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Stage 10 drilling yields exceptional results at Podium Minerals’ (ASX:POD) Parks Reef Project

Image Source: Company website

Highlights

  • Podium has announced additional assay results for two additional reverse circulation (RC) holes from the Stage 10 exploration drilling program.
  • Overall 650m of diamond core drilling has been planned and so far, 318.3m of drilling corresponding to 6 out of the 15 holes have been completed.
  • Intercepts recorded in the PRRC208 hole have been outstanding with grades higher than the uppermost limit of the expected grade range for the Exploration Target.

PGM exploration and development company Podium Minerals Limited (ASX:POD) has announced additional assay results for the two additional reverse circulation (RC) holes from the Stage 10 exploration drilling program.

The analysis of intersections continues to facilitate the expansion of the Parks Reef Exploration Target. Parks Reef has an exploration target of 70 to 75Mt with a grade of 1.2 to 1.6g/t 3E PGM. By these estimates, the exploration target holds 2.7Moz to 3.8Moz 3E PGM.

Exceptional results from Stage 10 drilling

The ongoing Stage 10 drilling, which targeted to drill over 50 holes, is anticipated to be completed in early July. So far, 3E PGM results for as many as 2 holes out of the 35 have been drilled, achieving full reef intercepts and bringing the total assayed holes to 6.

One of the drill holes has yielded exceptional results beating expectations while the other one lies in the anticipated range. Samples from all 35 holes have been transported to Perth for a preliminary 3E PGM analysis.

Additionally, 15 holes stopped short of anticipated reef intercepts due to fibrous veins and swelling clays. These holes would now be extended with diamond core tails to attain full reef intercepts.

Overall 650m of diamond core drilling has been planned and so far, 318.3m of drilling corresponding to six out of the 15 holes have been completed. The drilling activity commenced in mid-June.

  • PRRC208 - 3m at 1.58g/t 3E PGM (0.96g/t Pt, 0.39g/t Pd and 0.23g/t Au) from 189m and

                       4m at 1.05g/t 3E PGM (0.55g/t Pt, 0.43g/t Pd and 0.07g/t Au) from 196m and

                       13m at 1.94g/t 3E PGM (1.15g/t Pt, 0.77g/t Pd and 0.02g/t Au) from 207m;

                       including 2m at 5.05g/t 3E PGM (3.46g/t Pt, 1.57g/t Pd and 0.02g/t Au) from 212m

  • PRRC213 - 16m at 1.28g/t 3E PGM (0.62g/t Pt, 0.61g/t Pd and 0.05g/t Au) from 153m

Intercepts recorded in the PRRC208 hole have been outstanding with grades higher than the uppermost limit of the expected grade range for the Exploration Target. The potential high-grade zone is known to occur beneath current inferred resources. These zones can be defined better with closer-spaced infill drilling. Majority of the orebody currently extends to a vertical depth of 100m along the entire strike length of 15kms.

Longitudinal projection of Parks Reef intersections with Stage 10 holes results Source: Podium Minerals announcement 29 June 2022

Assay results of the hole PRRC208 validate the potential of similar high-grade zones in the Exploration Target. The Exploration Target will provide confidence for the inferred MRE to be extended to over 250m depth.

Podium believes that there could be delays in assay results. Additional results are anticipated in July and August. All fresh (sulphide) rock and selected samples have been sent for re-assayed for 5E PGM and base metals.

Central Area drilling

The drilling of Stage 9 and 10 supplement holes in the central area commenced in mid-June. Six out of the nine RC holes for a total advance of 740m had been completed under the supervision and support of traditional landowners. Podium had commenced the drilling activity following the Section 18 approval.

Assay results of the remaining six of the 22 holes from the Stage 9 RC program have now been received with every holes meeting expectations.

Also Read: Podium Minerals (ASX:POD) extends agreement with EV Metals


 


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