Drilling results have confirmed the presence of rhodium and iridium along the entire 15km strike length of Podium Minerals’ 5E PGM Parks Reef project near Meekatharra in the Mid West region of WA.
The company recently received results from 30 of the 53 holes drilled as part of its stage 10 campaign designed to firm up the presence of rhodium and iridium. The company recently officially added the two metals to its mineral resource estimate at Parks Reef creating what it says is Australia’s first defined 5E PGM resource.
5E PGM represents a combination of platinum, palladium, gold, rhodium and iridium compared with 3E PGM that only records platinum, palladium and gold.
The stage 10 assay highlights recorded a 34m section going 1.87 grams per tonne 5E PGM from 76m including a 1m hit at an impressive 14.41 g/t 5E PGM from 109m.
A second hole recorded a 22m intercept reading 2.04 g/t 5E PGM from 17m including a 13m hit at 2.16 g/t from 18m with a deeper 2m section grading 3.65 g/t from 24m.
The company has also received the final three 3E PGM assay results from the central ore zone with highlights showing a 14m intercept going 2.04 g/t 3E PGM from 143m including a 2m hit going 5.87g/t from 144m.
The 2m results break down to 3.33 g/t platinum, 2.49 g/t palladium and 0.05 g/t gold.
The company is aiming to use the results from its stage 10 drilling program to prove a larger exploration target of 70-75 million tonnes at 1.2 to 1.6 g/t for a total of between 2.7 and 3.8 million ounces of 3E PGM.
Podium Minerals Managing Director and Chief Executive Officer, Sam Rodda said: “It is great to see continuation of significant high-grade and high-value rhodium and iridium throughout the Parks Reef orebody. These results are some of the highest grades we have seen to date and reinforces Parks Reef standing as Australia’s first 5E PGM orebody.”
Podium says its inferred resource estimate is now 52.2 million tonnes at 1.64 grams per tonne for three million ounces of 5E PGM.
However, the company will use the latest results with new modelling to deliver a mineral resource upgrade later this month to allow project studies to consider high-grade and bulk PGM mining options.
Management believes the addition of iridium and rhodium adds 44 per cent to the average weighted price of the previous 3E PGM.
The company says the average weighted price of the resource has now been calculated as $2827 per ounce without including the value of base metals.
The company expects the final assays from the stage 10 program to be returned this month.
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By Matt Birney
