Platinum, palladium, gold and copper: Podium confirms Parks Reef is so very much deeper
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Podium’s initial observations and visual analysis of the first two Stage 8 deep diamond holes have confirmed the continuity of the Parks Reef at depth.
Lithological logging and initial core observations indicate both of the holes have intersected sulphide bearing stratigraphy of the layered intrusion, including the down dip continuation of the PGM Parks Reef at a depth of approximately 500m.
Visual observations also suggest the geology of the interpreted reef zone is consistent with Parks Reef near surface geology, which is a good sign that platinum group metal mineralisation at the project continues to significant depth.
The two holes, which were drilled by Podium Minerals (ASX:POD) with co-funding of up to $150,000 from the West Australian state government’s Exploration Incentive Scheme, were aimed at testing reef grade continuity and thickness at about 520m below surface – more than twice the depth of any previous drilling.
A third hole is expected to be completed early this month. This hole is not included in the co-funding scheme.
Podium has appointed Resolve Mining Solutions to commence mining analysis work ahead of a scoping study on Parks Reef.
Newly appointed chief executive officer Sam Rodda noted the results confirm continuity of Parks Reef at depth and that it remains steeply dipping is an exciting outcome.
“This drill program has provided further confidence that we have yet to find the limits of the orebody at depth,” he added.
“We intend to pursue an aggressive exploration strategy aimed at growing our resource base and also testing our orebody for rhodium and iridium to include the full 5E PGM suite of minerals in future resource estimate updates”
Parks Reef currently has a resource of 2.2 million oz of platinum, palladium and gold as well as 79,000t of copper.
This does not include its potential to host rhodium and iridium, which the company intends to address with testing for the full 5E suite of testing.
Podium is ramping up its exploration efforts in 2022 with the company kicking off operations with the resumption of Stage 8 deep diamond drilling.
It will also re-assay historical drill samples from mineralised intervals to include analysis for rhodium and iridium before launching its Stage 9 drill program totalling 2,600m to complete the 200m spaced drilling along the full strike of Parks Reef and complete gaps from earlier programs including supergene enriched zone near surface.
This will be followed by a 9,400m Stage 10 program to test the reef on the existing 200m spaced sections to sufficient depth to determine an inferred resource to 200m below surface.
Mine design program work will also be carried out to inform drill programs and provide project guidance on starter mine locations for both open cut and underground mining.
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.