- Podium Minerals (POD) opens green after releasing drilling results from the latest program at the Parks Reef platinum group metals (PGM) project
- The results come from the first four holes of a recent reverse circulation (RC) program at the Western Australian project
- Podium says the best hits include a 12-metre intersection at 3.47 grams of PGM per tonne (g/t) from 30 metres
- The purpose of the major drilling program is to help Podium complete a mineral resource estimate for the full 15-km strike length of Parks Reef
- Shares in Podium Minerals are up 6.06 per cent and trading at 52.5 cents each at 12:30 pm AEST
Podium Minerals (POD) has had a strong start to the trading day following the release of the first round of drilling results from the latest program at the Parks Reef platinum group metals (PGM) project.
The mining company has reported the assay results for the first four holes of a stage-seven reverse circulation (RC) program at the Western Australian project.
Some of the best hits come from a single hole, dubbed PRRC153, and include a 12-metre intersection at 3.47 grams of PGM per tonne (g/t) from 30 metres. This same hole also struck a two-metre zone at 7.56 g/t from 32 metres and a 35-metre hit at 2.5 g/t from 72 metres.
The PGM highlighted in the assays are platinum, palladium, and gold.
Podium Executive Chairman Clayton Dodd said the Parks Reef project continues to deliver “robust, bulk tonnage mineralisation interspersed with sporadic holes reporting materially higher grade PGMs”.
“The shallow, high-grade mineralisation intersected in hole PRRC153 is very significant, as this style of mineralisation has not been adequately tested to date and will require substantial infill drilling once clearance of the area to drill are received,” Mr Dodd said.
Over May and June, Podium drilled 27 holes for nearly 4200 metres across the Parks Reef program as part of the stage-seven RC program.
Today’s assay results are the first four to be reported from this program, meaning another 23 are still on the way.
The purpose of the major drilling program is to help Podium complete a mineral resource estimate for the full 15-km strike length of Parks Reef. Podium told investors earlier this week it expects to complete the updated mineral resource towards the end of July or the start of August.
Meanwhile, the company said it is planing some deep diamond drilling to be co-funded by the WA government and currently slated to kick off before the end of July.
The current mineral resource estimate for Parks Reef, which spans across 8.5 km of the total strike length, sits at 1,390,000 ounces of combined platinum, palladium, and gold plus base metal credits with 53,900 tonnes of copper.
Shares in Podium Minerals were up 6.06 per cent and trading at 52.5 cents each at 12:30 pm AEST.