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Podium Minerals Limited (ASX:POD) is from materials group of industries and engaged in mineral and exploration activities of a platinum group of metals, gold and nickel-copper sulphides. The projects undertaken by POD are WRC Geology, WRC PGM Project and WRC Nickel-Copper Sulphide Project. The company is domiciled in Perth, WA, Australia.
The company recently announced that it would be releasing 1,625,000 number of options (Option Expiring 28-AUG-2020 Restricted) on 21 February 2019 from the escrow account. Following the Release Date, the Company will apply for listing of the Options on ASX with ASX code PODO. The Options are exercisable at $0.20 each and expire on 28 August 2020.Â
Q3 2018 Drilling Results:
During the quarter ending 31 December 2018, Podium delivered on a primary objective of its February IPO prospectus with the release of a maiden Mineral Resource Estimate for Parks Reef. The Company then quickly followed with further strong results from a second drilling campaign in the central zone of Parks Reef with a target of releasing a resource upgrade in Q1 2019. Over 10km of 15km strike length of Parks Reef remains subject to further resource extension drilling with mineralisation open at depth.
Parks Reef Maiden Mineral Resource Estimate
On 16 October 2018, Podium released an Inferred Mineral Resource Estimate for Parks Reef, reported in accordance with the JORC Code comprising 6.8Mt at 1.48g/t 3E PGM at a cut-off grade of 1g/t 3E PGM for the platinum group metal (PGM) horizon and an additional 3.0Mt at 0.25% Cu and 0.14g/t Au at a cut-off grade of 0.1% copper for the base metal and gold horizon.
The Mineral Resource is based on drilling completed during Podiumâs maiden drilling program between March and May 2018 at the western end of Parks Reef. The drilling was undertaken over approximately 2.2km of the identified 15km strike length of Parks Reef for a total of 3,018m RC drilling in 34 drill holes and 161m DD drilling in 2 holes.
Resource Extension Drilling in Central Zone of Parks Reef
During the quarter, Podium completed a second drilling campaign which included resource extension drilling in the central zone of Parks Reef. Approximately 1,400m of RC drilling was successfully completed in 14 holes over 2km of strike length. The drilling targeted infill of historical RC and DD drilling in this section of the reef to a vertical depth of 100m to 150m.
Keel Target
As part of Podiumâs Q3 drilling campaign, approximately 500m of RC drilling was completed in two holes targeting nickel-copper sulphide mineralisation in the Keel Target at the base of the ultramafic stratigraphy. No significant intercepts were recorded; however, Podium remains excited by the opportunity for a sulphide mineral discovery. The drill holes have been cased for downhole geophysical surveys to test for off hole conductors, and multiple target areas along the lower contact of the intrusive complex remain untested.
Ongoing activities and next steps
Podiumâs priority activity is to complete resource modelling for the central zone of Parks Reef. The Companyâs maiden resource estimate containing 340koz 3E PGM plus base metals was based on drilling over approximately 2.2km in the western zone of Parks Reef. The completed central zone drilling extends across an additional 2km of the strike with a target to release a resource upgrade during the first quarter of 2019. The company has an objective to complete additional drilling during 2019 to increase resources to over 1 million ounces PGMs.
Q3 2018 Financial Performance
As at 31 December 2018, the Company had the following securities on the issue:Â 95,664,967 ordinary shares; 68,105,000 quoted options exercisable at 20c each and expiring on 28 August 2020; 2,000,000 unquoted options exercisable at 20c and expiring on 21 February 2021; and 9,000,000 performance rights. Podium held $952k cash on hand as on 31 December 2018.
The stock of the company last traded at A$0.056 (as at 19 February 2019) without any further changes. POD has a market capitalization of circa A$5.36 million with 95.66 million shares outstanding.
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