Podium’s high-grade hits doubles the depth of Parks Reef PGM mineralisation
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Deep diamond drilling has proven lucrative for Podium, returning some of the highest PGM assay grades achieved at its Parks Reef project near Cue, WA.
Two of three intercepts from the WA Government’s Exploration Incentive Scheme co-funded program returned grades well above that contained within the current Inferred resource estimate of 50.6Mt at 1.56 grams per tonne (g/t) 3E platinum group metals (PGM).
Notable results are 11.7m grading 3.71g/t 5E PGM from a down hole depth of 666.7m including 1.4m at 11.58g/t 5E PGM from 666.7m and 2.2m at 9.53g/t 5E PGM from 669.8m, and 5.7m at 2.14g/t 5E PGM.
Podium Minerals’ (ASX:POD) chief executive officer Sam Rodda said the results demonstrate continuity and significant PGM grade at depths below 500m, which is exciting for shareholders and significant for Australia’s critical minerals industry.
“Today’s announcement demonstrates the vast dimensions of this mineralised horizon with confirmed depth and high-grade intercepts adding to the already defined substantial orebody length of 15km,” he added.
“We are also pleased to announce a second RC drill rig has been mobilised to accelerate our Exploration Target drilling and expedite our understanding of the orebody.”
The drilling is aimed at completing the Stage 10 infill drilling program that is designed to prove an enlarged exploration target of between 70Mt to 75Mt at 1.2g/t to 1.6g/t 3E PGM.
The Stage 8 drill program consisted of three 750m deep diamond holes that were designed to test Parks Reef’s mineralisation and understand the stratigraphy at approximately 500m below the surface, more than double the depth of previous drilling.
Besides the highest-grade results in PRDD003, investigation of drill core from PRDD004 suggests that Park Reef may extend further down the hole beyond post-mineralisation dykes that occur from 586.7m.
Meanwhile, the third hole PRDD005, intersected an area of localised shearing that continues to host PGMs that are broadly in line with the existing Inferred resource
Taken together, the results validate the company’s belief that there is potential for Parks Reef mineralisation to host increasing resource grades with depth.
Assays are pending for the Stage 9 drilling as well as base metal results for the deep diamond drilling.
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.