Podium could be another step closer towards converting its Parks Reef Exploration Target into resources after reporting more high-grade PGM intercepts from its Stage 10 drilling.

This has the potential to allow the company to convert the enlarged Exploration Target of 70Mt to 75MT at grades of between 1.2g/t and 1.6g/t 3E PGM, or between 2.7Moz to 3.8Moz 3E PGM.

Given that Parks Reef already has a sizeable resource of 3 million ounces of 5E PGM – the typical gold, platinum and palladium with the addition of the rarer rhodium and iridium, this could make for a big boost indeed.

It’s counting on the drill program maintaining its 100% success rate in intersecting the PGM reef with orebody widths in line with projects and in the higher half of the expected grade.

Speaking of which, notable results from the latest batch of 17 Stage 10 holes are:

  • 10m at 2.18 grams per tonne 3E PGM from a down-hole depth of 170m including 2m at 6.09g/t 3E PGM along with a shallower 4m intercept at 1.45g/t 3E PGM from 158m (PRRC233);
  • 9m at 1.74g/t 3E PGM from 178m including 3m at 2.23g/t 3E PGM from 179m (PRRC212); and
  • 18m at 1.52g/t 3E PGM from 168m (PRRC246).

Podium Minerals (ASX:POD) managing director Sam Rodda said the Stage 10 drill results continued to demonstrate the consistent nature of the Parks Reef deposit in both grade and orebody width, which in turns lends greater confidence to the geological modelling and study scenarios the company is considering.

“An exciting highlight of these results is the identification of higher-grade intersections, which will inform selection of infill drilling areas for a proposed starter mine,” he added.

“Seeing regular assay results above 1.2g/t 3E PGM is a positive step for the delivery of Podium’s Exploration Target, whilst the intersections showing grades over 6g/t 3E PGM are highly encouraging for our early-stage mine planning.

“These results will be incorporated into the next Parks Reef resource model to illustrate the size potential of the Parks Reef project, along with the recently released rhodium and iridium results that allowed the upgrade from a 3E PGM resource to Australia’s first 5E PGM resource.”

Adding PGM ounces

The 53 hole Stage 10 drill program was designed to prove the enlarged Exploration Target, an objective that looks increasingly likely given the consistent results in line with and exceeding expectations that have been received to date from 34 holes with full assay results and a further seven holes with partial assays.

Further drill results are expected to be received throughout August and September while selected samples will be 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.