Podium Minerals smashes PGM target at Park Reef hitting grades above expectations
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As part of the company’s stage 10 exploration program, results of up to 13m at 1.94g/t 3E PGM (1.15g/t platinum, 0.77g/t palladium and 0.02g/t gold) from 207m have been returned.
Podium (ASX:POD) says these results show a 100% success rate in stage 10 on intersecting PGM reef, with most of the results above or in line with projected orebody widths and grade.
Interim results received are from 2 of 35 completed Stage 10 holes, in addition to the four assays released earlier this month, totalling six holes tested to date.
Ongoing stage 10 drilling, which aims to prove the enlarged exploration target of 70Mt at 1.2g/t to 1.6g/t 3E PGM for 2.7Moz to 3.8Moz 3E PGM will wrap up in early July, targeting a grand total of 50 holes.
POD managing director and CEO Sam Rodda said drilling continues to validate POD’s commitment to the Park Reef PGM.
“Regular zones of significant high-grade within these intersections such as seen in PRRC208 that hosts a 2m intercept >5.0g/t 3E PGM add to an already strong story,” he says.
“High-grade PGM ore-zones, proving ounces at depth and strong progress on our metallurgical testing are important steps for Podium as we head towards a scoping study and our goal of becoming Australia’s first PGM producer.”
All samples from the 35 RC completed holes have been transported to Perth for initial 3E PGM analysis.
Around 15 holes stopped short of planned reef intercepts due to swelling clays and fibrous veins, and are being extended with diamond core tails to achieve full reef intercepts.
Podium head of geology Mark Fleming said from a geological perspective, the location of the reef hosted within the ultramafic rocks adjacent to the to the contact between the ultramafics and the stratigraphically younger mafic volcanics shows no sign of diminishing.
Drilling of planned Stage 9 and 10 supplement holes in the central area, started in mid-June.
Six of the planned nine RC holes have been completed for 740m under the supervision and support of the traditional owners.
Podium is still experiencing delays in assay turnaround. Further drill results are expected throughout July and August this year.
All intersections are within fresh (sulphide) rock and selected samples are being re-assayed for 5E PGM and base metals.
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.