- Podium Minerals (POD) defines Australia’s first five-element (5E) platinum group metal (PGM) resource
- The company has updated the mineral resource estimate for its Parks Reef project in WA to 52.2 million tonnes at 1.64 g/t for three million ounces of 5E PGM
- The upper PGM horizon also hosts a higher grade of 5E PGM, being 2.05 g/t, allowing the company to assess different mining options
- Podium will include the MRE in an upcoming scoping study for the project and plans to further update the Parks Reef MRE in the December quarter
- Company shares are up 10:42 per cent to trade at 26 cents at 10:40 am AEST
Podium Minerals (POD) has reportedly defined Australia’s first five-element (5E) platinum group metal (PGM) resource.
The elements included in a 5E PGM resource are platinum, palladium, gold, rhodium and iridium.
Podium today released an update of the mineral resource estimate (MRE) for its Parks Reef PGM project in Western Australia.
The MRE for the PGM horizon is 52.2 million tonnes at 1.64 grams per tonne (g/t) for three million ounces of 5E PGM. This updated resource now accounts for additional PGMs, being rhodium and iridium, and also now includes base metal cobalt.
Podium noted the upper PGM horizon hosted higher-grade PGM zones totalling 12.3 million tonnes at 2.05 g/t 5E PGM. This high grade reportedly allows the study team to assess multiple mining options for the project.
The additional overlying base metal and gold horizon includes 27.8 million tonnes at 0.24 per cent copper and 0.3 g/t 3E PGM.
Managing Director and CEO Sam Rodda said he was pleased to add three new metals into the MRE to become the first known 5E PGM project in Australia.
“The addition of these metals adds significant value to the project and will be included in the upcoming scoping study,” Mr Rodda said.
“Value addition to the Parks Reef project remains at the forefront of our plans. Understanding and evaluating payable metals within the existing orebody will be incorporated with the next resource update planned for early in the December quarter.”
Podium Minerals said it planned to add “significant” PGM ounces in the next MRE update to be based on the exploration target of 2.7 to 3.8 million ounces through the stage 10 drilling results.
Company shares were up 8.33 per cent to trade at 26 cents at 11:32 am AEST.