Podium Minerals (ASX:POD) shares fall amid Parks Reef resource update delay

• A delay in a planned upgraded resource estimate for a Western Australian mining project sends the Podium Minerals (POD) share price tumbling
• The explorer says slow lab assay turnaround times are responsible for the delayed resource update at its Parks Reef platinum group metals (PGM) project
• The updated mineral resource is now expected towards the end of July or the beginning of August
• Meanwhile, Podium is busy completing a 4000-metre reverse circulation (RC) program at the project area
• Shares in Podium Minerals were down 12.28 per cent and trading at 50 cents each at 3:32 pm AEST. The company has a $140 million market cap

A delay in a planned upgraded resource estimate for a Western Australian mining project has sent the Podium Minerals (POD) share price tumbling today.

The exploration company told investors this morning slow lab assay turnaround times have delayed its plans for the resource update at its Parks Reef platinum group metals (PGM) project near Meekatharra in WA.

The remaining assays will come from recent drilling in the area and are designed to help upgrade the mineral resource estimate for the full 15-km strike length of Parks Reef to a depth of around 100 metres.

So far, Podium has announced an inferred mineral resource for the project containing 1.39 million ounces of combined platinum, palladium, and gold, alongside base metal credits with 53,900 tonnes copper.

This reported resource extends over just 8.5 km of the strike length, with 9000 metres worth of drilling in the area having been completed since this estimate was delivered.

The updated mineral resource is now expected towards the end of July or the beginning of August.

Alongside news that the resource update has been delayed, Podium reported some assay results from the recent drilling today, with the best hits including a 16-metre intersection at 0.19 per cent copper and 0.52 grams of PGM per tonne (g/t) from 60 metres.

In the meantime

While waiting for the assays to update Park Reef’s resource estimate, Podium is busy completing a 4000-metre reverse circulation (RC) program at the project area.

This program has been taken on in two phases, with one set of holes drilled 200 metres apart to 100 metres below surface. Other drill holes are testing 2.4 km of strike in the western sector of the project to 200 metres deep.

Podium said initial assays are expected “shortly”, with final assays from this round of drilling currently slated for the end of July.

Further, the company has contracted a diamond driller to take on 750 metres worth of deep diamond drilling at Parks Reef, which will be co-funded by the WA government.

This diamond drilling program will begin before the end of July, according to Podium.

Shares in Podium Minerals were down 12.28 per cent and trading at 50 cents each at 3:32 pm AEST. The company has a $140 million market cap.