Join our daily newsletter At The Bell to receive exclusive market insights
- Podium Minerals (POD) delivers a revised exploration target for the Parks Reef Platinum Group Metals (PGM) Project in WA
- The exploration target is estimated to contain between 2.7 and 3.8 million ounces 3E PGM in addition to the recently announced 2.8 million ounce 3E PGM inferred mineral resource
- The exploration target is based on a mineralised envelope to a 250-metre depth along the remaining 12 kilometres of strike not previously included in the inferred MRE
- A stage nine drilling program has just commenced to test near surface mineralisation but will be followed by a 10,000-metre drill-out of the exploration target block area
- Company shares are up 6.94 per cent and trading at 38.5 cents
Podium Minerals (POD) has revised the exploration target for the Parks Reef Platinum Group Metals (PGM) Project in Western Australia’s mid-west region.
The Parks Reef Exploration Target is estimated at 70 to 75 million tonnes at a grade of between 1.2 to 1.6 grams per tonne (g/t) 3E PGM and containing between 2.7 and 3.8 million ounces of combined platinum, palladium, and gold. 3E PGM refers to platinum, palladium and gold.
The revised exploration target is based on the results of the recently announced inferred mineral resource estimate of 50.6 million tonnes at 1.56 g/t 3E PGM and an additional 27.8 million tonnes at 0.24 per cent copper and 0.3g/t 3E PGM.
This marked a 28 per cent increase to 2.8 million ounces of contained 3E PGM and a 31 per cent increase in contained copper to 104,000 tonnes.
The exploration target is also based on a mineralised envelope to a depth of 250 metres below surface along the remaining 12 kilometres of strike not previously included in the inferred MRE.
Podium plans to drill the exploration target block area under the 10th stage of reverse circulation (RC) drilling at Parks Reef.
Stage 10 drilling will include 10,000 metres to test the 12-kilometre strike at a depth of 160 metres below surface. Drilling is expected to take about 10 weeks and is focused on resource growth and fully informing the exploration target.
Before stage 10 drilling begins, Podium has just started stage nine RC drilling which includes 2600 metres to test the reef to 100 metres below surface in areas where previous programs were unable to complete holes.
Stage nine is expected to take two weeks and stage 10 will immediately follow.
Company shares were up 6.94 per cent and trading at 38.5 cents at 1:25 pm AEDT.
