Podium’s Parks Reef assays confirm a resource upgrade is on the cards

Podium Minerals’ stage 7 drilling has continued to define strong and continuous platinum group metal (PGM) mineralisation at the company’s Parks Reef Project in WA.

The drilling targeted the Central and Far East sectors and also tested the Western sector at deeper levels to enable a resource to be estimated to 200 vertical metres.

Notably, high grade platinum, palladium, and gold mineralisation up to 9.57 g/t 3E PGM has been recorded at a depth of 154m in the Central sector.

Other highlights from the Central sector include:

12m at 1.67 g/t from 20m, including 6m at 2.34 g/t from 20m (PRRC170);
2m at 1.15 g/t from 39m (PRRC170);
6m at 1.85 g/t from 39m (PRRC172);
11m at 1.46 g/t from 50m (PRRC172);
5m at 1.22 g/t from 64m (PRRC172);
2m at 1.74 g/t from 138m (PRRC173); and
23m at 1.54 g/t from 144m; including 1m at 9.57 g/t from 154m (PRRC173).

At the Western sector, assays returned:

13m at 1.78 g/t from 221m, including 5m at 2.33 g/t from 221m (PRRC157);
15m at 1.62 g/t from 96m, including 6m at 1.96 g/t from 96m (PRRC159);
17m at 1.54 g/t from 87m; including 4m at 2.08 g/t from 87m (PRRC161); and
11m at 2.01 g/t from 186m; including 3m at 2.83 g/t from 187m (PRRC163).

To date, base metal results have only been received for four of the Stage 7 holes, with the best result 9.0m at 0.36% copper from 156m (PRRC152), including 1.0m at 1.49% copper.

And drilling is yet to be finished across an 800m strike of the Central sector where high grade PGM mineralisation has been reported from a number of drill holes, where there’s a cultural heritage site – but Podium Minerals (ASX:POD) has conducted cultural heritage surveys with representatives of the Native Title holders and have lodged an application with the Department of Lands, Planning and Heritage (DLPH) to complete the program.

Assays reinforce consistency and continuity of mineralisation

“The latest round of drilling included for the first time significant drilling below 100m in the western sector and results to date have reinforced the sheer consistency and continuity of the Parks Reef PGM-gold-copper mineralisation,” executive chairman Clayton Dodd said.

“In addition, it has also re-affirmed that high grade primary PGM mineralisation is not uncommon within Parks Reef.

“Results from recent drill programs have refocussed Podium attention to high grade zones along the Parks Reef strike.

“Understanding the controls and distribution of these reported high grade mineralised zones will be our priority with further follow-up drilling.”

Resource extension drilling along full strike length

Drilling to date has delivered inferred mineral resources containing a total of 1,390,000 ounces of combined platinum, palladium, and gold plus base metal credits with 53,900 tonnes copper.

The mineral resources extend over a total of 8.5km of the identified 15km mineralised strike length in Parks Reef and within 100m of surface.

The company plans to release a resource upgrade to be estimated along 14.6km of the interpreted strike of Parks Reef, to a depth of 100m shortly.

The PGM analyses for the final 7 holes are expected within the next two weeks, with base metal and rhodium assays to follow.

Podium plans to undertake follow up drilling to target zones of high-grade mineralisation and has engaged a contractor to undertake the planned 750m diamond drilling program co-funded by the Western Australian Government.

This article was developed in collaboration with Podium Minerals Limited, 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.