Podium Minerals Limited (ASX:POD) has identified anomalous platinum, palladium, gold and copper in rock chip samples collected from the western extension of Podium’s 100% owned Parks Reef PGM Project in WA.
Magnetic imagery has indicated potential for an approximately 1.2km long extension of the western flank of Parks Reef, which has been fault offset from the 15km extents of the currently identified mineralisation.
Podium has now completed initial geological mapping and rock chip sampling in the area of interest which has identified anomalous platinum, palladium, gold plus copper.
Despite limited outcrop available for sampling, results from the collected rock chips includes copper up to 1,070ppm and platinum, palladium and gold up to 14ppb, 16ppb and 34ppb respectively.
The PGM (platinum group metal) results are significant considering the lack of surface signature typically observed in Parks Reef for which the currently known mineralisation was identified using shallow RAB (rotary air blast) drilling.
Importantly, the anomalous PGM results consistently lie along the mafic / ultramafic contact interpreted from the magnetics. This is the stratigraphic position at which the Parks Reef mineralisation starts with the main PGM horizon lying in the ultramafic rocks circa 10m to 20m below (to the northwest of) this contact.
The lack of outcrop for sampling in this area is consistent with the ultramafic rocks being more susceptible to weathering. The location of highly anomalous copper is also encouraging and similarly aligns with the observed stratigraphy in the Parks Reef drill results with copper located in the hanging wall adjacent to and above the PGM enrichment.
As part of Podium’s growth strategy at its 100% owned extensive Parks Reef PGM Project the Company is continuing to progress systematic drilling along the full 15km strike length of Parks Reef with the aim of delineating a materially significant resource base.
Podium has currently defined Inferred Mineral Resources in 3 separate resource blocks in the west, central and eastern sectors of Parks Reef with contained metals of 1,140,000 ounces of combined platinum, palladium and gold plus base metal credits with 37,300 tonnes copper. The Mineral Resources are all within 100m of surface with the mineralisation open along strike and at depth.
Recent drilling results announced by Podium consistently intersected thick intervals of significant platinum, palladium and gold mineralisation over 1.6km of strike length connecting the western and central resource blocks.
The objective of this drilling is to increase the extent of the total resources to a combined length of 8.5km, including a continuous resource block spanning approximately 6.1km over the western half of Parks Reef.
Podium is currently planning its next drilling programmes and now intends to include further exploration of the western extension within this work. With the rock chip results supporting the company’s interpretation of the magnetic data it is proposed that angled RC drilling similar to the methodology used for the company’s resource drilling can be utilised to test for reef style mineralisation within this prospect.