- Podium Minerals (POD) receives further assay results from the stage seven drilling program at the Parks Reef Project in Western Australia
- A total of 27 holes were drilled across three areas to complete the drill pattern along the 15-kilometre strike
- Results have been received for the first 20 holes with grades peaking at 25.74g/t platinum group metals, 1.35g/t rhodium and 0.70g/t iridium
- Results from the outstanding holes are expected in the next two weeks
- Podium is down 4.21 per cent on the market with shares trading at 45.5 cents at 11:26 am AEST
Podium Minerals (POD) has received further assay results from the stage seven drilling program at the Parks Reef Project.
The Parks Reef Project lies between Cue and Meekatharra in the Mid West Region of Western Australia and consists of a 15 kilometre-long strike of platinum group metal (PGM) mineralisation.
The stage seven drilling was completed across three areas to complete the drill pattern along the 15 kilometre strike length of the project.
Drilling was also undertaken to enable a resource estimate.
Twenty-seven holes for 4157 metres were drilled with results already received for the first 20 holes and results for the remaining seven expected in the next two weeks.
Central Sector
A total of 20 holes were drilled in the Central Sector with results received for nine.
This area hosts high-grade PGM mineralisation with coarse peridotites (coarse-grained intrusive rock).
Results include seven metres at 5.75 grams of PGM per tonne (g/t), 0.32g/t rhodium and 0.14g/t iridium from 89 metres including one metre at 25.74g/t PGM, 1.35g/t rhodium and 0.70g/t iridium from 91 metres.
Western Sector
Twelve holes were drilled at the Western Sector to test below the existing resource.
Mineralisation remains robust at depth with better results including 11 metres at 2.01g/t PGM from 186 metres, 13 metres at 1.78g/t PGM from 221 metres, and 15 metres at 1.62g/t PGM from 96 metres.
Far East Sector
Four holes were drilled at the Far East Sector with results received for only one hole to date.
Unfortunately, this hole did not intersect any significant mineralisation as it is suspected that it was drilled to the north of the mineralised reef.
Executive Chairman Clayton Dodd commented on the program.
“The latest round of drilling included for the first time significant drilling below 100 metres in the western sector and results to date have reinforced the sheer consistency and continuity of the Parks Reef PGM-gold-copper mineralisation,” Mr Dodd said.
“Understanding the controls and distribution of these reported high grade mineralised zones will be our priority with further follow-up drilling.”
Podium was down 4.21 per cent on the market with shares trading at 45.5 cents at 11:26 am AEST.