A major update to the growing mineral resource at Podium Minerals Parks Reef platinum group metals project is getting closer by the day after a string of high grade drilling results close to the surface at the WA deposit.

Already boasting an inferred mineral resource of 2.8Moz, Podium Minerals (ASX:POD) is chasing an exploration target on top of that bounty of 70-75Mt at 1.2-1.6g/t 3E (platinum, palladium and gold) for 2.7-3.8Moz.

That would bolster the development credential of what is already one of the largest PGM finds in Australia.

And interim results from State 9 drilling at Parks Reef will breed even more confidence for the company’s geos.

Results have been received for just 11 of 22 reverse circulation holes drilled in the stage 9 infill drilling program, including standout hits of:

  • 27m at 2.23g/t 3E PGM (1.15g/t Pt, 0.99g/t Pd and 0.09g/t Au) from 9m (PRRC197).
  • 15m at 3.88g/t 3E PGM (2.59g/t Pt, 1.26g/t Pd and 0.03g/t Au) from 17m (PRRC191), including:
    • 2m at 8.34g/t 3E PGM (7.03g/t Pt, 1.30g/t Pd and 0.01g/t Au) from 22m; and
    • 3m at 5.33g/t 3E PGM (3.16g/t Pt, 2.14g/t Pd and 0.03g/t Au) from 26m; and,

The shallow nature of the results is particularly important, showing continuity from high grade zones outlined close to surface at Parks Reef.

All up, seven holes returned intercepts greater than 1g/t 3E PGM, with further assays on the way to test for high value rhodium, iridium and copper and nickel, expected to be released in June.

“At Parks Reef we are seeing a geological package that shows high continuity of the PGM reef and high grade zones from surface to the recently drilled deep holes, 500m below the surface communicated in April (20th),” Podium MD and CEO Sam Rodda said.

“Importantly the orebody is still open at depths below these holes. These exciting Stage 9 results and subsequent Stage 10 growth drilling targeting significant PGM ounces will support identification of preferred starter mine areas along the substantial 15km strike of the Parks Reef Orebody.”

Stage 10 on the way

That Stage 10 program consists of 9400m of drilling with 33 holes which have been completed awaiting assay, comprising 6020m of core.

Furthermore, assays are still due for a further 11 holes drilled in the 2600m, 22 hole Stage 9 program.

Other significant results from the Stage 9 drilling included 15m at 1.92g/t 3E PGM from 11m and 12m at 1.92g/t from 26m, highlighting the shallow nature of the high grade portion of the Parks Reef deposit.

The successful exploration results come at a great time for Podium, amid strong current and future demand for palladium and platinum.

Words from the top

“This is a perfect time to be associated with PGMs given their importance to Australia’s critical minerals strategy,” Rodda says.

“Demand for PGMs globally remains strong as the use of platinum and palladium in auto catalysts continues to play a key role in managing vehicle emissions in line with greenhouse gas emission targets globally. Platinum is also shaping up as a key catalyst ingredient in PEM hydrogen fuel cells supporting the new clean hydrogen economy.

“Podium’s resource has a high Pt:Pd ratio above 1:1, this is a similar ratio of PGMs to those seen in the majority of South African PGM operations,” Rodda continues.

“The Mid-West of WA is also the perfect location with existing infrastructure, mine services and low environmental risk to deliver the feed of critical PGM minerals to support these existing and new industries towards a cleaner future.”



This article was developed in collaboration with Podium Minerals, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.