- POD has scheduled its Resource Drilling at Park Reefs in the coming month to expand and enhance current mineral resources.
- POD is also in the final stage to conclude capital raising worth $1 million.
- As part of the July fieldwork, POD has planned to undertake geological mapping and rock-chip sampling.
- POD stock was up by more than 5%.
Exploration and resources development company, Podium Minerals Limited (ASX:POD) targets high-value metals with strong market fundamentals and growth prospects. The Company’s flagship Parks Reef Project consists of a zone of identified Platinum group metal (PGM)-Au-base metal mineralisation.
On 23 June 2020, the Company has announced to commence resource drilling at the Parks Reef PGM Project planned in July with a view to grow and improve existing Mineral Resources which currently stand at 1.14Moz 3E PGM plus 37kt Copper.
POD looks forward to accomplishing the following objectives with the drill programme:
- Delineate a continuous 6.1km long resource block in the western half of Parks Reef
- Increase the extent of total resources to a combined length of 8.5km
The planned drilling in July is expected to infill between the existing west and central resource blocks with the above objectives.
Plan and Long Section of Parks Reef Mineral Resources and July 2020 Drilling Programme (Source: Company's Report)
The drill area is bounded to the west by resource drilling completed by Podium in drill line 19W which
achieved major PGM intercepts of:
- 19m @ 2.05g/t 3E PGM from 5m in hole PRRC001;
- 18m @ 1.85g/t 3E PGM from 20m in hole PRRC002;
- 20m @ 1.56g/t 3E PGM from 77m in hole PRRC023;
besides, a solo hole in the centre of the target area accomplished as part of wide space drilling by POD returned:
- 18m @ 1.80g/t 3E PGM from 12m in PRRC080.
Thus, the targeted drill area is believed to be a highly prospective drill area bounded by previous high grade thick PGM intercepts to increase and enhance the existing Mineral Resources.
POD had announced a 54% rise in the Mineral Resources in early February 2020 for Parks Reef with contained metals growing to a total of 1,140,000 ounces of combined platinum, gold and palladium and base metal credits with 37,300 tonnes copper.
Seeing the opportunity for the deposit to hold a materially substantial PGM Resource, POD continues to advance its growth strategy for Parks Reef with clear work programmes to define a credible pathway to production, including:
- continued systematic drilling along the full 15km strike length of Parks Reef with the aim of delineating a materially significant resource base;
- testwork and process design to select a preferred process route; and
- a scoping study to define a project development plan.
Drilling To Date
POD has been relentlessly engaged in a systematic drilling program since its listing on ASX with an objective of identifying near-surface mineral resources extending into the primary mineralisation and has confirmed the permanence of thick PGM mineralisation down the drilled strike. Additionally, current exploration is planned to test the possible western extension of Parks Reef.
Drilling to date has defined Mineral Resources in 3 separate resource blocks in the west, central and eastern sectors of Parks Reef approach to resource drilling has allowed the Company to efficiently build a resource base while increasing confidence in the continuity of mineralisation along strike.
Finalising the Capital Raising
In addition to this, POD is in the last stage of concluding a $1m capital raising comprising of a $500k share placement and a $500k Share Purchase Plan (SPP) offered to current shareholders. POD looks forward to utilising the funds from the capital raising towards advancing the work programmes with resource drilling anticipated to commence in July with the availability of a drill rig currently being settled.
Potential Expansion of the Project
POD looks forward to undertaking geological mapping and rock-chip sampling as part of the July fieldwork to test for a possible western extension of Parks Reef.
Magnetic Imagery of Weld Range Complex (Source: Company's Report)
Also, the potential for an approximately 1.2km long extension of the western flank of the Parks Reef has been indicated by the magnetic imagery and has been fault offset from the existing identified extents of the mineralisation. POD’s exploration license (E20/928) adjoining the western end of the Company’s mining leases holds the area of interest.
The rock-chip sampling of outcrop has been planned by POD to test for anomalous PGM and base metals and if positive, shall further undertake follow-up drilling.
Post the announcement regarding scheduled to commence the drilling in July; POD stock shot up by 5.556% to a price of $0.019 with a market capitalisation of $3.48 million.