Podium Minerals Limited (ASX: POD) has obtained further promising assay results from two reverse circulation (RC) holes completed as part of the Stage 10 exploration drilling programme in Western Australia.
Analysis of the intercepts continue to support expansion of the Parks Reef Exploration Target (70 to 75Mt at grade of 1.2 to 1.6g/t 3E PGM).
Highlights
- Intersection highlights include: 13m at 1.94g/t 3E PGM2 (1.15g/t Pt, 0.77g/t Pd and 0.02g/t Au) from 207m (PRRC208) including 2m at 5.05g/t 3E PGM (3.46g/t Pt, 1.57g/t Pd and 0.02g/t Au) from 212m.
- Interim results received are from two of 35 completed Stage 10 holes, this is in addition to the four assays previously disclosed, totalling six holes tested to date.
- Current Stage 10 assays show a 100% success rate on intersecting PGM reef with results above or in line with projected orebody widths and grade.
- All Stage 10 intercepts will be tested for the presence of highly valuable rhodium, iridium and base metals (copper and nickel) that will support our 5E3 PGM resource upgrade.
Stage 10 drilling results continue to generate excitement as they confirm our expectation that both the grade and thickness of the reef extends at depth and contains zones of significant high grade,” Podium’s Head of Geology, Mark Fleming, said.
“From a geological perspective, the location of the reef hosted within the ultramafic rocks adjacent to the contact between the ultramafics and the stratigraphically younger mafic volcanics shows no sign of diminishing.
“The contact between ultramafic and the overlying mafic volcanics, and by association the PGM bearing reef, is still open in both directions along strike and open at depth, pointing to huge resource growth potential with further delineation drilling.”
Managing Director and CEO, Sam Rodda, said Stage 10 drilling continues to vindicate the company’s commitment to the Parks Reef PGM Project, with continuing results illustrating orebody consistency of width and grade along strike and depth.
“Regular zones of significant high-grade within these intersections such as seen in PRRC208 that hosts a 2m intercept >5.0g/t 3E PGM add to an already strong story.
“High-grade PGM ore-zones, proving ounces at depth and strong progress on our metallurgical testing are important steps for Podium as we head towards a scoping study and our goal of becoming Australia’s First PGM producer.”
Ongoing Stage 10 drilling (targeting a total of 50 holes) is expected to reach completion in early July. The Stage 10 Programme is aimed at proving the enlarged Exploration Target of 70Mt to 75Mt at 1.2 g/t to 1.6 g/t 3E PGM for 2.7Moz to 3.8Moz 3E PGM4 (this is additional to the 2.8Moz 3E PGM Inferred Mineral Resource Estimate (MRE) reported in February).
To date, samples from the 35 RC holes have been transported to Perth for initial 3E PGM analysis. In addition to these holes, 15 holes stopped short of planned reef intercepts due to swelling clays and fibrous veins and are being extended with diamond core tails to achieve full reef intercepts. Around 650m of diamond core drilling is planned and commenced mid-June with 318.3m5 completed in six out of the 15 holes.
For further information please visit: https://podiumminerals.com/
