Podium Minerals has returned a set of exciting values in a re-assay of historic platinum group elements intercepts that confirm high levels of rhodium and iridium mineralisation at its Parks Reef PGM project in WA. Assay results from 31 historic holes for over 700 samples confirm high-grade and high-value rhodium levels with more than 2100 samples still awaiting assay results.
New significant intercepts from the latest round include 4m grading 1.92 grams per tonne for three elements, or ‘3E’ PGMs, with 0.14 g/t rhodium and 0.08 g/t iridium for a total of 2.14 g/t 5E PGM from 28m downhole.
Other notable assays include 4m at 2.09 g/t 3E PGM with 0.13 g/t rhodium and 0.07 g/t iridium for a total of 2.29 g/t 5E PGM from 49m downhole.
Rhodium is considered in some circles as the rarest and most valuable metal in the world; and has a current spot price of US$18,800 per ounce. It is used primarily as an auto catalyst to reduce harmful nitrous oxide gases from vehicle emissions.
Drilling is ongoing in a stage 10 campaign of 50 holes for 9400m, with three holes completed to date. Samples will be sent weekly to the Perth lab, with the first batch due at the end of April.
The main focus is to convert the current exploration target to an inferred JORC resource.
A second RC rig is also set to join the party in early April to add to the onslaught and support future programs.
A further 22 holes totalling 1711m are also currently at the assay lab from the previous drill program, with 3E assays due back mid-April and the more comprehensive 5E suite expected late April.
Diamond drill core from a stage eight drill program is also at the assay lab, with all samples set to undergo 5E PGM assay. The diamond program was co-funded by the WA Government’s Exploration Incentive Scheme and consisted of three holes targeting deeper mineralisation at Parks Reef at about 500m depth.
Assaying for the entire 5E suite of PGMs started in early February, following a series of anomalous hits displaying elevated 3E PGM intervals.
Whilst the volume of rhodium and iridium encountered is relatively small, Podium believes it has the ability to add significant value to the Parks Reef project with strong growth in demand for both metals driving significantly increased prices in the past five years.
Rhodium is one of the six PGMs and is highly reflective and strongly resistant to corrosion.
As drilling presses onwards and downwards, Core Technologies will begin mineral processing test work along with DRA Global.
Podium Minerals’ chief executive officer, Sam Rodda said: “Re-assaying historic drill holes allows us to build on Parks Reef as a 5E PGM orebody, adding significant metal value to the Project. The rhodium and iridium assay results are in line with our expectations and together with historic assays they provide confidence of their existence throughout the orebody.”
With a busload of assays banked up at the lab ready to undergo 5E assay analysis, two drill rigs soon to be hammering away and initial assay results showing positive confirmation of elevated rhodium and iridium values – the news flow isn’t set to slow down any time soon from Podium.
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By Matt Birney
