Poseidon restarts Lake Johnston exploration after sales process ends
ASX-listed Poseidon Nickel is getting back to exploration at the Lake Johnston project, in Western Australia, following a four-month hiatus while focusing on a sales process.
Now that the heads of agreement to sell Lake Johnston to fellow listed Mineral Resources (MinRes) has been terminated by the prospective buyer, Poseidon has restarted field activities.
Rock samples have been taken from numerous newly identified outcropping pegmatites in the southern Lake Johnston area, says CEO Brendan Shalders.
Late last year, Poseidon entered into an earn-in agreement with Mantis Resources over tenements adjacent to the company’s that host outcropping lithium-bearing pegmatites returning high grades from 2.8% to up to 3.85% lithium oxide.
For nickel, the October 2023 shallow reconnaissance drilling programme at the Maggie Hays West prospect confirmed a promising strong, 1-km-wide, coherent nickel/copper/platinum group metals regolith anomaly, which is an indicator of weathered nickel sulphides directly below.
“As generative programmes continue at Lake Johnston, we look forward to keeping the market informed as results come to hand. Any regional exploration success for lithium or nickel at/or near the Lake Johnston plant has the potential for this infrastructure to be a processing centre,” says Shalders.
Commenting on the cancelation of the Lake Johnston divestment, he says that it was disappointing that MinRes requested to renegotiate the binding heads of agreement on terms that were not acceptable to Poseidon.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation