- Podium Minerals (POD) says new drill results have more than doubled the depth of the Parks Reef 5E PGM ore body
- The materials stock has received assays from three diamond holes which confirm mineralisation continues 500 metres below surface
- The results also showed some of the highest grades ever achieved at the WA project including up to 9.53 and 11.58 g/t 5E PGM
- Podium recommenced drilling to increase the exploration target and may also undertake a stage 11 program to further test the continuity of the Parks Reef orebody
- POD shares were trading at 57.5 cents
Podium Minerals (POD) has returned some of the highest platinum group metals (PGM) grades yet in the latest assay results from deep diamond drilling at the Parks Reef project in Western Australia’s Mid West region.
This stage eight diamond drilling program aimed to test Parks Reef’s mineralisation and better understand the stratigraphy at a 500-metre depth.
The ASX-lister said the 5E PGM results confirmed the continuity of grade and thickness at about 500 metres below surface, which is more than double the depth previously drilled.
The newest results come from three diamond holes and, according to Podium, are some of the highest PGM assay grades achieved at Parks Reef, with two of the three intercept grades averaging well above its current inferred mineral resource estimate (MRE).
Best results come from PRDD003 and include 11.7 metres at 3.71 g/t 5E PGM from 666.7 metres including 1.4 metres at 11.58 g/t 5E PGM from 666.7 metres and 2.2 metres at 9.53 g/t 5E PGM from 669.8 metres.
Additional results include 5.7 metres at 2.14 g/t 5E PGM from 581 metres in PRDD004 and 14.3 metres at 1.33 g/t 5E PGM from 644.7 metres in PRDD005.
“Parks Reef continues to reveal continuity and significant PGM grade, with depths at below 500 metres now confirmed, a result that is both exciting for shareholders and significant for Australia’s critical minerals industry,” CEO Sam Rodda said.
“Today’s announcement demonstrates the vast dimensions of this mineralised horizon with confirmed depth and high grade intercepts adding to the already defined substantial orebody length of 15 kilometres.”
Podium Minerals recently began a stage 10 drilling program which is aimed at increasing the exploration target.
The exploration target for Parks Reef currently stands at between 70 to 75 million tonnes at 1.2 g/t to 1.6 g/t 3E PGM for 2.7 to 3.9 million ounces. This is in addition to the 2.8-million ounce 3E PGM inferred MRE reported in February this year.
So far, 13 of the 16 holes completed under stage 10 have been submitted for assaying.
Depending on the results, the company is planning to proceed to a stage 11 program to further test the depth and continuity of the Parks Reef orebody.
POD ended Tuesday’s session up 10.6 per cent at 57.5 cents per share.