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Podium Minerals Limited (ASX:POD) releases final assay results for Stage 6 drill programme, advances on Stage 7

Summary

  • The final base metal assay results for the Stage 6 drill campaign confirmed the continuity of the base metal horizon coinciding with the main PGM horizon at Parks Reef.
  • Podium has drilled 4 holes, testing the continuity of the high-grade 5E PGM mineralisation in the central-east section under the Stage 7 drilling programme at the Parks Reef PGM project.
  • The upgraded mineral resource estimates for Parks Reef are anticipated to be released by the end of July or early August.
  • The WA EIS co-funded 750m Parks Reef deep diamond drill programme will commence before the end of July to target the reef at a depth of more than 500m beneath the surface.

Established PGM exploration and development company, Podium Minerals Limited (ASX:POD), updated about the progress on the inferred PGM and Base metals mineral resource upgrade, the final base metals assay results from the Stage 6 drilling, ongoing RC drilling and the WA EIS co-funded deep drilling campaign at Parks Reef.

Base metal results confirm continuity of base metals mineralisation at Parks Reef

The latest base metal assay results have confirmed the continuity of the base metal horizon at Parks Reef. The base metal horizon coincides with the main PGM horizon at Parks Reef and is typically indicated by elevated copper grades due to the disseminated chalcopyrite in fresh rocks, which occurs with coincident gold.

Resource drill areas at Parks Reef Source: POD company announcement 28 June 2021

The final base metal assay results are now released for Stage 6 holes that were drilled during the infill drilling in the central-east area and exploration drilling on the western extension.

The assay results include –

  • PRRC132 - 16m at 0.19% Cu & 0.52g/t 3E PGM1 from 60m,

     plus 17m at 0.21% Cu & 0.57g/t 3E PGM from 83m

  • PRRC143 - 29m at 0.20% Cu & 0.29g/t 3E PGM from 114m

The assay results outline the continuity of the base metal horizon and the thickening of the base metal-PGM stratigraphic horizon in the central area of Parks Reef. The Western extension also recorded high-grade copper concentration such as –

PRRC145 - 3m at 0.29% Cu & 0.09g/t 3E PGM from 79m

Base metal assay results Source: POD company announcement 28 June 2021

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

Stage 7 RC drill campaign

Podium has been undertaking the Stage 7 drilling programme at the Parks Reef PGM project. The drill programme is anticipated to include over 4,000m of drilling at 200m spaced sections at Parks Reef to a depth of 100m and the 2.4 km western sector to a depth of 200m.

Read Here: Podium Minerals Limited (ASX:POD) highlights Rhodium and Iridium potential at Parks Reef, releases Assay results

Drill sections and location plan of drill holes Source: POD company announcement 28 June 2021

The company has completed 4 holes, testing the continuity of the high-grade 5E PGM mineralisation in the central-east section of Parks Reef. The drilling programme is nearing completion and the initial assay results are awaited shortly. The final assay results will be released by the end of July.

Mineral Resource Estimate at Parks Reef

The Parks Reef project hosts an inferred mineral resource base of over 1,390,000 ounces of combined platinum, palladium, and gold with base metal credits of 53,900 tonnes copper over 8.5km of the known 15km mineralised strike length to a depth of up to 100m.

Visit: Expert Talk With Clayton Dodd, Executive Chairman Of 'Podium Minerals Limited'

Drilling programs with meterage of over 9,000m have already been drilled. Further, the independent Resource Consultants are undertaking an updated inferred mineral resource estimate, which would be completed once the outstanding assay results are received. The upgraded mineral resource estimates are anticipated to be released by the end of July or early August.

Podium gears up for EIS co-funded deep diamond drill programme

Podium anticipates to commence WA EIS co-funded 750m Parks Reef deep diamond drill programme before the end of July. The company has already received the quotes from drilling contractors and has finalised the agreement to drill 3x750m-deep diamond drill holes targeting the reef at a depth of more than 500m beneath the surface.

The drilling campaign will check the continuity of the reef at depth and will also target parallel PGM bearing chromitites in the hanging wall mafic stratigraphy. The drill programme will receive co-funding from the Western Australian government through the Exploration Incentive Scheme (EIS).

Read Here: Podium Minerals Limited (ASX:POD) highlights Rhodium and Iridium potential at Parks Reef, releases Assay results

Podium traded at AU$0.5 a share on 28 June 2021 at 12:55 PM AEST with a market capitalisation of AU$159.8 million.

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