Podium Minerals Limited (ASX: POD) has received positive 5E PGM results for all outstanding drill holes, including the Central Ore Zone and the diamond core tailed holes at the Parks Reef Project in Western Australia.
Highlights
• 5E PGM results have been received for the final Stage 9 and Stage 10 assays, from a total 28 drill holes
• 5E PGM intersection highlights include:
o 19m at 2.48g/t 5E PGM (0.18g/t Rh and 0.07g/t Ir) from 76m (PRRC262), including 2m at 12.90g/t 5E PGM (1.03g/t Rh and 0.39g/t Ir) from 88m o 31m at 1.35g/t 5E PGM (0.06g/t Rh and 0.02g/t Ir) from 189m (PRRD208), including 2m at 5.60g/t 5E PGM (0.40g/t Rh and 0.16g/t Ir) from 212m o 16m at 1.88g/t 5E PGM (0.04g/t Rh and 0.01g/t Ir) from 169m (PRRD240), including 0.9m at 10.88g/t 5E PGM (0.30g/t Rh and 0.13g/t Ir) from 184m
• All drill holes that intersect the full reef width consistently show high rhodium (Rh) and iridium (Ir) values within the PGM reef intercept confirming presence along the full 15km strike
• These results will inform the intended Mineral Resource Estimate (MRE) update due in October that is now in final stages of compilation.
“With these results Podium has completed a crucial step in our path towards growth and development of Parks Reef,” Managing Director and CEO, Sam Rodda, said.
“The presence of high-grade zones and confirmation of rhodium and iridium throughout the orebody will allow us to optimize our resource modelling and studies to consider these areas.”
“Our workstreams remain focused on growing and understanding the orebody and testing our metallurgy for a preferred processing path as part of refining our path to production.”
Stage 9 drilling was completed in March 2022, with the Central Ore Zone drilling completed in June 2022 and the final Stage 10 drill hole diamond tails completed in early July 2022.
All outstanding holes in Stage 9 and Stage 10 have had their 5E PGM assays returned, with nine achieving significant intercepts ≥ 0.1g/t Rh.
5E PGM intersection highlights include:
• 19m at 2.48g/t 5E PGM (0.18g/t Rh and 0.07g/t Ir) from 76m (PRRC262), including 2m at 12.90g/t 5E PGM (1.03g/t Rh and 0.39g/t Ir) from 88m
• 31m at 1.35g/t 5E PGM (0.06g/t Rh and 0.02g/t Ir) from 189m (PRRD208), including 2m at 5.60g/t 5E PGM (0.40g/t Rh and 0.16g/t Ir) from 212m
• 16m at 1.88g/t 5E PGM (0.04g/t Rh and 0.01g/t Ir) from 169m (PRRD240), including 0.9m at 10.88g/t 5E PGM (0.30g/t Rh and 0.13g/t Ir) from 184m
Recent 5E PGM intercepts achieved in Stages 9 and 10 have also tested for chromium (Cr), considered as a deleterious metal in PGM smelters. Parks Reef has seen very low values of chromium throughout the reef with maximum assays results around 0.1% Cr in the oxide and fresh (sulphide) horizons. These values are significantly lower than typical operating mines in South Africa.
The Stage 10 Programme aimed to further define the enlarged Exploration Target of 70Mt to 75Mt at 1.2 g/t to 1.6 g/t 3E PGM for 2.7Moz to 3.8Moz 3E PGM.
Delivery of the updated MRE incorporating this target is on track to be delivered in October 2022.
For further information please visit: https://podiumminerals.com/
