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- Podium Minerals (POD) unveils “high-value” rhodium and iridium assay results from recent drilling completed across its Parks Reef project near Meekatharra in WA
- The results come from seven holes drilled as part of the Stage 9 exploration program at the project and an extra five holes from the Stage 10 program
- Podium says it is continuing to test all Stage 10 intercepts, with the data from this exploration work to inform a Parks Reef resource upgrade
- However, the company says is experiencing delays in assay turnaround times and it expects to receive further drill results throughout July and August
- Shares in Podium last traded at 25.5 cents on July 28
Podium Minerals (POD) has unveiled “high-value” rhodium and iridium assay results from recent drilling work completed across its Parks Reef project near Meekatharra in WA.
The results come from seven holes from Podium’s Stage 9 exploration program in the project area and a further five holes from the Stage 10 program.
Stage 9 drilling was completed in March 2022, and Podium said of the 11 holes drilled, seven returned significant platinum group metal (PGM) results.
One of the best intersections included 15 meters at 2.04 grams per tonne (g/t) 5E PGM from 11 metres and 20 metres at 3.3 g/t 5E PGM from 17 metres.
The new Stage 10 results included an 11-metre hit at 1.49 g/t 3E PGM from 138 metres.
These new results are in addition to the 19 Stage 10 assays previously disclosed, totalling 24 holes assayed to date.
Of the 51 holes in Stage 10 drilling, 27 holes are still awaiting assays, with results expected across the remainder of this quarter.
Podium said so far, Stage 10 assays continued to show a 100 per cent success rate intersecting the PGM reef, with results indicating large PGM orebody widths and at the higher end of the expected grade.
Managing Director and CEO Sam Rodda said the rhodium and iridium results now included in the assays were an “important feature” for the Parks Reef project.
“Global rhodium and iridium production are both less than one million ounces annual (less than 30 tonnes of metal) and roughly 80 per cent of global production comes from the Bushveld complex in South Africa,” Mr Rodda said.
“The market price of rhodium has been greater than US$14,000 (A$20,000) per ounce recently and iridium greater than US$4,500 per ounce. The inclusion of these rare and valuable elements has potential to add significant value to the project.”
Podium said it was experiencing delays in assay turnaround times and it expected to receive further drill results throughout July and August.
Shares in Podium last traded at 25.5 cents on July 28.
