ASX-listed platinum group metals explorer Podium Minerals has boosted its coffers by another A$1.1 million after receiving a payment of $711,000 from EV Metals Group for tenement-related costs.
Perth-based Podium is also looking to offload its 17 per cent shareholding in EV Metals, who holds the oxide mining rights excluding PGM mineralisation within Podium’s Parks Reef project area in the Mid West region of WA.
And EVM is assisting Podium to get off the register and has already found a buyer for three million of Podium’s 16.44 million EVM shares for $391,000. EVM has been tasked by Podium with finding buyers to take out its entire stake in the unlisted company for no less than $1.5 million.
The new funds will further strengthen Podium’s cash position, following its recent successful share placement and a significantly oversubscribed SPP that raised $1.5 million before costs.
Last week Podium launched a 1,600m RC resource drilling program that is targeted at joining the dots between previously delineated resource blocks in the western and central sectors of Parks Reef with the aim of defining a 6.1km-long block.
Previously drilling has led to an inferred mineral resource estimate for three separate blocks in the west, central and eastern sectors at Parks Reef of 23 million tonnes of oxide and fresh ore containing 1,140,000 ounces of combined platinum, palladium and gold plus 37,300 tonnes of copper.
The three existing resource blocks extend along a combined 6.9km without gaps and Podium hopes the new drilling can link up and fill the extent of total resources to a combined length of 8.5km within an identified 15km mineralised strike length for Parks Reef.
Podium’s strategy consists of continuing to drill along the 15km strike length in a bid to delineate an economic, near-surface PGM resource and, if the figures stack up, it will look to progress to a credible pathway to production via metallurgical testwork and process design work to bed down a preferred process route and scoping study.
The Parks Reef project covers 77sqkm of mining leases over the Weld Range complex located between Meekatharra and Cue.
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By Matt Birney
