Podium Minerals Limited (ASX: POD) continues to grow its Parks Reef mineralisation in Western Australia with initial Stage 10 assay results from four reverse circulation (RC) drill holes.
The holes confirm extension of the Parks Reef mineralisation into the Exploration Target (70 to 75Mt at grade of 1.2 to 1.6g/t 3E PGM), with majority of intercepts at the upper end of the anticipated grade range.
- Intersection highlights include: 34m at 1.77g/t 3E PGM2 (0.72g/t Pt, 0.72g/t Pd and 0.07g/t Au) from 76m (PRRC201); including: 1m at 12.65g/t 3E PGM (9.88g/t Pt, 2.75g/t Pd and 0.02g/t Au) from 109m
- Initial assay results from four of 35 RC drill holes intercept PGM reef at 150m vertical, extending the resource to 250m vertical
- All four intercepts received to date hit the Reef target on plan with holes delivering grades within the expected range
- All Stage 10 intercepts will be tested for the presence of highly valuable rhodium, iridium and base metals (copper and nickel) that will inform our 5E3 PGM resource upgrade
- Additional results have been received for the Stage 9 drilling completed in March 2022.
Significant intercepts include: 22m at 2.04g/t 3E PGM (1.39g/t Pt, 0.61g/t Pd and 0.04g/t Au) from 17m (PRRC198)
Stage 10 drilling continues to demonstrate why we are so excited by the Parks Reef Project,” Managing Director and CEO, Sam Rodda, said.
“Initial holes informing the Exploration Target have all intersected the PGM reef, illustrating high grade zones and significant ore-body widths along a target that is shaping up to have sufficient size to be globally significant.
“These recent results indicate that mineralisation extends to 250m depth, and our previous deep drilling has shown the mineralisation presents at 500m and is open beyond. The consistent nature of the mineralisation across the 15km extent gives the Company confidence that Parks Reef is a massive 5E PGM opportunity.
“As Podium finalises the Stage 10 campaign, we have already begun working on the approach for the next phase of exploration to a depth of ~350m. This will be followed with the commencement of further tight-space infill drilling to build geological confidence in the identified higher-grade zones. This will all contribute to a scoping study that will support our trajectory towards becoming Australia’s first PGM producer.”
15 RC holes stopped short of planned reef intercepts due to swelling clays and fibrous intercepts and will be extended with diamond core tails to achieve full reef intercepts.
This will enable Podium to consider full conversion of the Exploration Target to an Inferred Resource.
A diamond core rig is scheduled to arrive on site this week to complete the remaining 650m of the drill programme.