Podium Minerals Limited’s (ASX:POD) latest assay results from the Stage 7 drilling continue to define strong and continuous PGM mineralisation in the Western (at depth) and Central sectors of Parks Reef Project near Meekatharra in Western Australia.
High grade platinum, palladium and gold mineralisation up to 9.57g/t 3E PGM has been recorded at a depth of 154m. Final PGM results are anticipated within the next 2 weeks with base metal assays shortly thereafter.
Highlights:
- Drill hole PRRC157 drilled in the Western sector intersected: 13m at 1.78g/t 3E PGM from 221m, including 5m at 2.33g/t 3E PGM from 221m.
- Drill hole PRRC159 drilled in the Western sector intersected: 5m at 1.62g/t 3E PGM from 96m, including 6m at 1.96g/t 3E PGM from 96m.
- Drill hole PRRC161 drilled in the Western sector intersected: 17m @ 1.54g/t 3E PGM from 87m; including 4m @ 2.08g/t 3E PGM from 87m.
- Drill hole PRRC163 drilled in the Western sector intersected: 11m @ 2.01g/t 3E PGM from 186m; including 3m @ 2.83g/t 3E PGM from 187m.
- Drill hole PRRC170 drilled in the Central sector intersected: 12m @ 1.67g/t 3E PGM from 20m, including 6m @ 2.34g/t 3E PGM from 20m; plus
2m @ 1.15g/t 3E PGM from 39m. - Drill hole PRRC172 drilled in the Central sector intersected: 6m @ 1.85g/t 3E PGM from 39m; plus 11m @ 1.46g/t 3E PGM from 50m; plus 5m @ 1.22g/t 3E PGM from 64m.
- Drill hole PRRC173 drilled in the Central sector intersected: 2m @ 1.74g/t 3E PGM from 138m; plus
23m @ 1.54g/t 3E PGM from 144m; including 1m @ 9.57g/t 3E PGM from 154m.
The latest round of drilling included for the first time significant drilling below 100m in the western sector and results to date have reinforced the sheer consistency and continuity of the Parks Reef PGM-Au-Cu mineralisation,” Executive Chairman, Clayton Dodd, said.
“In addition, it has also re-affirmed that high grade primary PGM mineralisation is not uncommon within Parks Reef. Results from recent drill programmes have refocussed Podium attention to high grade zones along the Parks Reef strike. Understanding the controls and distribution of these reported high grade mineralised zones will be our priority with further follow-up drilling.”
Resource extension drilling along full strike length of Parks Reef
Drilling to date by Podium has delivered Inferred Mineral Resources containing a total of 1,390,000 ounces of combined platinum, palladium and gold plus base metal credits with 53,900 tonnes copper. The Mineral Resources defined to date extend over a total of 8.5km of the identified 15km mineralised strike length in Parks Reef and within 100m of surface.
The company will shortly be releasing a resource upgrade to be estimated along 14.6km of the interpreted strike of Parks Reef, to a depth of 100m. Delayed reporting of analyses has precluded some drill holes in the far east from being included in the current resource update.
Podium completed the 27 hole, 4,157m, Stage 7 drilling programme in late June with laboratory turn-around substantially delayed due to the overwhelming current demand for analytical services.
The PGM analyses for the final seven holes are expected within the next two weeks, with base metal and rhodium assays to follow. The programme was completed in two phases and included drilling 2.4km of strike of the western sector to a deeper level, to allow a future mineral resource estimate to be completed to a depth of 200m below surface.
The Stage 7 drilling aimed to complete the drill pattern to 200m spaced sections along the entire 15km strike length of the reef, with drilling targeting the Central and Far East sectors and to also test the Western sector at deeper levels to enable a resource to be estimated to 200 vertical metres.
Drilling remains to be concluded across an 800m strike of the Central sector, where a cultural heritage site occurs. The company has conducted cultural heritage surveys with representatives of the Native Title holders over the site in question and have since lodged an application under Section 18 of the Aboriginal Heritage Act with the Department of Lands, Planning and Heritage (DLPH) to enable access into the area to enable completion of the drill pattern.
