- Podium Minerals Limited’s stock has shown impressive growth over the past year and has increased by ~185% till 19 November 2020.
- Recently, the Company concluded resource drilling in the western half of the Parks Reef, and is on the right track to advance its growth strategy.
- At a time when stringent vehicle emission regulations are in place, Podium Mineral’s discovery of high-value rhodium at Parks Reef project bodes well for the company.
- Numerous activities have been planned for continuing with the growth strategy at Parks Reef to rapidly develop an alternative supply of PGMs to the global market.
PGM, Au and Ni-Cu sulphides-focused exploration and development company, Podium Minerals Limited (ASX:POD), has witnessed a significant rally in its share price over the past one year. The POD stock has increased a whopping 185.00% over the past year.
More impressively, the share price of the stock has skyrocketed by 448% over the last six months to date (as on 19 November 2020).
One of the luring factors for POD’s shareholders is the location of its core projects within the company’s mining leases in the Mid-West Region of Western Australia, which boasts of unique geology. This encompasses defined geophysical targets for nickel-copper sulphides and a 15km strike of identified near-surface PGM-Au mineralisation in Parks Reef.
POD Pursuing Growth Strategy at Parks Reef
Over the past one year, POD has been announcing significant progress at its Parks Reef project that has garnered considerable attention from interested parties. During the past quarter (ended 30 September 2020) POD concluded a resource drilling in the western half of the Parks Reef in line with its ongoing work programmes to advance its growth strategy.
The drill program was aimed at defining a consistent 6.1 km long resource block over the western half of Parks Reef and boost the extent of total resources to a combined length of 8.5 km.
The initial results from the drilling include the platinum, palladium and gold assays, representing continuously intersected significant mineralisation through drilling. This mineralisation is seen to extend from the near-surface in the main PGM Horizon of Parks Reef including:
Other than these encouraging intercepts, POD analysed three drill holes from the latest drilling with a concentration of rhodium that was seen in the footwall of Parks Reef. Interestingly, this feature is in line with the 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
Significantly, with stringent vehicle emission regulations being adopted, the demand for rhodium had increased by 9% during 2019. Also, rhodium prices have experienced a sustained growth trend in response to no supply.
In accordance with its extensive growth strategy, POD is engaged in various activities that are expected to go on till March 2021 quarter.
Drilling Recommenced at Parks Reef PGM Project
In the latest development, POD has mobilised new drill rig at Parks Reef Project and drilling is well underway to accelerate the growth strategy of Podium. This accelerated continued systematic drilling along the full 15km strike length is a part of the growth strategy of POD for the Parks Reef PGM Project.
Notably, the drilling is intended to define a materially significant resource base and shall be completed before Christmas while the remaining of the drilling shall be undertaken in Q1 of 2021.
How Is POD’s Ship Sailing? Upcoming Milestones
Presently, the Company’s immediate focus is to conclude the resource modelling and assessment for the recently finalised drilling in Parks Reef West with a purpose to issue a resource upgrade for Parks Reef.
Furthermore, the Company continues to plan for the drilling that is already underway at Parks Reef and is confident to be well-funded to accelerate its resource growth strategy. In the near term, POD has plans to commence a new RC drill rig for drill testing of the fresh 1.2 km extension and 6,000m of systematic drilling to expand resources alongside the complete 15km strike length.
This drill shall go all the way through to December 2020 as well as March 2021 quarters, wherein the Company would aim at defining resource along the complete 15km strike length to 100m below surface.
In order to support engineering studies and resource extension at depth, drilling shall move to infill drilling for Indicated Resources in the next step.
In addition to this, POD is progressing well with a metallurgical test work programme at Murdoch University with the Extractive Metallurgy MPI group focused on choosing and enhancing a leaching process to treat the oxidised mineralisation in Parks Reef. One of the objectives behind this is to evaluate the possibility for production of high-purity product(s) that can be commercialised directly to metal refiners.
This is jointly financed under the Innovation Connections programme of the Australian Government, and the test work is expected to continue through the current quarter.
Presently, the evaluation and planning for additional metallurgical test work are continuing for both the oxidised and fresh mineralisation. POD expects this to be a significant piece of information that can be fed into a scoping study.
On the funding front, POD remains well cashed-up to maintain its operations and meet its business objectives.
On 19 November 2020, POD share price quoted at $0.115 with a market capitalisation of $27.15 million.