Podium dials in on Parks Reef PGM resource upgrade

Stage 7 drilling at the Parks Reef Project in WA continues to return high grade platinum group metals (PGM) mineralisation.

The drilling is part of Podium’s (ASX:POD) accelerated growth strategy to enable a resource to be estimated along the full 15km interpreted strike length and to a depth of 200m below surface (currently 100m).

The first four holes from the 27 RC holes for 4,157m program found up to 11.8 g/t 3E PGM (platinum, palladium and gold), with results including:

Drill hole PRRC152 recorded:

8m @ 1.30g/t 3E PGM from 169m

Drill hole PRRC153 recorded:

12m @ 3.47g/t 3E PGM from 30m; including

2m @ 7.56/t 3E PGM from 32m, plus

34m @ 2.50/t 3E PGM from 72m, including

5m @ 7.24g/t 3E PGM from 72m. including

1m @ 11.80g/t 3E PGM from 73m

Drill hole PRRC154 recorded:

15m @ 1.49g/t 3E PGM from 132m

Drill hole PRRC155 recorded:

5m @ 1.54g/t 3E PGM from 69m; plus

22m @ 1.30g/t 3E PGM from 81m.

Applying for archaeological heritage site access

“Parks Reef continues to deliver robust, bulk tonnage mineralisation interspersed with sporadic holes reporting materially higher grade PGM’s,” Podium executive chairman Clayton Dodd said.

“The shallow, high grade mineralisation intersected in hole PRRC153 is very significant, as this style of mineralisation has not been adequately tested to date and will require substantial infill drilling once clearance of the area to drill are received.”

Hole PRRC153 was drilled unconventionally from the north side of the reef because this was the only avenue available – with access constrained by a recorded archaeological heritage site to the south.

The company is in the process of applying to access the site under Section 18 of the Aboriginal Heritage Act.

Updated resource estimate pending

Podium’s priority is an updated resource estimate which it expects to release at the end of July/early August.

The current resource totals 1,390,000 ounces of combined platinum, palladium and gold plus base metal credits with 53,900 tonnes copper for the full 15km strike length of Parks Reef to 100m depth.

The remaining assay results for the remaining 23 Stage 7 drill holes are pending, and the company plans to resubmit the samples for assaying for 5E PGM (platinum plus palladium plus gold plus rhodium plus Iridium expressed in units of g/t).

In the meantime, a contractor has been engaged for the planned 750m Parks Reef deep diamond drilling program which is expected to begin before the end of July.

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.