Podium is on the brink of cranking up the Parks Reef PGM ounces
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Podium’s goal of expanding the exploration target at its Parks Reef PGM project is closer to fruition after receiving solid assay results from a further nine holes in its Stage 10 program.
While exploration targets – currently sketched out at between 70Mt and 75Mt grading 1.2 grams per tonne (g/t) to 1.6g/t platinum group metals (PGM) – are clearly no replacement for even Inferred resource estimates, they do provide a hint of what might be possible with a lot more (successful) drilling.
And with results such 25m at 1.29g/t 3E (platinum, palladium and gold) PGM from 187m and 6m at 1.39g/t 3E PGM in hole PRRC206 maintaining the perfect record of the Stage 10 drill program to date – with all 15 holes assayed to date returning results in line with projected orebody widths and grade – Podium Minerals (ASX:POD) is likely to carry out further drilling for resource expansion at some stage.
More hints into the scale of Parks Reef are poised to come with assays still pending for a further 36 holes, while assaying of all Stage 10 holes for highly valuable rhodium, iridium and base metals will inform its planned 5E PGM resource upgrade.
“Drilling associated with our stated Parks Reef exploration target is now complete and we are seeing strong results in line or above expectations with the deeper Stage 10 assays received,” managing director Sam Rodda said.
“These results continue to demonstrate Parks Reef’s comprehensive list of attributes supporting its potential for development.
“These include a consistent 5E PGM orebody with a 15km strike length, close to surface, hosting high grade intercepts and open at depth, with the Stage 10 programme also aimed at increasing the resource size.”
Podium is currently focused on executing the key elements to progress towards a Scoping Study with Rodda saying that the company was progressing metallurgical test work around processing pathways and designing future drilling to support resource growth and study work.
“Emerging global hydrogen markets, as well as increasingly stringent standards around existing decarbonising technology such as motor vehicle autocatalysts, are some of the factors behind the expected deficits to palladium and rhodium supply as early as 2022,” he added.
“These recent Stage 10 drilling results, along with ongoing geopolitical instability in some of the biggest PGM producing countries, continues to provide confidence that our Parks Reef project is well positioned for development as an alternate PGM supplier.”
All future stages of drilling will be optimised based on the results from recent drill results with a focus on growth and infill drilling to enable a conversion of the current Inferred Resource of 2.8Moz 3E PGM into the higher confidence Indicated Resource, which will enable mine planning.
Support for this will come from the current capital raising which seeks to raise up to $6.6m with new and existing sophisticated investors already committing to subscribe for $2m worth of shares while the remaining amount will be raised through a one for 15 offer priced at 22c per share.
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.