30/09/2020 - 14:25

Podium’s new Parks Reef PGMs resource looms large

30/09/2020 - 14:25

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ASX-listed platinum group metals explorer, Podium Minerals, has commenced resource modelling that envisages a continuous resource block of about 6.1km at its Parks Reef PGMs project in the Mid West region of WA. The Perth-based company may also have topped up its combined platinum, palladium and gold resource with potentially more base metals and rhodium credits following encouraging intersections from a recently completed RC drilling program.

ASX-listed platinum group metals explorer, Podium Minerals, has commenced resource modelling that envisages a continuous resource block of about 6.1km at its Parks Reef PGMs project in the Mid West region of WA. The Perth-based company may also have topped up its combined platinum, palladium and gold resource with potentially more base metals and rhodium credits following encouraging intersections from a recently completed RC drilling program.

Earlier this year Podium released an initial inferred mineral resource estimate for three separate mineralised zones in the western, central and eastern sectors at Parks Reef of 23 million tonnes of oxide and fresh ore containing 1,140,000 ounces of combined platinum, palladium and gold plus 37,300 tonnes of copper, all within 100m of surface.

Mineralisation remains open along strike and at depth, with the existing resources having been delineated over a total length of 6.9km of the identified 15km mineralised strike length at Parks Reef.

The company has now started resource modelling work that will incorporate all assay results from the latest drilling program comprising 17 holes totalling 1,870m. It expects to release a new mineral resource estimate for Parks Reef next month.

Podium will look to connect the existing western and central resource blocks to increase the extent of the total resources to a combined length of 8.5km, which enticingly includes a continuous block spanning approximately 6.1km over the western and central mineralised sectors of Parks Reef.

Notable intersections from the recent drilling were 19m grading 2.11 grams per tonne PGMs from 18m including 4m at 4.41 g/t PGMs from 18m, 6m at 3.20 g/t PGMs from 21m, 26m at 1.52 g/t PGMs from 124m, 18m at 1.28 g/t PGM from 102m, 15m at 1.40 g/t PGMs from 141m and 6m at 1.81 g/t PGMs from 92m.

In addition, the PGMs mineralised zones have now been re-assayed with the results demonstrating continuity of the base metal and rhodium enrichment discovered in previously drilled areas.

Drilling has consistently encountered broad intercepts of mineralisation along the contact between mafic and ultramafic rock units with two distinct zones of metal deposition being modelled by the company – an upper gold and copper-enriched base metals horizon and an underlying thick PGMs-rich lode.

Podium says it is planning to carry out further systematic resource drilling along the full 15km strike length with a view to outlining a significant near-surface resource base.

The Parks Reef project covers 77sqkm of mining leases over the Weld Range complex located between the regional mining towns of Meekatharra and Cue in WA’s Murchison mineral province.

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

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