Podium Minerals has released a new mineral resource estimate for its Parks Reef Platinum Group metals (PGM) Project in WA of 143Mt for 6.0 Moz at 1.30g/t 5E PGM – a doubling of contained 5E PGMs.

The updated PGM horizon contains 0.64g/t platinum, 0.52g/t palladium, 0.07g/t gold, 0.05g/t rhodium and 0.02g/t iridium including 94kt copper, 127kt nickel and 24kt cobalt.

Notably, including rhodium and iridium in the MRE is expected to drive a meaningful uplift to the weighted average price per 5E PGM ounce of the orebody, with rhodium’s spot price trading around US$15,000/oz and iridium as high as US$6,000/oz.

Podium Minerals (ASX:POD) has also defined high-grade zones, ≥2g/t 5E PGM, which host a combined 15.7Mt for 1.17Moz at 2.32g/t 5E PGM (1.27g/t platinum, 0.84g/t palladium, 0.14g/t gold, 0.04g/t rhodium and 0.03g/t iridium).

Open-cut mining potential

The orebody shows some variation in widths and grades and the definition of these high-grade areas along with reef width will be an important step in future work including definition of infill drilling, exploration drilling programs, optimising mining methods and refining processing pathways.

“The quantum of the upgrade should come as no surprise to shareholders who have followed our recent drilling results, and is attributable to the remarkable consistency of the Parks Reef orebody,” MD and CEO Sam Rodda says.

“The most exciting part of this orebody resource program is the successful definition of the high-grade zones within the total PGM reef width.

“These high-grade zones have mining widths suitable for selective open-cut mining as well as underground stoping methods, these zones will allow our study team to consider options of higher grade mining and processing versus bulk methods to optimise value at Parks Reef.

“The team is aligned in the effort to develop and progress Parks Reef to become Australia’s first PGM supplier and this MRE upgrade is a significant milestone on that journey.”

Podium Minerals asx pod
Pic: 3D Image of the Mineral Resource looking north-east.

Similarities to global PGM producers

The Parks Reef deposit occurs within the Weld Range Complex (WRC) on the north-western flank of the Weld Range Greenstone Belt.

The WRC can be grossly divided into ultramafic and mafic zones, with the reef occurring within the ultramafics.

Similarities exist between ultramafic cumulates of the WRC and those of the other large PGM occurrences in South Africa (Bushveld Complex) and in the US (Stillwater Complex), that supply a significant proportion of the current global PGM production.

The similarities include the presence of ‘stacked’ high grade zones generally a metre or so wide, and consistency in grade and widths over large distances both along strike and down dip.

 

 

 

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.

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