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Podium Minerals (ASX:POD) releases further assay results for Parks Reef

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Summary

  • A 7,000m RC drilling campaign is ongoing at Parks Reef to extend the resource along the full 15km strike length.
  • The assay results showcase intersections with PGM grades similar to the existing mineral resources.
  • Multi-commodity analysis for the 11 holes from the eastern extent of Parks Reef is underway.
  • Podium plans to complete the resource mapping in March 2021, including resources along the entire 15km strike to a depth of 100m.

PGM metals explorer Podium Minerals Limited (ASX:POD) recently announced the supplementary results for the ongoing drilling program, which aims to extend the mineral resources along the entire 15km strike at the wholly-owned Parks Reef PGM Project.

The results are from the drilling in the eastern sector of the Parks Reef project, which was concluded in 2020. The results pertain to platinum, palladium and gold assays in the eastern section of Parks Reef with additional base metals assays from the mineralised intercepts.

Must Read: Podium Minerals (ASX:POD) resumes drilling at Parks Reef to ramp up resource base

Accelerated Resource Growth Strategy at Parks Reef PGM Project

So far, Podium has estimated inferred mineral resource of 1,390,000 ounces of combined platinum, palladium and gold at the Parks Reef project along with base metal credits of 53,900 tonnes copper.

The identified mineral resource at Parks Reef extends over 8.5km stretch of the 15km strike at Parks Reef. The latest mineral resource upgrade includes the outcomes of the 1,870m drilling over 1.6km in the western sector of Parks Reef. The latest resource upgrade added over 250,000 ounces of platinum, palladium and gold resources to the existing base.

Resource drilling at Parks Reef Source: Podium ASX Update 25 February 2021

Podium has accelerated the growth activities at the Parks Reef PGM project. The accelerated growth strategy includes the expansive drilling program to expand the mineral resources along the entire 15km strike within 100m of the surface.

The ongoing drill campaign will transition to in-fill and depth extension to identify new resource bases and provide critical information for the project's optimum development for the scheduled Scoping Study.

Results of the Drilling Program at Parks Reef

In 2020, Podium completed 25 drill holes aggregating to 2,600m in the project's eastern sector. The initial assays were already released in January, outlining the continuity of the project's main PGM horizon. This result includes the base metals results from the earlier reported drill holes.

Base Metal Results: The intervals for which the PGM assay results had been announced in January have been re-assayed and confirms the continuity of the base metals horizon. The best assay results for base metals include:

  • 15m @ 0.20% Cu & 2.10g/t 3E PGM1 in PRRC098;
  • 11m @ 0.28% Cu & 0.78g/t 3E PGM from 95m including:
    • 3m @ 1.94g/t 3E PGM & 0.20% Cu from 103m in PRRC099;
  • 8m @ 0.29% Cu & 0.58g/t 3E PGM from 111m including:
    • 2m @ 1.82g/t 3E PGM & 0.20% Cu from 117m in PRRC107.

PGM Results – The assay results for the 11 drill holes in the eastern extent of Parks Reef have been received. The main PGM horizon has been intersected in every hole with the best results (3E PGM cut-off grade 1 g/t)  of-

  • 10m @ 1.53g/t 3E PGM from 93m in drill hole PRRC113;
  • 13m @ 1.49g/t 3E PGM from 57m in drill hole PRRC116;
  • 3m @ 2.06g/t 3E PGM from 93m in hole PRRC113
  • 4m @ 2.27g/t 3E PGM from 89m in hole PRRC119

The eastern section's mineralisation shows some decline in width compared to west and central areas but holds similar grades as the identified mineral resources. Some of the drill holes samples confirming the continuity of the mineralisation have been sent for multi-element analysis for copper and nickel.

Next Steps and the Way Forward

The ongoing drilling program is a part of the 7,000m RC drilling across the entire strike of Parks Reef which includes-

  • Resource drilling would extend the resource base across the full 15km strike length to a depth of 100m below surface.
  • Drilling to assess the fault repetition in the central sector of Parks reef.
  • Drilling at the western extension target.

The drilling program is anticipated to be completed by the end of March 2021 and the pending assay results would be released in April and May 2021. The drill assay results will include a resource modelling to estimate the resources across the entire strike of Parks Reef and is scheduled in June 2021.

On 11th March 2021, Podium traded at A$0.130 a share, with a market capitalisation of A$40 million (as at AEDT:2:09PM).  

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