Materials

Podium Minerals drilling results surpass original outlook

Wed 29 Jun 22, 1:05pm (AEST)
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Key Points

  • Current Stage 10 assays show a 100% success rate on intersecting PGM reef
  • Each of the intercepts unearthed during stage ten will now be tested for the presence of rhodium, iridium, and base metals
  • All samples from the 35 RC completed holes have been transported to Perth for initial 3E PGM analysis

Podium Minerals Ltd (ASX: POD) has notified the market that stage 10 exploration confirms the small-cap explorer’s expectation that both the grade and thickness of the reef extends at depth.

Current Stage 10 assays show a 100% success rate on intersecting PGM reef, with most of the results above or in line with projected orebody widths and grade.

Podium’s CEO Sam Rodda believes drilling continues to validate the company’s commitment to the Park Reef PGM.

“Regular zones of significant high-grade within these intersections such as seen in PRRC208 that hosts a 2m intercept >5.0g/t 3E PGM add to an already strong story,” he noted.

High-grade PGM ore-zones, proving ounces at depth and strong progress on our metallurgical testing are important steps for Podium as we head towards a scoping study and our goal of becoming Australia’s First PGM producer.”

Ongoing drilling

From a geological perspective, the company notes the location of the reef hosted within the ultramafic rocks adjacent to the contact between the ultramafics and the stratigraphically younger mafic volcanics shows no sign of diminishing.

Each of the intercepts unearthed during stage ten will now be tested for the presence of rhodium, iridium, and base metals to support Podium’s PGM resource upgrade.

Drilling which started mid-June is expected to continue across the expanded target across 50 holes throughout July and August this year.

Analysis

Around 15 holes stopped short of planned reef intercepts due to swelling clays and fibrous veins and are being extended with diamond core tails to achieve full reef intercepts.

Meantime, all samples from the 35 RC completed holes have been transported to Perth for initial 3E PGM analysis.

All intersections are within fresh (sulphide) rock and selected samples are being re-assayed for 5E PGM and base metals.

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Podium Minerals share price over 12 months.

 

Intercepts greater than 1.0g/t 3E PGM and greater than 2m intersection thickness include:

  • 3m at 1.58g/t 3E PGM and 4m at 1.05g/t 3E PGM and 13m at 1.94g/t 3E PGM including 2m at 5.05g/t and 0.02g/t Au) from 212m

  • 16m at 1.28g/t 3E PGM from 153m

Management notes the intercept in PRRC208 is exceptional in that its grade result is substantially higher (around 20% higher) than the upper most limit of the expected grade range for the Exploration Target.

The potential for high grade zones is known to exist in the current inferred MRE down to 150m vertical, these zones will be better defined with closer spaced infill drilling.

 

Written By

Mark Story

Editor

Mark is an investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics and a diploma in journalism. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content. Email Mark at [email protected].

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