Australia-based exploration and resources development company Podium Minerals Limited (ASX: POD) has recently reported the second set of drilling results from its Q4-2019 drilling programme at Parks Reef. The company announced strong platinum group metal (PGM) and gold results, along with first results from the parallel reef exploration drilling.
Podium Minerals is a resource explorer that focusses on gold, platinum group metals and nickel-copper sulphides. The company’s primary projects are situated within the mining leases in the Mid-West Region Western Australia, spanning an area of 77 sq. km over the whole Weld Range Complex. The unique geology of the company’s mining leases comprises a 15km strike of discovered near surface platinum group metals, gold and base metal mineralisation in Parks Reef.
Q4-2019 Drilling Programme: Second Set of Results Out
Following the successful completion of reverse circulation (RC) drilling of 30 drill holes for 2,800m under the Q4-2019 drilling programme in October, the company updated about the initial results from the first 15 drill holes on 27th November 2019.
The Q4-2019 drilling programme comprised 25 drill holes of targeted resource and step-out drilling to raise both the Parks Reef mineral resources and confidence in the continuity of mineralisation along strike.
After declaring the results of first 15 drill holes initially, the company has recently announced platinum, palladium and gold results from an additional 10 drill holes with substantial PGM grades and further thick intercepts.
The company reported significant grades and considerable mineralisation with thick gold and PGM intercepts, as summarised in the below table:
Moreover, the company has previously reported that a further five exploration drill holes (situated at ~900m south of Parks Reef) targeting potential parallel reef structures in the mafic portion of the intrusion, have also been completed. Anomalous copper of up to 820ppm was recorded in the parallel reef exploration drilling, which potentially indicates nearby mineralisation.
Drilling Results Provide Further Confidence in Parks Reef’s Resource Potential
The recent drilling results have provided further confidence in the resource potential of Parks Reef with existing Inferred Mineral Resources comprising 740,000 ounces of combined palladium, platinum and gold.
The current Inferred Mineral Resources were defined through previous drilling activities and are contained in two separate resource blocks over a total of 4.5km in the central and western zones of the discovered 15km mineralised strike length and within 100m of the surface.
The resource drilling from the Q4-2019 drilling programme extends over more than 2km of strike length in the eastern zone of Parks Reef with the aim of defining a third resource block in this sector of the reef.
Combined with the additional step-out drilling, the company’s systematic approach to the resource development offers considerable confidence in the potential over the full strike length for which an Exploration Target has been assessed containing between 3.1 and 5.8 million ounces of combined palladium, platinum and gold.
Way Ahead for 2020
The company intends to re-assay the mineralised drill intercepts from the resource drilling for base metals, subsequent to which modelling will begin with a resource upgrade for Parks Reef, aggressively targeted by the end of January 2020.
The company is also planning in continuing the work programmes through 2020, including:
- Continue the systematic resource drilling.
- Undertake further metallurgical testwork.
- Commence engineering design to define a development strategy for Parks Reef.
Podium is well positioned to conduct further drill programme for continued systematic resource extension drilling along the full strike length of Parks Reef initially targeting Inferred Mineral Resources within 100m of the surface.
POD traded at $0.032 on 19th December 2019.
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