Swan discovery and potential exploitation of the mineralisation. The Company recently undertook a detailed review of the planned Resource drilling program and has decided to extend the drill drive by 50 metres for the following reasons:reduce the amount of drilling in the ultramafic (less competent rock); provide a better drilling angle for all the planned holes; and
the end of the drive will be 50 metres closer to the mineralisation which will reduce mine development time. The Company recommenced exploration drilling of the Southern Terrace in late January from a drill position in the Silver Swan decline. The aim of this drilling is to test for additional mineralisation below the existing known
high-grade nickel sulphide mineralisation at Golden Swan. The current hole, PBSD033A, is targeting a zone about 120 metres below the original discovery hole at Golden Swan . The hole is planned to go to a depth of 750 metres and was at about 410 metres when the rods were bogged and grouted in. Webdrill, at their cost, has agreed to wedge the hole at 220 metres and redrill to 410 metres down hole. This is currently
underway and as at 17 March the hole was at 398 metres. Given that the ground conditions have been challenging and now expect the drilling to be at target depth by late March/early April. Annuncio • Dec 23
Poseidon Nickel Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million. Poseidon Nickel Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 166,666,667
Price\Range: AUD 0.06
Discount Per Security: AUD 0.003
Transaction Features: Subsequent Direct Listing Annuncio • Nov 19
Poseidon Nickel Limited Announces Drilling Update Poseidon Nickel Limited announced that drill hole PBSD0029D has intersected a 6.8 meter (3.9m true width) interval of nickel sulphides from 650m down hole. The latest intersection is 50m up plunge of hole PBSD0030B which returned 9m (4.5m true width) at 10.46% Ni and 100m up dip of PBSD0029A which intersected 7.6m @ 8.8% Ni (4.3m true width). The core had been geologically logged and will now be cut and assayed. The intersection occurred at the contact between the Black Swan mineralized komatiite flow and the underlying felsic unit. The stratigraphic contact is termed the "Southern Terrace" and was identified as a significant exploration opportunity by the Company, just 300m to the South of the Silver Swan workings. This latest and highest intersection confirms that the additional Downhole Electromagnetic (DHEM) responses announced on 12 October 2020 are due to the presence of nickel sulphides. Hole PBSD0029D may also indicate that the previously identified separate DHEM plates outlining the known Golden Swan mineralization are a continuous horizon of nickel sulphides accumulating upon the Southern Terrace. Annuncio • Oct 13
Poseidon Nickel Limited Provides an Update on Exploration Activity At the Recently Discovered Golden Swan Mineralisation and Within the Southern Terrace Poseidon Nickel provided an update on exploration activity at the recently discovered Golden Swan mineralisation and within the Southern Terrace. Subsequent to the recent Downhole EM (DHEM) survey reported in hole PBSD0029C that highlighted a potential target size at Golden Swan of 50m width by 170m depth, Poseidon has completed an additional drillhole approximately 120m to the south of the existing high-grade drill intersections, known as the Golden Swan mineralisation. Hole PBSD0031 was designed to traverse below, and in close proximity to, the modelled footwall position to provide a platform for DHEM geophysics. A successful DHEM survey in PBSD0031 using the recently installed underground transmitter loop has identified a new high conductance anomaly that extends the potential strike of the Golden Swan mineralisation. The two newly modelled EM plates are contiguous, along strike to the south, of both existing mineralised drill intersections and EM plates and increase the potential strike of upper parts of Golden Swan mineralisation by 60m in a north-south direction. Of the new plates identified in this survey, one is a high conductance anomaly of 20,000 Siemens and given there are no known other conductive sources to provide false anomalies at Black Swan, this new anomaly is interpreted to represent massive sulphides. Combined with a potential dip extent of 170m, the opportunity for the Golden Swan mineralisation to grow in size continues to increase. Many of the individual orebodies previously discovered and mined in the Silver Swan Channel have strike extents less than that now being revealed at Golden Swan. New footwall EM plates identified potential for another mineralised system. In addition to the EM plates that indicate the potential southern extension of the Golden Swan mineralisation the survey in hole PBSD0031 has identified two new EM plates approximately 50m beneath the Southern Terrace surface to the south of known mineralisation. These new Footwall EM plates, present an exciting new opportunity for a new mineralised system proximal to Golden Swan. These two moderate conductance plates are interpreted by the Company to represent nickel sulphide mineralisation and are located within an interpreted ultramafic re-entrant feature beneath the
main Southern Terrace horizon. The drill drive recently approved by Poseidon's board will provide an ideal location to drill test these new anomalies. To advance Golden Swan the Company has recently committed to the development of a circa 400m drill drive from the existing Silver Swan decline to facilitate resource definition and ongoing exploration drilling. Poseidon is in the process of seeking tender submissions from shortlisted contractors for the drill drive project. The drive, to be developed in competent footwall felsic rocks, will be positioned approximately 200m from the known mineralisation and will provide a platform for resource definition drilling of Golden Swan and additional exploration
drilling of the highly prospective Southern Terrace. Annuncio • Oct 04
Poseidon Nickel Limited Announces EM Survey Extends Golden Swan Potential Poseidon Nickel Limited provided an update on the recent down hole EM survey, current and planned exploration activities on and around the recently discovered Golden Swan mineralisation. Poseidon has recently extended a previously completed diamond drill hole (PBSD0029C) beneath and down-dip from the Golden Swan mineralisation intersected and reported previously. The drill hole, by design, remained in the footwall immediately beneath Golden Swan to provide a platform for a geophysical DHEM survey to identify extensions to known mineralisation. Poseidon has installed and commissioned a new underground geophysical transmitter loop to provide stronger EM signal and remove the influence of conductive overburden that has historically been challenging for EM survey interpretation. The maiden survey using the new loop has proven very successful delivering high quality geophysical data and this loop is considered an important part of Poseidon's ongoing exploration efforts at the Black Swan Project. The potential to re-survey historic drillholes with modern geophysical probes and the underground transmitter loop provides an exciting exploration opportunity across both the Southern Terrace and the Black Swan Project.