A new resource drilling programme has extended the strike length of Podium Minerals Limited’s (ASX: POD) Parks Reef PGM target by more than two kilometres.
The Q4-2019 drilling programme at Parks Reef builds on previous work by Podium which has defined Inferred Mineral Resource containing 740,000 ounces of combined platinum, palladium and gold plus base metal credits in two separate resource blocks over a total of 4.5km of the identified 15km mineralised strike length and within 100m of surface.
CEO Tom Stynes said the 30-hole drill programme, including 25 drill holes of targeted resource and step-out drilling in Parks Reef. was successful is achieving its an objective of delineating a third resource block in the eastern zone of Parks Reef.
Mr Stynes said platinum, palladium and gold assays received for the first 15 drill holes demonstrate that the resource drilling has consistently intersected significant mineralisation extending from near surface in the main PGM horizon. These holes extend over approximately 1.4km with thick intercepts and substantial grades recorded in 14 out of the 15 drill holes.
Once the full set of PGM assay results have been received Podium will re-assay the mineralised intercepts for base metals. The previous drilling and resource modelling by Podium demonstrated a horizon of base metal and gold enrichment above and overlapping the upper portion of the main PGM horizon. This characteristic appears to be replicated in the eastern zone with disseminated chalcopyrite visible in the drill chips.
Podium then plans to undertake resource modelling for the eastern zone, aggressively targeting a resource upgrade for Parks Reef by the end of January 2020.
However, additional drilling to infill between the western and central resource blocks has not been completed as part of this drilling campaign due to availability of a suitable drill rig.
Mr Stynes said a sighter hole has been completed in this section of the reef for which the results are pending and Podium plans to prioritise this drilling as part of the continued systematic resource drilling along the full strike length of Parks Reef during 2020.