Podium Minerals Limited (ASX: POD) has confirmed rhodium and iridium mineralisation at its 100% owned Parks Reef PGM Project in Western Australia through initial results from the re-assay of historic 3E1 PGM intercepts.
Highlights:
- Assay results from 31 historic holes (700 samples) to date confirm high-grade, high-value rhodium (Rh) at Parks Reef with a total of 2,100 historic samples awaiting assay results for the full 5 PGM elements.
- New intercepts showing high-grade Rh within the Parks Reef orebody include:
- 4m at 1.92g/t 3E PGM, 0.14g/t Rh and 0.08g/t Iridium (Ir) for a total of 2.14g/t 5E PGM from 28m (PRRC021); including: 1m at 2.64g/t 3E PGM, 0.21g/t Rh and 0.10g/t Ir for a total of 2.95g/t 5E PGM from 29m
- 4m at 2.09g/t 3E PGM, 0.13g/t Rh and 0.07g/t Ir for a total of 2.29g/t 5E PGM from 49m (PRRC014)
- 8m at 2.57g/t 3E PGM, 0.15g/t Rh and 0.06g/t Ir for a total of 2.79g/t 5E PGM from 30m (PRRC056) Rhodium, the rarest and most valuable metal in the world, is currently valued at US$18,8003 and used primarily as an auto catalyst to reduce harmful nitrous oxide gases from light vehicle gasoline emissions.
- Stage 9 drill programme (22 holes, 1,711m) completed with all samples currently at laboratory in Perth for assay. First results for 3E PGM expected mid-April with upgraded 5E PGM assays expected from late-April.
Today’s announcement is a significant step forward for Podium. We are starting to see exciting results on the back of strategic value addition activities that commenced at the start of 2022,” Podium’s CEO, 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.
“In parallel to the 5E PGM results, we have had a strong start to our drill programmes, with Stage 9 complete. We are now focused on resource extension drilling in Stage 10 to deliver our previously communicated expanded Exploration Target which is aiming to contribute a further 2.7 – 3.8Moz 3E PGM.”
A programme of retrieving pulps stored at a Bureau Veritas (BV) facility in Perth and analysing for the 5E PGM method commenced in early February, these assays focused on anomalous 3E PGM intervals. Some 2,800 samples were retrieved representing 125 holes. To date around 700 results have been received for 31 holes.
