Podium Minerals (ASX: POD) had some promising news this morning at its Parks Reef exploration site.

According to a consulting report by Snowden Mining, it’s quite a bit bigger than first thought.

The exploration target for Parks Reef, situated north of Cue in WA, has been revised up to 80-120 million tonnes, well above the previous estimate of 25-55mt.

POD reckons the project could contain between 3.1 and 5.8 million ounces of precious metals, made up of platinum, palladium and gold.

Shares in the company were up almost 4 per cent in morning trade to 8.3 cents.

Still speculative

Podium made it clear that despite to promising size of the project, the numbers aren’t yet set in stone.

“Investors are cautioned that the potential quantity and grade of the Exploration Target is conceptual in nature,” the statement said.

In addition, there’s no guarantee that further drilling will result in the discovery of actual resources.

Nevertheless, the preliminary expansion of the exploration zone is based on some promising drilling results that have already been carried out.

Shares in POD are up more than 50 per cent since March 5, after a round of positive drilling results. The company revised up its potential estimate of combined platinum, palladium and gold reserves to 740,000 ounces.


In other precious metals news on the ASX today

  • Junior explorer Silver Mines Ltd (SVL) said recent soil-sampling had revealed promising gold anomalies at its Tuena gold project in the Southern Tablelands of NSW.

    The largest anomalies showed mineralisation in the soil of between 1-2.69 grams per tonne. Shares in SVL were up 3.6 per cent at 5.9 cents in morning trade.


  • And Anglo Australian Resources (ASX: AAR) says drilling is under way as it hunts for gold at its Feysville Project in WA.

    The two-stage plan will start with a 14-hole drilling program at Saintly Prospect, where AAR wants to extend the strike zone in which previous high-grade mineralisation was identified. It will then commence a 38-hole program at its Think Big prospect to calculate the size of its initial ore reserve.

    Shares in AAR were unchanged at 6.4 cents this morning.