- Podium Minerals Limited (POD) releases updates on its 100 per cent owned Parks Reef PGM project in Western Australia
- The update delivers a 28 per cent increase in MRE to 2.8Moz contained 3E PGM and a 31 per cent rise in contained copper to 104,000t
- It finds a substantial increase in the grade of 3E PGM to 1.56 g/t
- Future drilling as part of stages 9 and 10, and ongoing mining study work will evaluate underground potential
- All drill holes tested have shown elevated concentrations of rhodium and iridium within the lower PGM horizon but there is not enough data to include these in the resource estimate
- Podium shares flat at 43.5 cents
Podium Minerals Limited (POD) has significantly updated the Mineral Resource Estimate at its Parks Reef platinum group metals (PGM) project in Western Australia as it looks to develop a high-value, long-life asset.
The revised resource classification delivers a 28 per cent increase in MRE to 2.8Moz contained 3E PGM and a 31 per cent increase in contained copper to 104,000t.
The revised resource classification results in an increase in grade of 3E PGM (platinum, palladium and gold) to 1.56 g/t. Currently, Podium is working on expanded analysis of archived pulp samples, testing for all 5E PGM elements, with rhodium and iridium to be included in future updates.
Previous guidance indicates rhodium potentially adding over 25 per cent to the value of the basket MRE’s resource price.
The upgrade includes a 34 per cent increase in the high-value upper PGM horizon, with a return of 12.3 million tonnes at 2 g/t 3E PGM and 0.17 per cent copper.
Parks Reef is near Weld Range in WA’s Murchison region.
Podium CEO Sam Rodda said: “This is an exciting result for Podium and our Parks Reef Project, reinforcing the strengths of our new management team who have performed well together with contract partners to deliver a 28 per cent increase in 3E PGM ounces as Podium looks to significantly grow our resource at depth and along strike.
“As we continue to understand and grow our geological knowledge of the orebody, activities will be focused on increasing resources, infill drilling and study work, with further metallurgical testing to inform a scoping study.”
The revised MRE at Parks Reef has delivered a substantial increase to 50.6Mt at 1.56g/t 3E PGM at a cut-off grade of 1g/t 3E PGM for the platinum group metal horizon and an additional 27.8Mt at 0.24 per cent copper and 0.30g/t 3E PGM at a cut-off grade of 0.1 per cent copper for the overlying base metal and gold horizon.
The previously announced MRE for Parks Reef included the full 15km strike length and was defined to a depth of 100m below surface based on a preliminary assessment of a potential open-pit mining operation.
Following recent preliminary mining studies, a 2.4km portion of the western part of the mineral resource where the existing drilling is at its deepest has now been classified as Inferred to a depth of up to 325m below the surface.
The update is based on the consideration of feasible bulk open-pit mining and subsequent underground mining options.
Future drilling as part of stages nine and 10, and ongoing mining study work will evaluate the underground potential of the remaining strike length of the deposit.
While Podium has previously assayed selected holes for rhodium and iridium, there is insufficient drill data to include these platinum group elements into the mineral resource.
All drill holes tested have shown elevated concentrations of rhodium and iridium within the lower PGM horizon with the average grade typically 4 to 5 per cent of the 3E PGM grades over the full PGM Horizon.
Drilling at Parks Reef in 2022, will continue to focus on growing the resource at depth as well as infill drilling to support a scoping study.
This drilling will include technical drilling for metallurgical testing and mining inputs. In line with these growth plans, Podium has recently appointed Mark Fleming as Head of Geology to manage the ongoing exploration.
Podium shares were flat at 43.5 cents in early trade.