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Mineral Exploration and Resources developer, Podium Minerals Limited (ASX:POD) gets off the ground to take its Platinum Group Metals (PGM) resources to over 1 million ounces in 2019. The Group has extended its central zone drilling at Park Reef across an additional 2km of strike and targets of releasing a resource upgrade during the first quarter of 2019.
ASX listed, Podium Minerals outlines a metal and mining sector company that is focused on the development and exploration of Platinum Group Metals (PGM), gold and nickel-copper sulphides. The Group aims at high-value metals with the growth strategy to develop an alternative supply of PGMs to the global market.
Its core projects are located within the Weld Range Complex in the Mid-West Region Western Australia. In that area, the company holds mining leases of approximately 77 square kilometre that encompasses unique geology of a large layered magmatic intrusion with identified near surface PGM-Au-base metal mineralisation in Parks Reef.
Since its listing on the Australian Securities Exchange in February 2018, Podium has carried out rigorous drilling activities across its brownfields WRC PGM project focused on Parks Reef. The zone extends to more than 15km long strike of PGM-Au-base metal mineralisation, supported by strong historical drilling. To date, the Group has confirmed the thick mineralisation of PGM resources present along the drilled strike. It has discovered the potential for high-grade pockets as well as the thick Base metal and gold enrichment in the hanging wall above the PGM horizon during the quarter ended 31 December 2018.
CEO Tom Stynes led company released maiden mineral resource estimate containing 340,000 ounces of 3E PGM, i.e. combined platinum, palladium and gold, plus 11,400 tonnes of nickel metal and 14,300 tonnes of copper. These results were based on drilling undertaken at circa 2.2km in the western zone of the identified 15km strike length of Parks Reef. The Group reported that the base metal enrichment has further increased the overall thickness of some parts of the reef with downhole intercepts from the combined base metal and PGM horizons up to 40m, significantly enhancing the polymetallic grades in the upper portion of the PGM horizon.
Moreover, the report read that there remains over 10km of strike length for further resource extension drilling and mineralisation remains open at depth. Going forward, the Group aims to deliver both bulk tonnage and high-grade PGM-Au-base metals suitable to develop low-cost open-pit mining operations.
Currently, Podium Minerals is engaged in the completion of resource modelling for the central zone with a target of releasing a resource upgrade in Q1 2019 and undertake further drilling during 2019 to increase resources to the target of over 1 million ounces PGMs. As at 31 December 2018, the companyâs cash on hand stood at $952k.
POD last traded at $0.056 with a market capitalisation of $5.36 million as at 25 February 2019.
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