Podium Minerals (ASX: POD) has confirmed continuation of PGM orebody at its Parks Reef project in WA following the receipt of new results from deep diamond drilling.
Preliminary lithological logging on drill core has indicated that two of the three holes have intersected sulphide-bearing stratigraphy of the layered intrusion, which includes down-dip continuation of Parks Reef at approximately 500m depth.
The company also reports that visual analysis of the core suggests that geology of the interpreted reef zone is consistent with the Parks Reef near-surface geology.
“This drill programme has provided further confidence that we have yet to find the limits of the orebody at depth”
Speaking on the news, Podium Minerals CEO Sam Rodda said: “This is a very exciting outcome for Podium, with the Stage 8 drilling so far confirming continuity of Parks Reef at depth and that it remains steeply dipping. This drill programme has provided further confidence that we have yet to find the limits of the orebody at depth. We intend to pursue an aggressive exploration strategy aimed at growing our resource base and also testing our orebody for rhodium and iridium to include the full 5E PGM2 suite of minerals in future resource estimate updates.”
Following these results, Podium has engaged Resolve Mining Solutions to begin mining analysis work leading up to a planned scoping study for Parks Reef, due to commence in January.
An expansion of exploration activity is scheduled for H1 2022, which will include the completion of Stage 8 deep diamond drilling along with re-assay of historical core in search of additional plantinum group metals rhodium and iridium.
Stage 9 RC drilling, totalling 2,600m will complete 200m-spaced drilling along the full strike of Parks Reef, while the 9,400m Stage 10 program will test the reef at depth along the existing 200m spaced sections, with a goal if extending the inferred resource to 200m below surface.
Images: Podium Minerals Limited