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Poseidon Nickel projects longer mine life after Silver Swan resource increase

Poseidon Nickel Ltd.'s JORC 2012-compliant indicated and inferred resources at its Silver Swan deposit in Western Australia jumped 30% for contained metal.

The deposit now hosts 168,000 tonnes at 9.5% nickel containing 16,030 nickel tonnes using a 4.5% nickel cutoff.

The indicated mineral resource surged 107% to 108,000 tonnes, 2 percentage points in nickel grade to 9.4%, and 112% in contained nickel metal to 10,130 tonnes compared to the 2015 estimate.

The company said Aug. 5 that the indicated resource's doubling is expected to positively affect the Silver Swan reserve and life-of-mine schedule.

Poseidon also reported the start of a 2,500-meter, trial reverse circulation drilling program at the deposit to review the potential to exploit an underground disseminated nickel resource below the Black Swan open pit. The trial program is expected to take up to two months, and results are expected a month later.

The company started refurbishing the Silver Swan decline in March to enable underground diamond drilling as part of a strategy to fast-track nickel concentrate production at Black Swan. A feasibility study in July 2018 supported restarting operations at the mine.