Podium Minerals’ high-grade PGM intersections up to 25.74 3E PGM at Parks Reef set the stage for resource upgrade

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Podium Minerals’ high-grade PGM intersections up to 25.74 3E PGM at Parks Reef set the stage for resource upgrade

 Podium Minerals’ high-grade PGM intersections up to 25.74 3E PGM at Parks Reef set the stage for resource upgrade

Source: Sunshine Seeds, Shutterstock

Summary

  • Platinum, palladium, and gold results have been received for 10 holes in the central and eastern sectors that stretch over 3.2 km of strike length.
  • Drill Hole PRRC135 intersected multiple layers of significant PGM mineralization:

      4m @ 1.69g/t 3E PGM from 74m

      7m @ 5.75g/t 3E PGM from 89m including 1m @ 25.74g/t 3E PGM from 91m         

      11m @ 1.25g/t 3E PGM from 100m.

       within a broad intercept of 37m with 1.81g/t 3E PGM within the PGM horizon.

  • Podium targets to extend the resource base across the entire 15 km strike at Parks Reef within 100m of the surface.

Premium PGM explorer Podium Minerals Limited (ASX:POD) reported intersecting high-grade platinum and palladium mineralisation of grades up to 25.7 g/t 3E PGM in the central and eastern sections of Parks Reef.

Additionally, Podium has reported assay results for base metals to be identified within high-grade copper sulphide mineralisation, which is associated with substantial gold and palladium enrichment in the eastern section of Parks Reef.

Resource extension drilling along the entire strike length of Parks Reef

Podium has designed a systematic and accelerated growth strategy at Parks Reef PGM project that includes the 7,000m drilling campaign to extend the entire 15km strike within 100m of the surface.

The drilling campaign at Parks Reef has delivered inferred resources of over 1.39 million ounces of combined platinum, palladium and gold together with significant base metal credits, including 53,900 tonnes of copper.

The mineral resources defined so far at the project extend along 8.5km out of the entire 15km mineralised strike length at Parks Reef and within 100m of the surface.

Later, the drilling campaign will transition to in-fill and depth extension to identify a significant resource base and provide a strong platform for the scoping study to assess the project's optimum development strategy. The scoping study has been planned for Q3 2021.

Resource drilling areas at Parks Reef Source: Podium Minerals Company Update 24 March 2021

 

Assay Results of the drilling campaign

By the end of 2020, Podium had completed 25 drill holes in the eastern section of Parks Reef. Earlier, the company had released the assay results for base metals from 14 of the 25 holes.

The base metal results from the remaining 11 holes have been unveiled in the latest update which also discloses the first platinum, palladium and gold assays for drilling concluded since February in the eastern and central sectors of Parks Reef.

The new drilling activity at Parks Reef includes 5 holes drilled in the eastern section of Parks Reef, including the hole's extensions (PRRC103 and PRRC105) and re-drilled hole PRRC104 (as PRRC126) which were initially considered to be ending in the base metal horizon. Podium has intersected substantial platinum, palladium, and gold mineralisation in the PGM horizon at each of these drill holes. Hole PRRC103 intersected high-grade platinum and palladium mineralisation.

Platinum, palladium and gold results were received for the initial 5 holes in the central sector that holds a broad mineralisation cover in the main PGM horizon. Drill holes PRRC135 and PRRC114 have delivered extremely optimistic results exhibiting high grade cover within the broad mineralised intervals outlining the high-grade pockets and bulk mining potential at Park Reef.

PGM Results: Platinum, palladium and gold results have been received for 5 holes each in the central and eastern sectors. The results complement the ongoing resource drilling in the eastern segment of Parks Reef with drilling over 3.2 km of strike length.

PRRC135 – The drill hole intersected broad mineralised zones with a broad intercept of 37m with 1.81g/t 3E PGM from 74m downhole at a nominal cut-off grade of 1 g/t 3E PGM.

Numerous layers of PGM mineralisation at the drill hole include –

  • 4m @ 1.69g/t 3E PGM from 74m
  • 7m @ 5.75g/t 3E PGM from 89m including 1m @ 25.74g/t 3E PGM from 91m
  • 11m @ 1.25g/t 3E PGM from 100m.

 

PRRC134 – The hole was drilled beneath PRRC135 and struck mineralisation, recording an intercept of 4m with 1.72g/t 3E PGM from 170m. The mafic and ultramafic contact, usually indicating the top of the Parks Reef, was interpreted at 150m showcasing a very broad zone within the base metal horizon.

RRC103 – The best intersections included -

  • 3m @ 1.73g/t 3E PGM from 134m.
  • 6m @ 3.75g/t 3E PGM from 142m including 1m @ 15.29g/t 3E PGM from 142m.

The drill hole showcased stratigraphy similar to that of PRRC026 hole in the western sector of Parks Reef-

  • 3m @ 2.10g/t 3E PGM & 0.30% Cu from 121m
  • 3m @ 5.70g/t 3E PGM from 127m including 1m @ 10.60g/t 3E PGM from 129m.

The mineralised intercepts of all new drill holes will be shared for multi-element analysis, including for nickel and copper. The results for multi-element analysis and the base metal horizon will be released in due course. 

PRRC133 – The drill hole intersected numerous shallow layers of thick and high-grade mineralisation within a broader intercept of 46m @ 2.01g/t 3E PGM- 

  • 4m @ 1.63g/t 3E PGM from 12m
  • 14m @ 4.49g/t 3E PGM from 24m
  • 1m @ 1.36g/t 3E PGM from 46m
  • 6m @ 1.65g/t 3E PGM from 52m

Base Metal Results: The base metal results have been received for over 11 holes.

Base metal results for the Parks Reef PGM Project Source: Podium Minerals Company Update 24 March 2021

Hole PRRC114 demonstrates elevated copper sulphides with associated gold and palladium enrichment on top of the base metal horizon. The intercepts include 1m with 1.98% Cu & 2.09g/t 3E PGM (1.09g/t Au, 0.80g/t Pd & 0.19g/t Pt) from 62m within a wider copper enriched zone of 6m @ 0.50% Cu & 0.98g/t 3E PGM from 62m.

The high-grade copper and anomalous PGM enrichment that exists above the main PGM horizon, warrants follow-up exploration activities to extend the high-grade results.

The Current Exploration Program and the Next Steps 

Forging ahead with its ongoing exploration programs, Podium Minerals aims to expand its resource base and upgrade resource confidence via in-fill and deeper extension drilling. Further drilling programs will focus on areas with high grade mineralisation and thick mineralised zones to build a substantial resource base and further support the proposed scoping study to maximise the revenues during the initial years of the life of mine.

The high grade PGM and copper results will be critical to delineate targets to be tested within the high-grade pockets of the deposit.

The ongoing 7,000m RC drilling program at Parks Reef include –

  • Resource drilling aimed at expanding the resource base over the entire 15 km strike at Parks Reef to 100m below surface.
  • Drilling to test for fault repetition in the central sector.
  • Drilling to test the western extension target.

The central sector's preliminary results highlight the broad mineralisation in the PGM horizon, and additional results are anticipated to be released in April and May 2021.

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