As it closes in on a fresh mineral resource estimate for its flagship Parks Reef project in WA’s Mid West region, ASX-listed platinum group metals explorer Podium Minerals has served up a cluster of high-grade assays from a recently completed resource extension reverse circulation drilling program.
The pick of the drill intersections from the first batch of results the Perth-based company received for the “stage seven” round of 27 holes totalling 4,157m came from one hole.
It returned an impressive wide 34m hit grading an average 2.5 grams per tonne 3E PGMs from 72m including a higher-grade 5m core of 7.24 g/t 3E PGMs from 72m, which in turn housed a tantalising 1m going at 11.8 g/t 3E PGMs from 73m.
The hole – PRRC 153 – also coughed up a 12m intersection at an average grade of 3.47 g/t 3E PGMs from 30m including 2m at 7.56 g/t 3E PGMs from 32m.
Podium says the very encouraging intercepts in PRRC 153 were encountered only about 600m from the previously reported high-grade 5E PGMs drill hole PRRC 135.
The latter delivered a stand-out 7m at 5.75 g/t 3E PGMs from 89m including 3m at 10.83 g/t 3E PGMs from 89m, which in turn hosted a cracking 1m at 25.74 g/t 3E PGMs, 1.35 g/t rhodium and 0.7 g/t iridium from 91m.
Drilling carried out by the company prior to the latest RC program has seen an inferred mineral resource ascribed to Parks Reef of 25 million tonnes at 1.52 g/t 3E PGMs for 1.39 million ounces of contained platinum, palladium and gold as well as 53,900 tonnes copper credits.
The existing resource extends over a total of 8.5km of the delineated 15km mineralised strike length at Parks Reef and within 100m of surface.
Courtesy of the stage-seven RC drilling, Podium is looking to generate revised resource numbers to cover the full 15km interpreted strike length of Parks Reef.
The program was undertaken across Parks Reef on a 200m-spaced drill pattern to a depth of 100m.
It also was aimed at testing 2.4km of strike extent of the Parks Reef western sector to a deeper level to pave the way for a resource to be estimated for that area to a depth of 200m below surface.
Drill-hole PRRC153 intersected two intervals of high-grade PGMs mineralisation within the oxide zone of Parks Reef.
Plans are afoot for follow-up drilling targeting high-grade mineralisation.
Podium Minerals Executive Chairman Clayton Dodd said: “Parks Reef continues to deliver robust, bulk tonnage mineralisation interspersed with sporadic holes reporting materially higher grade PGMs. The shallow, high grade mineralisation intersected in hole PRRC153 is very significant, as this style of mineralisation has not been adequately tested to date and will require substantial infill drilling.”
Podium has now completed the first pass drilling campaign at Parks Reef on 200m-spaced drill sections along all 15km of the interpreted reef position, except for a recorded heritage site awaiting clearance approval.
Management says finalising the updated mineral resource estimate has been delayed by slow assay lab turnaround times.
The $145 million market-cap company hopes to release the new resource towards the end of this month or early next month.
Podium says metallurgical testwork and mine optimisation studies are also in progress.
Parks Reef takes in 77 square kilometres of mining leases overlying the Weld Range complex between the regional mining towns of Meekatharra and Cue in WA’s Murchison minerals province.
Is your ASX listed company doing something interesting? Contact: matt.birney@businessnews.com.au
