Podium Minerals (ASX: POD) announces Australia’s first 5E PGM resource at Parks Reef

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Podium Minerals (ASX: POD) announces Australia’s first 5E PGM resource at Parks Reef

 Podium Minerals (ASX: POD) announces Australia’s first 5E PGM resource at Parks Reef
Image source: Company website
  • The upgraded inferred resource for the PGM horizon now stands at 52.2 million tonnes with 1.64g/t for 3 Moz 5E PGM.
  • The revised mineral resource estimate has significantly upgraded the grade from 1.56g/t 3E PGM to 1.64g/t 5E PGM.
  • Rhodium and Iridium have together added 44% to the earlier announced 3E PGM average weighted price per ounce at Parks Reef.

Aspiring to emerge as Australia’s first PGM producer, Podium Minerals Limited (ASX: POD) is back with yet another significant update to its mineral resource estimate (MRE) at the Parks Reef PGM Project in Western Australia.

Shares of POD traded at AU$0.25 on 2 August 2022 after zooming 4.2% following the update.

First Australian 5E PGM mineral resource grade upgraded to 1.64g/t 5E PGM

The upgraded inferred resource for the PGM horizon now stands at 52.2 million tonnes with 1.64g/t for 3 Moz 5E PGM. The latest resource estimates include rhodium (Rh), iridium (Ir) and battery metal, cobalt (9,300t).

Mineral Resources at Parks Reef Source: Podium Minerals Announcement 2 August 2022

The PGM reef contains mineralisation with 0.81g/t platinum (Pt), 0.66g/t palladium (Pd), 0.08g/t Au, 0.06g/t rhodium (Rh) and 0.03g/t iridium (Ir) plus 0.07% copper (Cu), 0.09% nickel (Ni) and 0.018% cobalt (Co).

The revised mineral resource estimate has significantly upgraded the grade from 1.56g/t 3E PGM to 1.64g/t 5E PGM. The PGM horizon could be divided into the upper and lower horizons with the high-grade PGM zone containing 12.3Mt at 2.05g/t 5E PGM (1.08g/t Pt, 0.70g/t Pd, 0.21g/t Au, 0.03g/t Rh and 0.02g/t Ir).

Mineral Resources at Parks Reef Source: Podium Minerals Announcement 2 August 2022

The analysis of all five PGM elements adds rhodium and iridium to the mineral resource estimate. Rhodium and iridium have together delivered a 5% increase in the resource estimate, upgrading it to 3Moz 5E PGM.

Inferred 5E PGM Resource grade (L) and average weighted price of 5E PGM resource along with base metals Source: Podium Minerals Announcement 2 August 2022

Rhodium and Iridium have together added 44% to the earlier announced 3E PGM average weighted price per ounce at Parks Reef from AU$1,965/oz to AU$2,827/oz along with significant by-product credits from base metals (Cu, Ni and Co). The economic potential to extract EV metal, Cobalt, has also bolstered the economic potential of the Parks Reef PGM project.

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