Podium Minerals continues to extend its Parks Reef platinum group metals deposit in WA’s Mid West region, with assays from an additional 4 RC holes sunk as part of its stage 10 drilling program delivering a bounty of solid intercepts including 14m at 1.65 grams per tonne three-elements platinum-group metals, or “3E PGM” from 133m.
Results from another hole include 11m grading 1.44 g/t 3E PGM from 162m with a higher-grade 3m inclusion going 3m at 2.23 g/t 3E PGM from 163m.
Importantly, the results show the miner has intersected the operation’s mineral-laden orebody, or “reef” every time it has fired up the drill rig.
Podium’s reef extends over 15km in length and importantly remains open at depth.
The work forms part of an exploration play that will see Perth-based company chase down an exploration target of between 70 to 75 million tonnes at a grade of 1.2 to 1.6 g/t 3E PGM.
With its latest run of drill hits, management believes it could add an additional 2.7 to 3.8 million ounces of 3E PGMs to the exploration target.
Interestingly, the 3E refers to the platinum-group elements platinum, palladium and gold.
Podium hopes its deposit may become a five-element, or “5E” operation and believes it is on the right track after seeing the ongoing results at the project.
5E deposits add iridium and rhodium to the platinum and precious metal cocktail. If Podium can scrub up the deposit and meet the requirements, it could achieve its dream to become Australia’s first 5E PGM producer.
Podium says all its PGM-laden intercepts acquired through its stage 10 drilling campaign will be tested for rhodium, iridium and base metal mineralisation as it looks to drive its 5E ambition.
Podium Minerals’ Managing Director and CEO, Sam Rodda said: “The recent stage 10 assays continue to show grade and width in line with, or above expectations. The stage 10 program is aiming to increase the resource size. These results continue to confirm our expectations and validate our confidence in delivering the Exploration Target of an additional 2.7Moz to 3.8Moz 3E PGM at Parks Reef."
Outside of its exploration play, the company is advancing metallurgical test work on the project’s ore ahead of a scoping study. Podium says it is working hand in hand with assay laboratories to expedite its analysis programs and deliver a coveted 5E asset.
Global PGM supplies are currently controlled by South Africa, Russia and Zimbabwe, with the countries collectively dishing out about 90 per cent of the world’s platinum and 80 per cent of its palladium.
Podium Minerals' Reef PGM project offers an invaluable opportunity for the development of an alternative Australian supply of PGMs in the increasingly unstable political climate. Given its operation has an excellent infrastructure and a strategic location in an established mining precinct, the Perth-based explorer could be the one to watch.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
