Podium Minerals Limited (ASX: POD) has obtained positive interim assay results from Stage 9 infill drilling at the 5E PGM1 Parks Reef Project located in Western Australia’s Mid-West Region.
Highlights
- Stand out intersections include:
- 15m at 3.88g/t 3E PGM2 (2.59g/t Pt, 1.26g/t Pd and 0.03g/t Au) from 17m (PRRC191) including: 2m at 8.34g/t 3E PGM (7.03g/t Pt, 1.30g/t Pd and 0.01g/t Au) from 22m; and 3m at 5.33g/t 3E PGM (3.16g/t Pt, 2.14g/t Pd and 0.03g/t Au) from 26m.
- 27m at 2.23g/t 3E PGM (1.15g/t Pt, 0.99g/t Pd and 0.09g/t Au) from 9m (PRRC197)
- Further assays of these intersections are scheduled to test for highly valuable rhodium, iridium and base metals copper and nickel to support the total value proposition of these holes.
- Results received are from 11 of 22 reverse circulation (RC) drill holes, as part of the Stage 9 infill drilling campaign.
- Seven holes returned intercepts greater than or equal to 1.0g/t 3E PGM, with several results supporting the potential for higher-grade zones within the area of the defined current Inferred Mineral Resource Estimate (MRE) which currently stands at 2.8 Moz 3E PGM.
- Stage 10 Drilling to deliver 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 is on track with 33 holes completed awaiting assay.
At Parks Reef we are seeing a geological package that shows high continuity of the PGM reef and high grade zones from surface to the recently drilled deep holes, 500m below the surface communicated in April,” Managing Director and CEO, Sam Rodda, said.
“Importantly the orebody is still open at depths below these holes. These exciting Stage 9 results and subsequent Stage 10 growth drilling targeting significant PGM ounces will support identification of preferred starter mine areas along the substantial 15km strike of the Parks Reef Orebody. This is a perfect time to be associated with PGM’s given their importance to Australia’s critical minerals strategy.
“Demand for PGM’s globally remains strong as the use of platinum and palladium in auto catalysts continues to play a key role in managing vehicle emissions in line with greenhouse gas emission targets globally. Platinum is also shaping up as a key catalyst ingredient in PEM hydrogen fuel cells supporting the new clean hydrogen economy.
“Podium’s resource has a high Pt:Pd ratio above 1:1, this is a similar ratio of PGM’s to those seen in the majority of South African PGM operations. The Mid-West of WA is also the perfect location with existing infrastructure, mine services and low environmental risk to deliver the feed of critical PGM minerals to support these existing and new industries towards a cleaner future.”
The Stage 9 RC drilling campaign was completed along the full strike of Parks Reef in March 2022, infilling areas within the MRE. The 2,600m, 22-hole programme targeted potential mineralisation extensions in areas of faulting or disruption (by post-mineralisation dykes), as well as minor drill data gaps.
The remaining Stage 9 holes in the section 18 heritage zone have been fully approved with drilling to commence shortly. The first set of assay results received recently have returned encouraging results, these assay results received are for 11 of the 22 holes drilled.
Seven holes returned intercepts of greater than the nominal cut-off grade of 1.0g/t 3E PGM, with several of the holes encountering stand out results that support the potential for higher-grade zones within the area of the defined MRE.
Significant results received include: PRRC188 15m at 1.92g/t 3E PGM (0.91g/t Pt, 0.95g/t Pd and 0.07g/t Au) from 11m PRRC189 12m at 1.92g/t 3E PGM (0.77g/t Pt, 1.02g/t Pd and 0.13g/t Au) from 26m PRRC191 15m at 3.88g/t 3E PGM (2.59g/t Pt, 1.26g/t Pd and 0.03g/t Au) from 17m Incl. 2m at 8.34g/t 3E PGM (7.03g/t Pt, 1.30g/t Pd and 0.01g/t Au) from 22m Incl. 3m at 5.33g/t 3E PGM (3.16g/t Pt, 2.14g/t Pd and 0.03g/t Au) from 26m PRRC197 27m at 2.23g/t 3E PGM (1.15g/t Pt, 0.99g/t Pd and 0.09g/t Au) from 9m.
