PRECIOUS METALS

Poseidon & Empire processing deal

Poseidon Nickel and Empire Resources have a MoU to evaluate processing Penny's Find gold ore

Staff reporter

This article is 7 years old. Images might not display.

PRESS RELEASE: Empire holds a 60% direct interest in the Penny’s Find gold project situated on granted Mining Lease 27/156 in Western Australia. The remaining 40% interest is held by unlisted Brimstone Resources. Via road, Penny’s Find is located 48km south-east of the Black Swan facility.

Empire is currently open-pit mining at Penny’s Find and toll treating the ore via the Burbanks mill near Coolgardie.

Poseidon’s COO Michael Rodriguez stated: “Since announcing the company’s plans to establish the Black Swan Operations as a central gold processing facility a number of third party gold explorers and miners have expressed an interest in securing capacity at the facility.

“Poseidon welcomes the opportunity to engage with third parties to ensure the facility is operated at optimum throughput.”

Poseidon and Empire plan to progress due diligence and once complete a further announcement will be made to the market. As the nickel market continues to improve Poseidon is progressing discussions on possible funding solutions to restart Silver Swan likely to be a combination of debt and equity.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

editions

Mining Magazine Intelligence: Automation and Digitalisation Report 2024

Exclusive research for Mining Magazine Intelligence Automation and Digitalisation Report 2024 shows mining companies are embracing cutting-edge tech

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets