Poseidon Nickel MD & CEO demonstrates confidence in nickel strategy with on-market share purchase

Poseidon Nickel Ltd (ASX:POS) (OTCMKTS:PSDNF) (FRA:NYG) managing director and CEO Peter Harold has demonstrated his confidence in the company's nickel strategy with the purchase of shares in an on-market transaction.

Harold purchased 330,000 shares on Tuesday, March 23, at a value of $19,800 in an indirect interest, marking his first purchase of fully paid ordinary shares.*Golden Swan drill drive extension*

The company recently extended the Golden Swan resource drill drive by 50 metres and this is expected to reduce mine development time at the Black Swan Nickel Project in Western Australia.

This decision means the end of the drive will be 50 metres closer to the mineralisation and follows a recent detailed review of the planned underground drilling program at Golden Swan discovery.

It will also provide a better drilling angle for the planned holes and reduce the amount of drilling in the ultramafic (less competent rock).

Poseidon Nickel said mining contractor WestAuz had been doing an excellent job with the drill drive and would continue the drive for a further 50 metres.