ASX-listed platinum group metals explorer Podium Minerals has unveiled a substantial increase in the inferred mineral resource estimate for its flagship Parks Reef multi-metals project in WA’s Mid West region following a recently completed major reverse circulation drilling campaign. The revised resource for the platinum group metals horizon now stands at 40.2 million tonnes weighing in at an average grade of 1.54 grams per tonne 3E PGM for 1.98 million ounces of contained platinum, palladium and gold.
Perth-based Podium has also released an updated resource statement for Parks Reef’s overlying base metals and gold horizon that comes in at an inferred 21.3 million tonnes going 0.24 per cent copper and 0.29 g/t three-element PGM for 202,000 ounces of contained 3E PGM.
The combined total of 2.18 million ounces of contained 3E PGM equates to an increase on the previous Parks Reef resource of 57 per cent in terms of contained 3E PGM content.
Base metal credits have also risen significantly on the back of the new resource numbers, by 47 per cent to 79,000 tonnes of copper.
The Parks Reef resource stretches over about 15km of strike length and has been modelled to a depth of 100m below surface, assuming a bulk open-cut mining proposition.
PGM mineralisation remains open at depth, Podium says.
Podium’s previous resource estimate for Parks Reef tabled in November last year incorporated three separate resource blocks that cover a combined strike length of about 8.5km in the western, central and eastern sectors of the project area.
The latest Park Reef resource includes results from drilling programs carried out by the company during the first half of this year that consisted of 76 RC holes for an aggregate coverage of 9,760 metres.
Podium management says this effectively completes the preliminary assessment of the resource to 100m depth, on 200m spaced drill sections across the full 15km strike length of Parks Reef.
The mineralisation throughout Parks Reef consistently displays the same general mineralised zone pattern interpreted in the previously modelled sectors.
Parks Reef’s main PGM horizon is divided into upper and lower reef domains with the upper domain typically exhibiting elevated platinum grades plus gold and copper enrichment extending from the base metal-gold horizon.
The base metal-gold horizon lies in the hanging wall immediately above the PGM horizon and extends up to the distinctive contact between the mafic and ultramafic lithologies.
Copper and gold enrichment in this horizon is characterised by visible disseminated sulphide minerals in the fresh mineralisation, according to the company.
Podium says given that it occurs stratigraphically above the PGM horizon, the base metal-gold horizon would be mined in an open-pit operation targeting the PGM horizon, potentially generating important revenue.
In estimating the mineral resource upgrade, a new consolidated resource model has been constructed encompassing the full extent of Parks Reef.
The consolidated resource model and increased geological data has also allowed for some new interpretations of faulting and associated felsic dykes within the mineralisation.
Podium Minerals Executive Chairman Clayton Dodd said: “We are again pleased to report a considerable upgrade in Podium’s PGM resources at Parks Reef, which now stands at 2.2 million ounces of 3E PGM plus 79,000 tonnes copper.”
“Recently we have drilled below 100m intersecting PGM mineralisation with a view of increasing the resources and shortly will commence the Parks Reef deeps, diamond drilling program.”
Having developed a considerable understanding of the geology at Parks Reef, the $131 million market-capped company says it plans to fine tune mine optimisation studies to factor in the infill drilling and continue metallurgical test work as it looks to ultimately put together a detailed scoping study.
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By Matt Birney
