Podium has uncovered evidence of deeper PGM mineralisation at its Parks Reef project after additional sampling of an existing deep hole returned significant results.

This work in hole PRDD004, which was drilled earlier this year, returned a new intersection of 16m grading 1.34 grams per tonne (g/t) 5E platinum group metals (0.63g/t platinum, 0.65g/t palladium, 0.03g/t gold, 0.07g/t rhodium and 0.03g/t iridium) from a down-hole depth of 617m.

Importantly for Podium Minerals (ASX:POD), the result proves that mineralisation is present past the post-mineralisation dykes which occur from 586.7m in the hole – in line with its announcement in April 2022.

Along with the previous 5.7m intersection grading 2.14g/t 5E PGM (0.93g/t platinum, 1.02g/t palladium, 0.14g/t gold, 0.03g/t rhodium and 0.02g/t iridium) from 581m, the total interval intersected in the hole now stretches over more than 20m.

It also provides further evidence that the grades and widths of the reef seen throughout the entire 15km strike length down to 200m vertically could persist down to at least 500m vertical.

This adds to the company’s confidence that further evaluation of the reef below 250m vertical may result in additions to the Resource estimate.

“The results achieved validate our understanding that the post-mineralisation intrusives does not ‘stope out (replace)’ the mineralisation, but rather pushes the intercepts apart (displace),” head of geology Mark Fleming said.

“This results in consistent, wide reef intercepts that should present itself for future mine design consideration.”

He added that understanding the interaction of post-mineralisation dykes with mineralised intercepts, combined with the consistent stratigraphic character displayed by all intercepts to date enables the company to know if additional mineralised intercepts can be expected when dyke disruptions occur.

The presence of a consistent high-grade 5E PGM zone close to the top of the intercept and a high-value zone associated with rhodium in the bottom portion of the intercept also provides the company with a number of mining study options.

Deep drilling

Hole PRDD004 was part of a broader deep diamond drilling program which successfully demonstrated the continuity and significant PGM grade at depths below 500m.

These holes also improved the company’s understanding of stratigraphy about 500m below surface.




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.