High-value rhodium and iridium assays confirm Parks Reef as 5E PGM orebody
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Podium says its latest assay results support the definition of a 5E Platinum Group Metals (PGM) orebody at the Parkes Reef project – after returning high grade rhodium and iridium.
Historic intercepts at the project showed 3E PGM – platinum, palladium and gold. Whereas 5E PGM means that platinum, palladium, gold plus rhodium and iridium are found in the mineralisation.
The new assay results included:
It’s kind of a big deal for the company, because rhodium is considered one of the rarest and most valuable metals in the world and is a critical ‘green’ metal used primarily as an auto catalyst to reduce harmful nitrous oxide gases from light vehicle gasoline emissions.
Podium (ASX:POD) says that future mineralised drill results will continue to be tested for the full PGM suite as drilling progresses.
Rhodium and iridium contribute approximately 5%-6% increase in PGM weight to the existing reported 3E PGM mineral resource – which was recently upgraded to a giant 2.8Moz of platinum, palladium and gold resources.
This small increase in weight indicatively adds 30% in value to the weighted price per PGM ounce at Parks Reef.
“These results place us well on the path to being Australia’s first 5E platinum group metals producer with our 15km long Parks Reef Project revealing the presence of high-grade, high-value rhodium and iridium throughout the orebody, both of which are extremely valuable metals,” CEO and MD Sam Rodda said.
“To put this into perspective, with rhodium currently trading above US$19,000 per ounce and iridium trading around US$5,100 per ounce, these results have the potential to add approximately 30% in value to the weighted price per PGM ounce at Parks Reef.”
This article was developed in collaboration with Podium Minerals Limited, 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.