PODIUM MINERALS LIMITED 27 JULY 2022
only | JUNE 2022 QUARTERLY ACTIVITIES REPORT |
Podium Minerals Limited (ASX: POD, "Podium" or the "Company") is pleased to submit the following report for the three-monthperiod ending 30 June 2022.
HIGHLIGHTS
• Confirmation of Parks Reef as a 5E PGM1 orebody following the assaying of historical drill holes for rhodium
use | and iridium. |
• Outstanding high grade 5E PGM results achieved from the co-funded WA Government Exploration Incentive | |
("EIS") deep drill programme confirming 5E PGM continuity to 500m depth. | |
• Stage 9 and 10 drilling programmes completed for a total of 8,977m of RC and diamond core drilling. | |
• Completion of the drilling programme in the Central Ore Zone Area (covered under section 18 approval) for a | |
total 698m of RC and 29.5m of diamond core. | |
• Stage 9 and 10 assay results continue to support expansion of the Parks Reef Exploration Target (70 to 75Mt | |
at grade of 1.2 to 1.6g/t 3E PGM)2,3, with intercepts consistently returning results within or above anticipated | |
grade range. | |
personalFor | • Successful $2M placement to new and existing sophisticated investors post quarter end to support the delivery |
of the new mineral resource estimate ("MRE"). | |
Reflecting on the quarter, Podium's Managing Director and CEO, Sam Rodda said,
"The past quarter has confirmed the significant potential of the Parks Reef orebody. Achievements our team and shareholders can be excited about include confirmation of the presence of high value rhodium and iridium throughout the orebody, continuity of orebody at depths of at least 500m, exciting high-grade drill intercepts and ongoing drilling of the exploration target that will add meaningful size to our project.
Podium is focused on efficiently adding value to the Parks Reef project with drilling, assays and metallurgical test work delivering strong results that will feed positively into a scoping study. The team will continue to evaluate and optimise these results in the coming months as we look to report a new 5E PGM resource upgrade and report progress on our metallurgical test results.
The development of Australia's first 5E PGM production is an important step that will secure supply of these Critical Minerals to support the production and development of decarbonizing technologies such as auto-catalysts and hydrogen energy."
- 5E PGM refers to platinum (Pt) plus palladium (Pd) plus gold (Au) plus rhodium (Rh) plus iridium (Ir) expressed in units of g/t.
- The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate further Mineral Resources and it is uncertain if further exploration will result in the determination of additional Mineral Resources. Refer to ASX announcement dated 3 March 2022 for full details of the Exploration Target.
- 3E PGM refers to platinum (Pt) plus palladium (Pd) plus gold (Au) expressed in units of g/t.
EXPLORATION AND DEVELOPMENT ACTIVITIES - PARKS REEF
ZERO INJURIES AND ENVIRONMENTAL MANAGEMENT A KEY FOCUS FOR EXPLORATION ACTIVITIES
With several exploration activities occurring at Parks Reef during the quarter, Podium is pleased to announce a reportable onlyinjury free quarter and zero environmental or heritage related incidents. These results underpin the focus of the Podium
team and our contract partners to deliver successful and sustainable exploration activities.
DEEP HOLE DRILLING ASSAYS CONFIRM 5E PGM REEF EXISTENCE AT DEPTH
Stage 8 drilling, co-funded with a WA Government EIS grant, involved three 750m deep diamond holes (PRDD003, PRDD004 and PRDD005) designed to test Parks Reef's mineralisation and understand the stratigraphy at approximately 500m below the surface. The three holes were drilled across a 10km zone within the 15km known strike length of the orebody all intersecting the PGM reef at 500m below surface showing a strong indication of reef continuity, the orebody is still open at depth.
usepersonal
Figure 1 - Schematic geology of the Parks Reef PGM Project showing deep diamond drill hole locations.
The expected mineralised zones in each hole starting from the mafic/ultramafic contact were sampled on a nominal 1m sample interval, or to lithological boundaries and include the following 5E PGM results based on a 1.0g/t 5E PGM cut-off:
For | PRDD003 | 11.7m at 3.71g/t 5E PGM (incl. 0.14g/t Rh and 0.08g/t Ir) from 666.7m | |
Incl. | 1.4m at 11.58g/t 5E PGM (incl. 0.37g/t Rh and 0.18g/t Ir) from 666.7m; and | ||
Incl. | 2.2m at 9.53g/ 5E PGM (incl. 0.26g/t Rh and 0.12g/t Ir) from 669.8m | ||
PRDD004 | 5.7m at 2.14g/t 5E PGM (incl. 0.03g/t Rh and 0.02g/t Ir) from 581.0m | ||
PRDD005 | 14.3m at 1.33g/t 5E PGM (incl. 0.05g/t Rh and 0.02g/t Ir) from 644.7m | ||
2 |
Base metal results have been received for the Deep Diamond Core holes that confirm the Base Metal Horizon persists at depth. Results include:
PRDD003 | No Base Metal zone intersected | |
onlyuse | PRDD004 | 5.2m at 0.33%Cu and 0.13%Ni from 575.8m |
PRDD005 | 12.8m at 0.20%Cu and 0.08%Ni from 631.9m | |
3E PGM ASSAY RESULTS FROM STAGE 9 DRILLING PROGRAMME COMPLETED
Podium has now received all 3E PGM assay results for the Stage 9 RC drill programme. The results have been consistently in line with targeted expectations, further corroborating our understanding of the consistency of the orebody. Figure 2 highlights the standout results returned, and a full list drill hole collar details and assay results are provided in Appendices 1 and 2 in Podium's ASX announcement dated 19 May 2022.
