Poseidon Nickel (ASX:POS) provides update on Lake Johnston exploration programs

Poseidon Nickel Limited (ASX:POS) has announced the enhancement of copper-gold and lithium exploration programs at Lake Johnston. The company's CEO, Brendan Shalders, expressed satisfaction with the positive results, highlighting the opportunities at the Billy Ray and Norfolk Prospects for copper-gold, and the lithium potential across the Mantis tenement E63/2244. The company aims to capitalize on the underexplored areas within the Lake Johnston greenstone belt, historically focused on nickel, to explore gold, lithium, and base metals.

Executive Commentary

Following completion of our recent soil sampling program at Lake Johnston, we continue to receive positive results that have enhanced the greenfield opportunities at this project. These include the copper-gold opportunities at Billy Ray and Norfolk Prospects, and the lithium potential across the Mantis tenement E63/2244. The results from the Mantis program have been very successful on several fronts. The Billy Ray Prospect is a coherent bullseye shaped copper-gold anomaly extending onto the Mantis tenement, with the highest values concentrated on the eastern margins which have not been drill tested. The western extent of the soil anomaly is supported by the previously reported mineralised Cu-Au drill intersection, which supports the prospectivity for a larger Cu-Au system. The company is currently working on getting all the permitting approvals to allow for priority drilling to test this promising target. The Norfolk Prospect presents a second emerging gold exploration target in the region based on a promising gold in soil anomaly that has been successfully extended onto the Mantis JV tenements. The results have also identified a large 2.3km by 3.4km lithium anomaly which remains open to the west with a maximum soil sample value of 495ppm Li2O extending south from lithium bearing pegmatites which returned high grades from 2.80% up to 3.85% Li2O. Further to this, the anomalous values noted are commensurate to other anomalies previously reported by peer lithium explorers in the Lake Johnston region. Further infill soil sampling within the Mantis tenements is scheduled to start shortly to progress copper, gold and lithium targets in parallel. The Company has also completed infill soil sampling at Black Swan during the second half of September 2024, awaiting results. The information obtained will be used for planning drill programs to test the gold targets identified.

Summary

Poseidon Nickel (ASX:POS) has reported significant progress in its exploration programs at Lake Johnston, with the identification of promising copper-gold and lithium targets. The company plans to conduct priority reconnaissance drilling programs at the Billy Ray and Norfolk Prospects once all necessary approvals are in place. Additionally, the identification of a large lithium anomaly at the Mantis tenement presents further exploration opportunities. The company's proactive approach to exploring underexplored areas within the Lake Johnston greenstone belt reflects its commitment to diversifying its exploration portfolio. With plans for further soil sampling and drilling programs, Poseidon Nickel aims to capitalize on the potential of gold, lithium, and base metals at the Lake Johnston project.