Podium Minerals Limited’s (ASX: POD) revised resource classification results has produced an significant increase in grade in an update to the Mineral Resource Estimate (MRE) at its 100% owned Parks Reef PGM Project in Western Australia.
The updated inferred resource for the PGM horizon is 52.2Mt at 1.64g/t for 3 Moz 5E PGM which has expanded to include additional platinum group metals rhodium and iridium as well as the addition of the base metal cobalt (9,300t). The PGM reef contains 0.81g/t platinum (Pt), 0.66g/t palladium (Pd), 0.08g/t Au, 0.06g/t rhodium (Rh) and 0.03g/t iridium (Ir) plus 0.07% copper (Cu), 0.09% nickel (Ni) and 0.018% cobalt (Co).
Highlights
- The revised resource classification results in an increase in grade from 3E PGM 1.56g/t to 5E PGM 1.64g/t including the expanded analysis for all 5E PGM elements, with rhodium and iridium now included to deliver a 5% increase in the previous MRE for a combined total of 3Moz 5E PGM.
- The upper PGM horizon hosts significant high-grade PGM zones totalling 12.3Mt at 2.05g/t 5E PGM (1.08g/t Pt, 0.70g/t Pd, 0.21g/t Au, 0.03g/t Rh and 0.02g/t Ir).
- The addition of the valuable elements rhodium and iridium adds 44% to the previous 3E PGM average weighted price per ounce of Parks Reef PGM (A$1,965/oz to $2,827/oz) plus base metals (Cu, Ni and Co).
- The potential to recover cobalt has enabled Podium to add this important EV metal to the suite of green-industry metals already situated within the PGM reef.
- Next resource upgrade targeting the addition of significant PGM ounces based on the Exploration Target of 2.7Moz – 3.8Moz3 via the stage 10 drilling results.
“We are pleased to add three new metals (rhodium, iridium, and cobalt) into our Mineral Resource Estimate, to become Australia’s first known 5E PGM Project,” Managing Director and CEO, Sam Rodda, said.
“The addition of these metals adds significant value to the project and will be included in the upcoming scoping study.
“All metals exist within the existing PGM reef and the preliminary metallurgical work is already considering how we maximise their recoveries within existing contemplated processing streams. “Value addition to the Parks Reef Project remains at the forefront of our plans.
“Understanding and evaluating payable metals within the existing orebody will be incorporated with the next resource update planned for early in the December quarter.
“This coming upgrade is targeting the addition of significant PGM ounces based on the Exploration Target of 2.7Moz – 3.8Moz4 via the stage 10 drilling results.
“Parks Reef suite of metals will continue to feed existing decarbonisation technologies (such as autocatalysts) and support the development of green hydrogen energy with PGM’s and battery EV production which is driving demand of metals nickel, cobalt, and copper.”
The updated MRE for the platinum group metal (PGM) horizon at Parks Reef has been lifted to 52.2Mt at 1.64 g/t 5E PGM. This updated resource estimate uses a cut-off grade of 1g/t 5E PGM. The additional overlying Base Metal (BM) and gold (Au) horizon is 27.8Mt at 0.24% copper and 0.30g/t 3E PGM at a cut-off grade of 0.1% copper.
The PGM horizon can be further divided into upper and lower PGM horizons. The upper PGM horizon model has shown it is the most likely portion of the Parks Reef to host higher platinum, palladium and gold grades. The lower PGM horizon currently indicates higher grades of rhodium and iridium.
Both the upper and lower zones within the PGM horizon demonstrate combined high grades of 5E PGMs. The PGM horizon sits physically sit below the base metal horizon towards the hanging wall.
