Podium Minerals is about to embark on a resource drilling program to test the prospective 15-kilometre strike length of its Parks Reef platinum group metals deposit near Cue.
The company is aiming to define continuity in its west resource sector over a 6.1km length within the 15km Parks Reef zone. Drilling is also aimed at increasing the combined total strike length of resources within the reef to an impressive length of 8.5km.
Earlier this year, the Perth based company broke the magic one million ounce mark after tabling a whopping 54 per cent increase to its resource at Parks Reef, delivering 1.14m ounces of combined platinum, palladium plus gold and 37,300 tonnes of contained copper.
Podium is looking to take Parks Reef into production and the company is in the final stages of a $1m capital raise that will fund its drilling efforts and contribute to continuing metallurgical test work and a highly anticipated scoping study.
Palladium and rhodium prices have touched remarkable highs lately and with some “PGM” intercepts from Parks Reef returning some exceptional numbers such as 19 metres grading 2.05 grams per tonne platinum, palladium plus gold from just 5m down hole, Podium’s timing is looking to be exquisite.
Another hole returned 18m grading 1.85g/t PGM from only 20m down hole.
The company said re-assaying of some of its previous drill holes averaged about 3% to 4% rhodium within the PGM zones across the entire Parks Reef deposit, with a higher 5% to 7% rhodium in the footwall horizon.
Meanwhile, Podium is also planning to kick off a geological mapping and rock chipping program in July that will aim to identify the potential western extension of the Parks Reef deposit. Geophysical imagery shows that the prospective PGM horizon extends up to 1.2km.
With a mining lease already in place across the company’s flagship deposit, Podium’s rare and valuable metals deposit could end up being something special if it can get it to hang together.
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