Figure 2 - Longitudinal projection of Parks Reef intersections with Stage 9 holes with standout results
Intercepts ≥ 1.0g/t 3E PGM and ≥ 2m intersection thickness (with a maximum of 3m internal waste if carried) include:
personal | PRRC183 | 14m at 1.60g/t 3E PGM (1.22g/t Pt, 0.38g/t Pd and 0.01g/t Au) from 31m |
Incl. | 4m at 2.78g/t 3E PGM (2.35g/t Pt, 0.42g/t Pd and 0.01g/t Au) from 32m | |
PRRC188 | 15m at 1.92g/t 3E PGM (0.91g/t Pt, 0.95g/t Pd and 0.07g/t Au) from 11m | |
Incl. | 3m at 2.40g/t 3E PGM (1.21g/t Pt, 1.16g/t Pd and 0.03g/t Au) from 12m | |
Incl. | 3m at 3.01g/t 3E PGM (1.60g/t Pt, 1.34g/t Pd and 0.07g/t Au) from 19m | |
PRRC189 | 12m at 1.92g/t 3E PGM (0.77g/t Pt, 1.02g/t Pd and 0.13g/t Au) from 26m | |
Incl. | 2m at 2.93g/t 3E PGM (1.25g/t Pt, 1.66g/t Pd and 0.02g/t Au) from 29m | |
Incl. | 3m at 2.20g/t 3E PGM (0.93g/t Pt, 1.26g/t Pd and 0.01g/t Au) from 33m | |
PRRC191 | 15m at 3.88g/t 3E PGM (2.59g/t Pt, 1.26g/t Pd and 0.03g/t Au) from 17m | |
For | ||
Incl. | 2m at 8.34g/t 3E PGM (7.03g/t Pt, 1.30g/t Pd and 0.01g/t Au) from 22m | |
Incl. | 3m at 5.33g/t 3E PGM (3.16g/t Pt, 2.14g/t Pd and 0.03g/t Au) from 26m | |
PRRC197 | 27m at 2.23g/t 3E PGM (1.15g/t Pt, 0.99g/t Pd and 0.09g/t Au) from 9m | |
PRRC198 | 22m at 2.04g/t 3E PGM (1.39g/t Pt, 0.61g/t Pd and 0.04g/t Au) from 17m | |
Incl. | 1m at 4.39g/t 3E PGM (3.63g/t Pt, 0.75g/t Pd and 0.01g/t Au) from 25m | |
Incl. | 6m at 2.97g/t 3E PGM (1.79g/t Pt, 1.11g/t Pd and 0.08g/t Au) from 30m | |
PRRC199 | 22m at 1.65g/t 3E PGM (0.94g/t Pt, 0.55g/t Pd and 0.16g/t Au) from 29m | |
Incl. | 3m at 3.25g/t 3E PGM (1.99g/t Pt, 0.84g/t Pd and 0.42g/t Au) from 31m |
Selected pulps are being re-assayed for 5E PGM and base metals, these pulps are determined after the results of 3E PGM assays are reviewed positively identifying the extent of the reef.
3
onlyuse Figure 4 - RC Drill Rig in Operation on the Stage 10 Programme.
personalCENTRAL ORE ZONE DRILLING PROGRAMME APPROVED AND DRILLING COMPLETE
During the quarter, the Company received the statutory approval and completed all Aboriginal cultural heritage clearances required to proceed with drilling in the Central Ore Zone restricted area.
The drilling programme consisted of nine (9) drill holes over an 800m strike, testing continuity in the central region of the significantly large 5E PGM reef. Out of the 9 holes completed, 2 required diamond core tails. The drilling programme has now been completed subsequent to quarter end.
Holes PRRC135 and PRRC133 bookend the s18 zone (refer Figure 5) and display PGM grades that, on average, are higher than the MRE. All RC drilling samples have been despatched from site and are awaiting PGM analysis at Bureau Veritas (BV) in Perth. The diamond core tails are currently being prepared on site and will be dispatched to BV in Perth by the end of July.
For
Figure 5 - Planned drilling in the areas approved for clearing 5
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Podium Minerals Ltd. published this content on 26 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2022 22:31:02 UTC.
