Podium Minerals (ASX: POD) has reported ‘high-grade’ rhodium and iridium results from the re-assay of historic 3E PGM drill core at its Parks Reef Project in Western Australia, which the company says confirms the project as a 5E PGM orebody.
Assays were received from 700 samples across 31 historic holes, with a further 2,100 samples awaiting results.
Standout intercepts displaying ‘high-grade’ rhodium include:
- Hole PRRC021:
- 4m @ 1.92g/t 3E PGM, 0.14g/t Rh, 0.08g/t Ir for a total of 2.14g/t 5E PGM from 28m; including
- 1m @ 2.64g/t 3E PGM, 0.21g/t Rh, 0.10g/t Ir for a total of 2.95g/t 5E PGM from 29m
- 4m @ 1.92g/t 3E PGM, 0.14g/t Rh, 0.08g/t Ir for a total of 2.14g/t 5E PGM from 28m; including
- Hole PRRC014:
- 4m @ 2.09g/t 3E PGM, 0.13g/t Rh, 0.07g/t Ir for a total of 2.29g/t 5E PGM from 49m
- Hole PRRC056:
- 8m @ 2.57g/t 3E PGM, 0.15g/t Rh 0.06g/t Ir for a total of 2.79g/t 5E PGM from 30m
Speaking on the results, Podium Minerals CEO Sam Rodda said: “Today’s announcement is a significant step forward for Podium. We are starting to see exciting results on the back of strategic value addition activities that commenced at the start of 2022. Re-assaying historic drill holes allows us to build on Parks Reef as a 5E PGM orebody, adding significant metal value to the Project. The rhodium and iridium assay results are in line with our expectations and together with historic assays they provide confidence of their existence throughout the orebody.
“Re-assaying historic drill holes allows us to build on Parks Reef as a 5E PGM orebody, adding significant metal value to the Project”
In parallel to the 5E PGM results, we have had a strong start to our drill programmes, with Stage 9 complete. We are now focused on resource extension drilling in Stage 10 to deliver our previously communicated expanded Exploration Target which is aiming to contribute a further 2.7 – 3.8Moz 3E PGM.”
In early February, Podium had commenced a program to retrieve pulps stored at a Bureau Veritas facility in Perth to analyse for the 5E PGM suite.
The re-assaying has confirmed significant rhodium, allowing the company to build on Parks Reef as a 5E PGM orebody, and adding ‘significant’ metal value to the project.
Rhodium is the rarest and most valuable metal in the world, currently priced at around USD$18,600. The corrosion-resistant and highly reflective metal is used primarily by the auto industry in the manufacture of catalytic converters to reduce engine emissions.
The 100%-owned Parks Reef, located in Western Australia’s Mid-West Region, comprises 15km of strike across near-surface PGM-Au-base metal mineralisation.
A 22-hole, 1,711m stage 9 drill program has recently been completed, with all samples currently at a laboratory in Perth for assay. Initial 3E results are scheduled for mid-April, with full 5E assays expected later that month.
A further stage 10 program, which will recruit a second RC drill rig, has already commenced, with a total of 50-holes for 9,400m planned. The program is tasked with converting the current exploration target to Inferred Resource status.
