Assays from the central ore zone of Podium Minerals’ Parks Reef platinum group metals project continue to deliver high-grade results as the company assesses its mining potential near Meekatharra in WA.
Podium has received six results from nine holes drilled at the site that have been tested for the 3E PGM metals of platinum, palladium and gold.
Assay highlights include a 16m intersection at 2.51 grams per tonne 3E PGM from 76m that recorded 1.69 g/t platinum, 0.80 g/t palladium and 0.01 g/t gold.
The 16m hit included a 2m section reading an impressive 11.48 g/t 3E PGM from 88m that contained 8.52 g/t platinum, 2.94 g/t palladium and 0.03 g/t gold.
Another 4m intercept recorded 2.19 g/t 3E PGM from 42m including a 2m hit at 2.87 g/t 3E PGM from 42m.
The smaller 2m intersection contained 2.08 g/t platinum, 0.78 g/t palladium and 0.01 g/t gold.
The company says the latest assay results will also be tested for 5E PGM that represents a combination of platinum, palladium, gold, rhodium and iridium.
The final three 3E PGM assay results from the central ore zone are expected by the end of this month.
Podium Minerals Managing Director and CEO, Sam Rodda said: “The ability to target highgrade zones in the early years of mining will benefit any economic assessment of the project significantly. Therefore, the company has been focused on defining these higher-grade zones along the 15km strike.”
Podium’s current inferred resource at Parks Reef is 52.2 million tonnes at 1.64 grams per tonne for three million ounces of 5E PGM. Management says the addition of iridium and rhodium adds 44 per cent to the average weighted price of the previous 3E PGM.
However, the company is aiming to use the results from its stage 10 exploration program to prove a larger exploration target of 70-75 million tonnes at 1.2 to 1.6 g/t for a total of between 2.7 and 3.8 million ounces of 3E PGM.
Stage 11 exploration is being planned to extend the known resource to a vertical depth of 350m. Stage 12 is being formulated with infill and technical drilling targeting higher grade and larger width zones of the reef that have been identified as likely starter-mine locations in the recently released mining concept study.
Just last month the company 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.
The element make-up of the resource breaks down to 0.81 g/t platinum, 0.66 g/t palladium, 0.08 g/t gold, 0.06 g/t rhodium and 0.03 g/t iridium.
According to the International Platinum Group Metals Association one-quarter of all manufactured goods either contain a PGM or a PGM played a key role in its production.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
