Podium Minerals has extended the mineralisation at its Parks Reef platinum group metals, or “PGM” project in the Mid West region of WA following early results from its stage 10 drilling campaign.
The company says drilling has confirmed its exploration target of 70-75 million tonnes at a grade of 1.2 to 1.6 grams per tonne 3E PGM.
In April, Podium received results supporting the company’s hopes to upgrade its deposit from a three-element, or 3E, to a five-element, or 5E, definition.
3E refers to the platinum group elements of platinum, palladium and gold, whilst 5E adds iridium and rhodium.
Early results show four holes hit PGM reef at 150m vertical — extending the resource to 250m vertical with each intercept delivering grades within the company’s expected range.
Results from the latest drill assays include one hole going 34m at 1.77 grams per tonne 3E PGM from 76m including 1m at 12.65 g/t from 109m.
Podium Minerals Managing Director, Sam Rodda said: “These recent results indicate that mineralisation extends to 250m depth, and our previous deep drilling has shown the mineralisation presents at 500m and is open beyond. The consistent nature of the mineralisation across the 15km extent gives the company confidence that Parks Reef is a massive 5E PGM opportunity.”
The stage 10 drilling campaign targeted 50 holes including the extension of three previously drilled across 9015m.
A total of 35 holes were drilled to the full intercept depth, whilst 15 stopped short because of swelling clays and fibrous intercepts.
The 15 holes will be extended with a diamond core rig expected on site this week to complete the remaining 650m of the drill program.
Drilling of the central section of the orebody as part of stage 9 and 10 has started.
Earlier this month the company received the green light to begin drilling the central zone with registered heritage site access granted in April through a Section 18 application and the program of work granted in May by WA Department of Mines, Industry Regulation and Safety.
Site preparation and RC collars as part of stage 11 drilling, targeting reef intercept depths of 250m, has also started.
The company says it has begun working the next phase of exploration to a depth of 350m. The work will be followed by further tight-space infill drilling to build geological confidence in the higher-grade zones previously identified.
Podium says the results will contribute to a scoping study to support its aim of becoming Australia’s first PGM producer.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
