18/08/2021 - 17:32

PGM intercepts continue to flow for Podium at Parks Reef

18/08/2021 - 17:32

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Podium Minerals continues to deliver strong platinum group metal intercepts from a resource expansion drilling campaign at its 100 per cent owned Parks Reef project near Meekatharra in Western Australia. A suite of solid new hits appears to place the company in good stead to grow the existing resource which clocks in at 1,390,000 ounces of combined platinum, palladium and gold.

Podium Minerals’ 100 per cent owned Parks Reef project in WA showing resource drilling area along 15km of strike. Credit: File

Podium Minerals continues to deliver strong platinum group metal, or ‘PGM’, intercepts from a resource expansion drilling campaign at its 100 per cent owned Parks Reef project near Meekatharra in Western Australia. A suite of solid new hits appears to place the company in good stead to grow the existing resource which clocks in at an impressive 1,390,000 ounces of combined platinum, palladium and gold, collectively known as ‘3E’.

The existing inferred resource takes in some 8.5 kilometres of the 15km mineralised strike length at Parks Reef, to a maximum depth of 100 metres. In addition to the 1,390,000 3E PGM defined ounces, the resource also includes base metal credits to the tune of 53,900 tonnes of copper.

Despite the delays of overworked labs around the country, a new resource estimate accounting for some 14.6km of strike to a maximum depth of 100m is not far away.

The latest results from ‘stage seven’ of the company’s drilling activities cover the entire 15km strike length across three sections of the reef – the central sector, the far east sector and the western sector. Deeper levels were also tested at the western sector as Podium looks to establish a future resource estimate to 200m depth.

Podium completed 27 holes for 4,157m as part of the stage seven drilling campaign.

The company reported a series of new results including a broad 23m intercept at the central sector going 1.54 g/t 3E PGM from 144m, which also includes 1m at an eye-catching 9.57 g/t 3E PGM from 154m.

Other results from the central sector include 7m at 5.75 g/t 3E PGM, 0.32 g/t rhodium and 0.14g/t iridium from 89m. Another hole delivered 12m at 3.47 g/t 3E PGM from 30m and 34m at 2.50 g/t 3E PGM from 72m.

In the western sector, drilling intercepted 15m at 1.62 g/t 3E PGM from 96m, 13m at 1.78 g/t 3E PGM from 221m and 11m at 2.01 g/t 3E PGM from 186m.

Assay results from three holes in the far east sector remain pending.

Podium reports that PGM results from a total of seven holes of the drilling campaign are expected soon, with base metal and rhodium assays to follow.

To date, base metal results from only four holes of the stage seven campaign have been received, with a standout intercept of 9m at 0.36 per cent copper from 156m reported, including 1.0m at 1.49 per cent copper.

Drilling along 800m strike of the central sector is still to be concluded.

Podium Minerals Executive Chairman, Clayton Dodd said:“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-gold-copper mineralisation. 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.”

Some 180 holes for a combined 19,600m of drilling have now been completed at Parks Reef.

Podium says the drilling has shown the reef to be continuously mineralised except for minor faulting. The reef is reported to thicken in the central part of the intrusion and thin towards its outer edges. PGM and copper grades are consistent throughout the reef, Podium adds.

The company has now engaged a drilling contractor as it looks to launch a 750m diamond drilling program to test for further mineralisation at deeper levels.

Follow up drilling to target zones of high-grade mineralisation will also be planned once outstanding assays are received.

Metallurgical test work and mine optimisation studies are on-going.

With an updated resource estimate just around the corner and solid PGM hits continuing to flow in, Podium has its head down working towards the goal of becoming Australia’s first PGM producer as it continues to unravel the potential at Parks Reef.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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