Podium secures WA co-funding for Parks Reef deep drilling
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Podium is gearing up to drill two deep diamond holes to test for the continuity of mineralisation below 500m at its Parks Reef project near Cue.
And the company does not have to go it alone with the Western Australian state government paying $150,000, or half of the direct drilling costs, under its Exploration Incentive Scheme.
Podium Minerals (ASX:POD) notes the two holes will be drilled to a depth of 520m each, more than twice as deep as any previous drilling at the project where recent drilling has intersected high grades of platinum group metals (PGM) such as platinum, palladium, rhodium and iridium.
The company has also planned a third deep hole that will be drilled without EIS co-funding.
“By successfully intersecting the reef at such depths would clearly demonstrate the vast dimensions of the mineralised horizon and any variability in PGM grades and may provide invaluable vectors toward higher grade sectors along the extensive 15km PGM strike length of the reef,” executive chairman Clayton Dodd said.
Drilling is expected to begin in July and take about a month to complete.
The deep drilling program will test for continuity of grade and thickness of the reef at about 520m below surface for an enhanced interpretation of the intrusive complex.
Should the target reef be intersected at these depths, Podium believes that precious and base metal grades, mineralogy, and metal ratios of the reef will provide valuable vectors toward zones hosting higher grade and/or thickness of PGM mineralisation.
Drilling will also target about 450m of previously untested, high-grade, reef-style PGM mineralisation in the hanging wall mafic stratigraphy.
Lastly, it will enhance the company’s understanding of the magmatic stratigraphy within the lower section of the mafic zone.
Parks Reef currently has a resource of 1.39Moz of combined platinum, palladium and gold plus base metal credits.
More work is required to include the rhodium and iridium content in future resources estimates.
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.