All that you need to know about Podium Minerals (ASX:POD) December quarter

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All that you need to know about Podium Minerals (ASX:POD) December quarter

 All that you need to know about Podium Minerals (ASX:POD) December quarter

Summary

  • Podium Minerals aspires to emerge as Australia’s first Platinum group metal (PGM) producer.
  • Following the completion of the systematic drilling campaign, the mineral resource was upgraded to 1,390,000 ounces of platinum, palladium, and gold.
  • 6,000 metres RC drilling program is ongoing to delineate the mineral resource over the entire 15 kilometres strike.

PGM explorer, Podium Minerals Limited (ASX:POD) released the activities report for the quarter ending on 31 December 2020 outlining key activities during the time period.

Podium is excited about the proposed activities for 2021 and plans to complete the resource extension drilling over the entire 15 kilometres strike length and drill test the Western Extension within the first quarter of 2021. The outcome of the drilling program will be used to upgrade the resource base of the PGM project.

Latest Update: Podium Minerals (ASX:POD) strengthens its board to advance at Parks Reef

PGM Resource Upgraded by 22%, Drilling Campaign Underway

The precious metals explorer upgraded the mineral resource by 22% for the wholly owned Parks Reef PGM project. The wholly owned project holds a mineral resource containing over 1,390,000 ounces of platinum, palladium and gold along with substantial base metal credits with 53,900 tonnes of copper.

Inferred Mineral Resource for Parks Reef Source: Podium Minerals ASX Update 15 January 2021

The mineral resource upgrade includes the outcomes of the drilling program concluded during the September quarter, drilling over 1,870 metres in 17 holes over a strike length of 1.6 kilometres between the known central and western resource blocks. The resource now traverses over a strike length of 8.5 kilometres and includes a 6.1 kilometre resource block which spans over the western end of Parks Reef.

Read Here: ASX Listed Podium Minerals Continues Drilling at Parks Reef to Propel Growth

The mineral resources have been defined at a depth of 100 metres beneath the surface on the basis of an initial assessment of a potential open cut mining operation. The PGM horizon has been segregated into the upper and lower reef regions with the upper reefs hosting high grade platinum mineralisation with significant gold and copper enrichment. The premium PGM upper horizon include mineral resources of 5.8 million tonnes with 2.01 g/t 3E PGM and 0.19% Copper.

Currently, Podium is accelerating activities on the extended systematic drilling program at Parks Reef and targets the entire 15-kilometre strike to delineate substantial resource base and prospective areas for initial mining operations.

Resource drilling areas Source: Podium Minerals ASX Update 15 January 2021

Almost 6,000 metres of drilling has been planned to extend the existing resource over the entire 15-kilometres strike length. Before Christmas, a total of 25 drill holes were completed drilling 2,600 metres in the eastern segment of the project.

POD to receive $2.4 million on agreement with EV Metals

In December 2020, Podium entered into an agreement with EV Metals Australia Pty Ltd (EV Metals) for the nickel tenement located on the north of the Parks Reef deposit.

Under the agreement, Podium will receive $2.4 million as payment in two tranches from EV metals on exercising its rights to mine the nickel and chromium resource within the proposed Parks Reef Mining Lease. The oxide ore mining rights had already been divested to EV Metals.

Ongoing activities and future steps

The proposed activity for the March quarter will include:

  • Completion of the drilling program at Parks Reef to estimate and model new resource on the entire 15-kilometre strike length of Parks reef up to a depth of 100 metres.
  • A total of 6,000 metres of drilling has been planned of which 2,600 metres have already been completed.
  • The drilling activity is expected to resume in February 2021 for which the results will be released eventually.
  • Additional drilling on the 1.2- kilometre western extension to identify prospective areas and potential mineral resource.
  • Currently, POD finalises a metallurgical testwork at Murdoch University with joint funding from the federal government’s Innovation Connections programme.
  • The metallurgical testwork programme under planning is critical for the scoping study in Q3 2021.

Must Read: Podium Minerals’ Parks Reef Witnesses a Substantial Increase of Mineral Resource

As on 31 December 2020, Podium holds cash on hand of $2,494,000 with additional $2,400,000 to be received from EV metals upon the completion of the tenement restructuring.

Podium traded at $0.130 a share on 15 January 2021 at 2:42 PM AEDT with a market capitalisation of $33.62 million.

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