Podium Minerals Limited (ASX: POD) announced that two 750m diamond drill holes are proposed to test for the continuity at depth of Parks Reef project at greater than 500m below surface. The company said that this will be jointly funded through the Western Australian Government Exploration Incentive Scheme (EIS).
Parks Reef project
The Parks Reef PGM project is located near Cue project in Western Australia. Current Inferred Minerals Resources at Parks Reef PGM project stand at 1.39m oz of 3PGM plus 53,900 tonnes of copper which extend over a total of 8.5km of the identified PGM mineralised strike length of 15km and within 100m of surface.
Parks Reef Deeps drilling programme
The company had previously completed successful drilling programmes at Parks Reef which identified high-grade zones hosting not only platinum and palladium but recently rhodium and iridium. Following these successful programs, the company proposed the Parks Reef Deeps drilling programme.
The objective of the Parks Reef Deeps drilling programme is threefold.
- To test for continuity of grade and thickness of the reef at approximately 520m below surface for an enhanced interpretation of the intrusive complex. If the reef is intersected at these depths, then it is considered that precious and base metal grades, mineralogy, and metal ratios of the reef will provide valuable vectors toward zones hosting higher grade and/or thickness of PGM mineralisation.
- To drill for previously untested, high grade, reef style PGM+/- Cr (Ti) mineralisation in the hanging wall mafic stratigraphy, which occurs in the Stillwater (J-M reef) and Bushveld (Merensky and UG2 reefs complexes in Montana and South Africa respectively. The proposed holes will test approximately 450m of this potentially fertile mafic stratigraphy.
- To enhance the understanding of the magmatic stratigraphy of the lower section of the mafic zone.
POD reported that the application to the State Government of Western Australia for co-funding of direct drilling costs to drill two 750m deep diamond drill holes designed to test Parks Reef at approximately 520m below surface has been approved.
The co-funding forms part of Round 23 of the EIS and $150k has been awarded to the Company which represents 50% of the direct drilling costs.
The company said that the program is anticipated that drilling will commence in July and is expected to take approximately 1 month to complete, due to conditions attached to the funding programme.
Third DD hole planned
POD said that an additional third deep hole has also been planned which is outside of the EIS programme.
MRE upgrade soon
The company announced that additional drill programmes are currently underway to define the continuity of the high-grade zones of PGM mineralization with pending results to be included in a Mineral Resource upgrade which is expected to be completed late May early June.
Podium’s Executive Chairman Clayton Dodd said: “The Company would like to express its gratitude to the State Government in particular the Minister for Mines, Industry Regulation and Safety for selecting Podium as a suitable applicant and for the financial assistance to drill an exciting new dimension to the Parks Reef PGM project.
By successfully intersecting the reef at such depths would clearly demonstrate the vast dimensions of the mineralised horizon and any variability in PGM grades and may provide invaluable vectors toward higher grade sectors along the extensive 15km PGM strike length of the reef.”
Image Source: Podium Minerals Limited