Consistent Base Metal and Rhodium Credits Validate Successful Drilling for Podium Minerals

Summary

  • Podium Minerals Limited has identified continuity of the base metal and rhodium enrichment through multi-element assays of recent resource drilling.
  • Impressive results indicate a thick zone of base metal enrichment in the hanging wall above and overlapping the main PGM Horizon, including the following intercepts:
    • 18m @ 0.23% Cu & 0.61g/t 3E PGM from 78m in hole PRRC083
    • 19m @ 0.24% Cu & 0.48g/t 3E PGM from 125m in hole PRRC091
    • 14m @ 0.44% Cu & 1.00g/t 3E PGM from 22m in hole PRRC092
    • 13m @ 0.34% Cu & 1.57g/t 3E PGM from 14m in hole PRRC094
  • POD is continuing with metallurgical test work and with the effort to extend the total resources to a combined length of 8.5km.
  • POD has received $1.7 million in exchange for the sale of shares in EV Metals Group plc, and a further $400,000 is due in the short term.

The consistent drilling efforts of a mineral exploration company, Podium Minerals Limited (ASX:POD) have been returning significant results at its highly prolific Parks Reef project.

POD re-assayed the mineralised zones identified from recently received platinum, palladium and gold results. The results from re-assaying indicate consistent base metal and rhodium enrichment witnessed in earlier drilled areas.

Interesting Read: Podium Minerals Confirms Anomalous Platinum, Palladium, Gold and Copper Through Geological Mapping and Rock Chip Sampling

Continuity Of Base Metal And Rhodium Enrichment Witnessed In Drilled Areas

POD has concluded multi-element assays for all the drill holes. These assays have shown consistency in the dominantly copper enriched base metal horizon in the hanging wall above the main PGM horizon.

Location Map Of Resources And Drilling Programme (Source: ASX Announcement 30/09/2020)

Location Map Of Resources And Drilling Programme (Source: ASX Announcement 30/09/2020)

Related: 2020 Mid-Year Review of Podium Minerals’ Journey at Parks Reef

Significantly, the results indicate continuous thick base metal enrichment, encompassing drill hole PRRC096 which returned 29m @ 0.23% Copper and 0.55g/t 3E PGM and with a total downhole mineralised interval of 50m encompassing:

  • Base Metal Horizon: 24m @ 0.25% Cu and 0.27g/t 3E PGM from 100m
  • PGM Upper Horizon: 5m @ 1.92g/t 3E PGM and 0.14% Cu from 124m
  • PGM Lower Horizon: 21m @ 1.42g/t 3E PGM from 129m

Resource drilling sections and hole location plan (Source: ASX Announcement 30/09/2020)

Resource drilling sections and hole location plan (Source: ASX Announcement 30/09/2020)

More notably, the thick zone of base metal enrichment highlighting the high-value intervals in the Upper PGM Horizon include the following:

  • 18m @ 0.23% Cu & 0.61g/t 3E PGM from 78m in hole PRRC083, including 4m @ 2.00g/t 3E PGM & 0.17% Cu from 92m in the Upper PGM Horizon
  • 19m @ 0.24% Cu & 0.48g/t 3E PGM from 125m in hole PRRC091, including 3m @ 1.90g/t 3E PGM & 0.19% Cu from 141m in the Upper PGM Horizon
  • 14m @ 0.44% Cu & 1.00g/t 3E PGM from 22m in hole PRRC092, including 8m @ 1.50g/t 3E PGM & 0.43% Cu from 28m in the Upper PGM Horizon
  • 13m @ 0.34% Cu & 1.57g/t 3E PGM from 14m in hole PRRC094, including 6m @ 3.20g/t 3E PGM & 0.31% Cu from 21m in the Upper PGM Horizon

Significantly, POD also discovered a high-value interval with coincident base metals plus PGM is characterised by highest platinum and gold values comprising drill hole PRRC088 which recorded 4m @ 4.41g/t 3E PGM and 0.67% Cu from 18m within this zone. Furthermore, the 3E results comprise of 1.86g/t platinum plus 0.82g/t palladium and 1.73g/t gold.

Did you read: Podium Minerals' Stance in The PGM Market, Remains Well-Funded to Meet the Objectives

Detection of High-Value Rhodium

POD has analysed three drill holes from the latest drilling for rhodium. As a result, POD observed a concentration of rhodium in the footwall of Parks Reef consistent with previous drill holes tested with the following results:

  • 7m @ 1.22g/t 3E PGM & 0.08g/t Rh from 113m in drill hole PRRC083
  • 8m @ 1.44g/t 3E PGM & 0.08g/t Rh from 29m in drill hole PRRC086
  • 10m @ 1.41g/t 3E PGM & 0.06g/t Rh from 140m in drill hole PRRC096

Podium shares its intention to continue spot assay of drill holes while drilling for inferred classified resources. At the same time, POD also looks forward to routinely assay for rhodium upon moving to in-fill drilling for indicated resources.

Interesting Read: Podium Minerals Commences Drilling at Parks Reef Project, Well-funded to Pursue Growth Strategy

Present and Upcoming Developments

Importantly, POD has received proceeds from the sale of shares in EV Metals Group plc totalling $1.7 million with an additional $400,000 due in near term.

Subsequent to the receipt of assay results from the latest drilling, POD is continuing with the metallurgical test work which is anticipated to assist in commencing engineering design for defining a development strategy for the Parks Reef Project.

Interesting Read: Podium Minerals All Set to Advance Growth Strategy at Parks Reef Project, Metallurgical Testwork Programme in Progress

Besides this, the Company has initiated resource modelling with an objective to broaden the total resources to a combined length of 8.5km, comprising a consistent resource block covering around 6.1 km over the western half of Parks Reef.

Furthermore, POD is brainstorming over the upcoming resource drilling program encompassing the recently identified western extension of 1.2km.

Related: Podium Minerals to hit the ground running at its Parks Reef PGM Project. Announces Capital Raising of $1 Million

On 30 September 2020, POD share price quoted at $0.073, with a market capitalisation of $20.17 million.

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