Exploration grant for Poseidon project
Monday, October 31st, 2022
Poseidon Nickel has received a grant of $180,000 from the Western Australian Exploration Incentive Scheme (EIS) for the planned drilling program on the highly prospective Western ultramafic unit at Lake Johnston.
Historically, nickel exploration at Lake Johnson had been heavily focused on the Central ultramafic unit as it hosts both the Maggie Hays and Emily Ann nickel mines.
The Western unit’s prospectivity is underpinned with promising reconnaissance nickel drill intersections along its approximately 18km of strike and remains underexplored.
Managing director Peter Harold said planning for the initial program was well advanced and Poseidon anticipates commencing the program in early 2023.
“We are also assessing the lithium potential on our tenements following a number of approaches by third parties and a review of the previous lithium exploration activities carried out by Poseidon,” he said.
Offered under Round 26 of the EIS, the grant will reimburse Poseidon for up to 50 per cent of direct drilling costs and 50 per cent of mobilisation costs (capped at $5000), up to a combined maximum of $180,000 towards the cost associated with the planned 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.