Podium Minerals (ASX:POD) reports it has received new ‘high-grade’ rhodium and iridium results following stage nine and ten reverse circulation (RC) drilling campaigns at its Parks Reef 5E PGM project in Western Australia.
The results, generated by an additional 10 stage nine drillholes and the first 30 stage ten drillholes, have achieved full intersections of the reef and demonstrate consistent high rhodium (Rh) and iridium (Ir) values of 0.05g/t along the full 15km strike.
The stage ten drilling campaign was commenced with a goal of testing the enlarged exploration target of 70Mt to 75Mt at 1.2g/t to 1.6g/t 3E platinum group metal (PGM) for 2.7Moz at 3.8Moz 3E PGM in order to incorporate it into a planned updated Mineral Resource Estimate (MRE) for October this year.
Key intercepts include:
- Hole PRRC201: 34m @ 1.87g/t 5E PGM (0.07g/t Rh and 0.03g/t Ir) from 76m, incl. 1m @ 14.41g/t 5E PGM (1.24g/t Rh and 0.53g/t Ir) from 109m
- Hole PRRC198: 22m @ 2.04g/t 5E PGM (0.11g/t Rh and 0.04g/t Ir) from 17m, incl. 13m @ 2.16g/t 5E PGM (0.16g/t Rh and 0.05g/t Ir) from 18m, incl. 2m @ 3.65g/t 5E PGM (0.30g/t Rh and 0.10g/t Ir) from 24m
Results also include the remaining three drillholes drilled into the Central Ore Zone area, which have returned anomalous 3E PGM mineralisation, including:
- Hole PRRD263: 14m @ 2.04g/t 3E PGM (1.15g/t Pt, 0.88g/t Pd and 0.01g/t Au) from 143m, incl. 2m @ 5.87g/t 3E PGM (3.33g/t Pt, 2.49g/t Pd and 0.05g/t Au) from 144m
- Hole PRRD208: 13m @ 1.95g/t 3E PGM (1.16g/t Pt, 0.77g/t Pd and 0.02g/t Au) from 207m, incl. 2m @ 5.04g/t 3E PGM (3.46g/t Pt, 1.57g/t Pd, and 0.02g/t Au) from 212m
- Hole PRRD240: 16m @ 1.83g/t 3E PGM (0.96g/t Pt, 0.79g/t Pd and 0.08g/t Au) from 169m, incl. 0.9m @ 10.46g/t 3E PGM (6.29g/t Pt, 4.10g/t Pd and 0.07g/t Au) from 184.1m
Commenting on the results, Podium Minerals Managing Director and CEO, Sam Rodda, stated: “It is great to see continuation of significant high-grade and high value rhodium and iridium throughout the Parks Reef orebody. These results are some of the highest grades we have seen to date and reinforces Parks Reef standing as Australia’s first 5E PGM orebody. Parks Reef continues to highlight zones of high grade PGMs within many of our drill intercepts, with new modelling of the orebody contributing to our planned October mineral resource estimate upgrade, which will allow project studies to consider high-grade and bulk PGM mining options.
“These results are some of the highest grades we have seen to date and reinforces Parks reef standing as australia’s first 5e pgm orebody”
Having recently attended two critical mineral and future metal conferences, we are motivated around the global growth of green hydrogen energy and the hydrogen fuel cell market. These technologies are positioned to drive decarbonisation and both require significant PGMs which are critical minerals needed to deliver on this outlook. Podium is well placed to support this future demand.”
The company also notes that the recent 5E PGM intercepts have also tested for chromium (Cr) and is considered as a deleterious metal in PGM smelters, with grades returning a maximum of around 0.1% Cr, which are ‘significantly’ lower than operating mines in South Africa.
In addition, 3E PGM results taken from the Central Ore Zone continue to confirm the potential of the area to be host to intercepts that have values greater than the average MRE grade.
Podium Minerals is an ASX listed company with a goal of becoming Australia’s first PGM producer. Podium’s 15 km long Parks Reef 5E PGM project is located near the WA townships of Cue and Meekatharra within a mining friendly jurisdiction and is also host to gold and base metal mineralisation. The project’s orebody commences near surface and has been proven to date to continue to a vertical depth of 500m which remains open and shows consistency with near surface geology.
With all 3E PGM results and the first batch of 5E PGM assays returned from ongoing stage ten RC drilling, Podium Minerals announces that selected samples are being re-assayed for 5E PGM and base metals, with all assays expected by the beginning of October this year.
Images: Podium Minerals Ltd