Podium Minerals Limited (ASX: POD) has received positive first round of 5E PGM1 assay results for the Stage 9 drilling programme as well as a further five reverse circulation (‘RC’) holes completed as part of the Stage 10 exploration drilling programme.
The intercepts returned for Stage 10 continue to support delivery of the Parks Reef Exploration Target (70 to 75Mt at grade of 1.2 to 1.6g/t 3E PGM).
Highlights
- 5E PGM results received for 7 holes from the Stage 9 programme. This is the first assay batch received from the ongoing assaying of pulps from the previously reported 3E PGM intercepts and confirms the presence of significant high value rhodium (Rh) and iridium (Ir).
- Stage 9 intersection highlights (with Rh and Ir results for reference) include:
- 15m at 2.04g/t 5E PGM (0.08g/t Rh and 0.03g/t Ir) from 11m (PRRC188), including 3m at 2.48g/t 5E PGM (0.07g/t Rh and 0.02g/t Ir) from 12m; and 4m at 2.92g/t 5E PGM (0.14g/t Rh and 0.05g/t Ir) from 18m
- 20m at 3.30g/t 5E PGM (0.12g/t Rh and 0.05g/t Ir) from 17m (PRRC191), including 14m at 4.29g/t 5E PGM (0.16g/t Rh and 0.06g/t Ir) from 18m, including 7m at 6.11g/t 5E PGM (0.24g/t Rh and 0.09g/t Ir) from 22m (5g/t cut-off)
- 27m at 2.34g/t 5E PGM (0.08g/t Rh and 0.03g/t Ir) from 9m (PRRC197), including 2m at 3.48g/t 5E PGM (0.04g/t Rh and 0.02g/t Ir) from 11m; and 4m at 3.39g/t 5E PGM (0.14g/t Rh and 0.06g/t Ir) from 29m
- Results received from an additional five holes from the Stage 10 programme. This is in addition to the 19 assays previously disclosed (see ASX announcement dated 22 July 2022), totalling 24 holes assayed to date.
- Recent Stage 10 intersection highlights include:
- 11m at 1.49g/t 3E PGM (0.73g/t Pt, 0.65g/t Pd and 0.10g/t Au) from 138m (PRRC226), including 2m at 2.21g/t 3E PGM (1.18g/t Pt, 0.81g/t Pd and 0.22g/t Au) from 139m
- 17m at 1.44g/t 3E PGM (0.79g/t Pt, 0.59g/t Pd and 0.06g/t Au) from 149m (PRRC230), including 1m at 3.92g/t 3E PGM (2.32g/t Pt, 1.59g/t Pd and 0.01g/t Au) from 153m
- Stage 10 assays continue to show a 100% success rate intersecting the PGM reef with results indicating large PGM orebody widths and at the higher end of the expected grade.
- All Stage 10 intercepts continue to be tested for the presence of highly valuable rhodium (Rh), iridium (Ir) and base metals (copper and nickel) that will inform our 5E4 PGM resource upgrade.
“We are excited to start reporting our 5E PGM results from the Stage 9 programme,” Managing Director and CEO, Sam Rodda, said.
“These updated assays now include results for the high value elements rhodium and iridium which are an important feature of our Parks Reef project. Global rhodium and iridium production are both less than 1Moz annually (less than 30 tonnes of metal) and ~80% of global production comes from the Bushveld complex in South Africa.
“Predominantly, rhodium is used alongside platinum and palladium in catalytic converters for its ability to reduce nitrogen oxides in exhaust gases. This is a critical component in the reduction of climate change related emissions, with the impact of nitrous oxide (N2O) estimated to be over 200x greater than CO2 over a 100-year timescale.
“Iridium is a critical component in the manufacturing process for many electronic components, due to its use in crucibles able to withstand the heat of crystal-making. Iridium used in PGM alloys with other PGM metals such as Ruthenium, Platinum and Palladium can also significantly improve melting points, hardness and corrosion resistance to different products.
“The market price of rhodium has been greater than US$14,000 per ounce recently and Iridium greater than US$4,500 per ounce. The inclusion of these rare and valuable elements has potential to add significant value to the project.”
