Podium Minerals Limited (ASX: POD) today, in a statement released to the ASX, announced that Parks Reef Mineral Resource estimates have increased, to a total of 740,000 ounces of platinum, palladium, and gold plus base metal credits.
The company’s report also highlighted that this discovery happened post drilling over 2 Km of strike in the central zone of Parks Reef. The total mineral resources defined over approximately 4.5km which represents 30% of the strike length of Parks Reef with mineralisation. The report also highlighted that more than 10 km of strike is yet to be assessed. The company also reported that the base metal – gold horizon up to 14m true thickness lies in the hanging wall, which would be mined in an open-pit targeting the PGM horizon.
Speaking on the discovery the CEO, Mr. Tom Stynes commented that this upgrade was the culmination of work program executed over the past 12 months. The CEO is of the opinion that this further demonstrates the potential for Parks Reef to support major open -pit mine development. Mr. Stynes also commented on the palladium price volatility, and he stated that Podium proves a unique investment opportunity for exposure to the PGM market.
The company informed the exchanges that the mineral resources have been estimated by Snowden Mining Industry Consultants and is documented in accordance with JORC code.
The Parks Reef Mineral Resource estimate have increased to 15.7Mt at 1.38g/t 3E PGM at a cut-off grade of 1g/t 3E PGM for the platinum group metal, and an additional 4.7Mt at 0.24% copper and 0.13g/t gold at a cut-off grade of 0.1% copper. The resource upgrade follows Podium’s first resource estimate for Parks Reef which was announced on 16 October 2018 based on drilling over approximately 2.2km of strike. The company also mentioned in the release that the resource upgrade incorporates results from the central zone drilling program completed in Q4 2018.
Company’s PGM horizon is divided into upper and lower reef domains, with the upper domain generally showcasing elevated platinum grades plus gold, and copper enrichment extending from the base metal and gold horizon.
Commenting on the future steps, the company management stated that POD would continue the systematic extension drilling over the remaining 10km of strike, to develop a shallow open-pit operation. It is to be noted that the company in its 25th February announcement, had stated the target for its Platinum Group Metals resources for 2019.
The company reported its half-yearly results on 21 February 2019, and the company reported an operating loss after income tax for the half- year ended 31 December 2018 of $465,389 vs. half year ended 21 December 2017 loss of $280,918. The operating expenditure was $93,975 for 1HFY2019 vs. $25,545 for 1HFY2018. The director’s fees and salary wages were $371,414 for 1HFY2109 vs. $43,200 for 1HFY2018. The company did not declare any dividend for the period.
The stock of the company traded flat on the ASX (as at 04 March 2019) and stood at A$0.059 without any further changes. The stock has dropped by 7.81%, 9.23%, and 11.94%, in the past six months, three months and, one month respectively.
Podium Minerals Limited’s (ASX: POD) market capitalization stands at circa $5.64 million. The Stock has noted the 52-week high price of A$0.175.
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