High-Grade Intersections At Silver Swan Including 15 Metres At 17.92% Nickel

Poseidon Nickel (ASX: POS) (“Poseidon”, “the Company”) is delighted to provide the following update on the recent exploration activity on the Silver Swan Channel which is aimed at increasing the high-grade resource and reserve base for the “Feed the Mill Strategy”.

HIGHLIGHTS

• Latest infill drilling assay results within the Tundra-Mute Inferred Resource boundary has identified an area of continuous well-developed massive nickel sulphides. Results include:
  • PTMD005: 12.9m @ 10.63% Ni from 241.1m
  • PTMD007: 6m @ 11.36% Ni from 257m
  • PTMD014: 11m @ 13.26% Ni from 288m
  • PTMD015: 3.5m @ 16.30% Ni from 287.9m
  • PTMD018: 15m @ 17.92% Ni from 265m
• Three untested conductive down hole EM plates recently identified (>15,000 Siemens). The plates are potentially due to the presence of well-developed nickel sulphides and are located in extensional positions to the existing Silver Swan High Grade Resources. Further EM surveys are scheduled
• High priority underground drilling programs continue at both Tundra Mute and below the Black Swan Open pit from the Gosling Drill Drive

Managing Director and CEO, Peter Harold, commented, “we are delighted that the recent Silver Swan drilling has returned a series of high-grade results which will most certainly add tonnes to the resource base at Tundra- Mute. While these results are very significant on their own, the fact that the down hole EM survey has returned strong EM conductors is a good indication that there is additional high-grade mineralisation in the vicinity of the existing know mineralisation. These are fantastic results and demonstrate the prospectivity of the Silver Swan Channel.”

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