Podium Minerals’ Parks Reef platinum group metals project in the Mid West region of WA is looking like the gift that keeps on giving after the explorer’s latest round of RC drilling.
The Perth-based company’s assay results from nine holes delivered a raft of solid strikes including 6m at 1.39 grams per tonne three-elements platinum-group metals, or “3E PGM” from 177m and 2m going 2.27 g/t 3E PGM from 121m.
One of the longer intersections includes a 25m parcel grading 1.29g/t 3E PGM from 187m.
Podium is hoping for a 5E resource upgrade from its current 3E level that refers to platinum, palladium and gold. The company believes it is on the right track towards the upgrade with its consistent drilling results so far.
5E branded deposits add the very valuable iridium and rhodium to the mix.
Podium’s work forms part of its stage 10 drilling program adding up to 51 holes at the operation. The explorer it is awaiting lab results for about three dozen holes and expects them to start trickling in this quarter.
Interestingly, its stage 10 intercepts will be reviewed for iridium and rhodium mineralisation.
The company is marching towards an exploration target at Parks Reef and says its latest suite of intercepts continues to support its expansion.
Management outlined an exploration target of between 70-75 million tonnes running 1.2 to 1.6 grams per tonne 3E PGM for 2.7 to 3.8 million ounces of 3E PGMs at the project. The company says its intercepts returned results within the targeted range.
Podium has so far received assay results for 15 holes plunged at the project. Remarkably, each of the probes proved successful in intersecting the reef orebody.
Podium Minerals Managing Director and CEO, Sam Rodda said: “These results continue to demonstrate Parks Reef’s comprehensive list of attributes supporting its potential for development. These include a consistent 5E PGM orebody with a 15km strike length, close to surface, hosting high-grade intercepts and open at depth, with the Stage 10 program also aimed at increasing the resource size. “
Podium’s PGM-rich reef stretches more than 15km in length and remains open at depth.
Recenreports suggest PGMs could have a persistent and long-term demand curve because of uncertainty around key supply chains in South Africa and Russia.
Podium Minerals says it has put together a comprehensive plan to become Australia’s first PGM producer and with a 15km deposit and a number of drill programs that could significantly expand the project through infill drilling, the explorer might just be onto something.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
