Podium Minerals has doubled the size of its five-element platinum group metals mineral resource at the company’s flagship Parks Reef project after the completion of a successful drilling campaign.
The explorer recently received the final assays from stage 10 drilling at the Mid West site that has led to an upgraded mineral resource estimate of 143 million tonnes at 1.3 grams per tonne for a total of six million ounces of 5E PGM – a combination of platinum, palladium, gold, rhodium and iridium.
In August Podium officially added rhodium and iridium to its mineral resource estimate at Parks Reef – creating what it says is Australia’s first defined 5E PGM resource. At the time the company announced an inferred resource estimate of 52.2 million tonnes at 1.64 grams per tonne for three million ounces of 5E PGM.
The upgraded resource estimate now contains individual mineral grades of 0.64 g/t platinum, 0.52 g/t palladium, 0.07 g/t gold, 0.05 g/t rhodium and 0.02 g/t iridium. The company says the Parks Reef project also contains 94,000 tonnes of copper, 127,000 tonnes of nickel and 24,000 tonnes of cobalt.
Following positive results from its latest round of drilling, Podium has updated its latest resource figure with additional high-grade zones recording grades above 2 g/t 5E PGM. The additional zones hold a combined 15.7 million tonnes at 2.32 g/t for 1.17 million ounces of 5E PGM that breaks down to 1.27 g/t platinum, 0.84 g/t palladium, 0.14 g/t gold, 0.04 g/t rhodium and 0.03 g/t iridium.
Podium Minerals Managing Director and CEO, Sam Rodda said: “The most exciting part of this orebody resource programme is the successful definition of the high-grade zones within the total PGM reef width. These high-grade zones have mining widths suitable for selective open-cut mining as well as underground stoping methods.”
Stage 10 drilling at Parks Reef aimed to test Podium’s exploration target at the site of 70 to 75 million tonnes at between 1.2 and 1.6 g/t 3E PGM to extend the resource to 250m below the surface. The company says the orebody remains open below that depth across the entire 15km strike length of the project.
Podium implemented a cut-off grade of 0.5 g/t 5E PGM for the latest mineral resource estimate as preliminary mining and metallurgy studies identified the figure as a reasonable prospect for economic extraction of the material.
The 5E PGM Parks Reef project is a 15km-long contact zone mineralisation between mafic and ultramafic rock units near Meekatharra. Ore commences near surface and has been proven to 500m below ground and remains open in all directions.
Whilst the announcement of the upgraded mineral resource estimate is considered a major milestone for Podium, the company still has plenty of work ahead including infill and exploration drilling programs that will assist in optimising potential mining and processing methods.
Podium appears to be going from strength to strength at its Parks Reef project. By doubling its mineral resource at the site the company appears well on its way to achieving its ambition of being Australia’s first 5E PGM producer with some distinction.
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By Matt Birney
