Parks Reef

Podium reports high-grade PGM mineralisation from Stage 7 drilling at Parks Reef

Podium Minerals Limited (ASX:POD) has reported high-grade platinum-palladium mineralisation from stage 7 RC drilling at its Parks Reef project in WA. Grades of up to 11.8g/t 3E PGM1 were reported, along with wide intervals of typical reef grade 3E PGM1 mineralisation.

Results reported are exclusively 3E PGM1, with assays pending for 5E PGM2 including rhodium and iridium.

Highlights include:

  • Hole PRRC152:
    • 8m @ 1.30g/t 3E PGM from 169m
  • Hole PRRC153:
    • 12m @ 3.47g/t 3E PGM from 30m; including
      • 2m @ 7.56/t 3E PGM from 32m, plus
    • 34m @ 2.50/t 3E PGM from 72m, including
      • 5m @ 7.24g/t 3E PGM from 72m. including
      • 1m @ 11.80g/t 3E PGM from 73m
  • Hole PRRC154:
    • 15m @ 1.49g/t 3E PGM from 132m;
  • Hole PRRC155:
    • 5m @ 1.54g/t 3E PGM from 69m; plus
    • 22m @ 1.30g/t 3E PGM from 81m.

Stage 7 drilling

The stage 7 drill program included 27 RC holes for a total of 4,157 meters, over 2.4km of strike in the western section of Parks Reef. The drilling explored to a depth of 200m below surface.

Resource drilling at Parks Reef PGM Project
Resource drilling at Parks Reef PGM Project

Parks Reef mineral resource

Total drilling to date has resulted in inferred mineral resources of 1,390,000 ounces of combined platinum, palladium and gold, along with 53,900 tonnes of copper.

The mineral resource extends over an 8.5km section of the known 15km mineralised strike length of Parks Reef, and within 100m of surface.

Up next

An update to the current inferred mineral resource is currently underway, with estimates for the total 15km strike length delayed due to slow turn-around times for laboratory assays. Updates are expected in late July / early August 2021.

A diamond drilling contractor has also been engaged to operate the upcoming 750m Parks Reef deep diamond drilling program.

“Parks Reef continues to deliver robust, bulk tonnage mineralisation”

Management comments

Executive Chairman Clayton Dodd said: “Parks Reef continues to deliver robust, bulk tonnage mineralisation interspersed with sporadic holes reporting materially higher grade PGM’s. The shallow, high grade mineralisation intersected in hole PRRC153 is very significant, as this style of mineralisation has not been adequately tested to date and will require substantial infill drilling once clearance of the area to drill are received.”

Images: Podium Minerals Limited
Written By Jonathan Norris
Jonathan is a founder of Mining.com.au and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.