Podium (ASX:POD) reports high-grade PGM results from central ore zone, Parks Reef PGM Project - Kalkine Media

 Highlights

• Podium Minerals Limited (ASX:POD) has reported an encouraging update from the Central Ore Zone. Four holes have been returned from Stage 9 drilling and two holes returned from Stage 10 drilling.
• Podium is focused on defining higher-grade zones along the project's 15km strike.
• The Company also received the result of an additional stage 10 hole, which will assist in proving the enlarged exploration target.

Platinum group metal (PGM), gold and base metal explorer Podium Minerals Limited (ASX:POD) has reported a set of robust results from the Parks Reef PGM Project in the mid-west region of Western Australia.

Podium has reported high-grade PGM results from six drilled holes, which complements the geological model of the Central Ore Zone identified earlier to potentially contain higher-grade resources in comparison to the surrounding resource area.

Stage 9 and 10 intercepts are also being analysed for the presence of extremely valuable resources - rhodium (Rh), iridium (Ir) and base metals (copper, nickel, and cobalt). The Company will update these results in the 5E PGM (platinum, palladium, gold, rhodium, and iridium) resource upgrade, expected in October this year.

This result bodes well for the Company as it aims to secure Australia's first platinum group metals supply.

On the back of the positive update, POD shares moved 2.9% to AU$0.180 on the ASX during the afternoon trading session on 6 September 2022.  

Strong drilling results highlight the presence of high-grade areas

Results of six out of the nine holes (4 from Stage 9 and 2 from Stage 10), which were completed in early July 2022, have confirmed the potential of the area to host some intercepts that have values greater than the average MRE grade.

3E PGM assays for the remaining three holes (2 from Stage 9 and 1 from Stage 10) are expected in early September 2022.

Intersection highlights from the six holes are shown below via infographic:

(Source: © 2022 Kalkine Media®, Data Source: Company’s update)

Along with the above intersection data, Hole PRRC265 has been interpreted as intersecting a local dyke, displacing the PGM reef. Hence, close-space drilling in the area closer to the operation is required to delineate the final location of the PGM reef.

(Image source: POD update, 6 September 2022)

Positive intercept made by additional Reverse Circulation (RC) stage 10 hole:

Podium also received data for the last RC hole (PRRD249) of Stage 10. The Stage 10 program was undertaken to justify 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 (it is additional to the present 3.0Moz 5E PGM Inferred MRE reported).           

Currently, 35 holes have returned full assay results, and an additional seven are in the process, after their partial assays returned to fulfil the aim of justifying the enlarged exploration target.

For further insights into the Parks Reef project, click here.

Management comment

(Source: © 2022 Kalkine Media®)