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Podium Minerals Parks Reef resources increased by 118% to 740 koz PGM plus base metal credits

Mining News - Published on Wed, 06 Mar 2019

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Podium Minerals Limited has announced a substantial upgrade in the Mineral Resource estimates for Parks Reef with contained metals increasing to a total of 740,000 ounces of combined platinum, palladium and gold plus base metal credits. Chief Executive Officer Tom Stynes said “This resource upgrade is the culmination of a well-stmctured work program that has been executed over the last 12 months. The results further demonstrate the potential for Parks Reef to support a significant open-pit mine development and the Company is confident that extension drilling along strike will continue to build the resource base. Supply constraints are currently being reflected in the upward volatility of the palladium price with Podium providing a unique investment opportunity for exposure to the PGM market with an Australian based project."

Highlights:

Drilling over 2km of strike in the central zone of Parks Reef delivers a substantial upgrade of Podium's Mineral Resources:
Inferred Mineral Resource estimate for Parks Reef PGM horizon
TonnesPtPdAu3E PGM3E PGMCuNi
Mtg/t9*g/tg/tkoz%%
15.70.690.590.101.387000.080.09
 


Inferred Mineral Resource estimate for Parks Reef base metal - gold horizon
TonnesPtPdAu3E PGM3EPGMCuNi
Mtg/i9*g/t9*koz%%
4.70.070.050.130.25400.240.10
 


Total Mineral Resources defined over approximately 4.5km representing 30% of the strike length of Parks Reef with mineralisation open at depth and along strike.

More than 10km of strike remains to be assessed with Podium's strategy to continue systematic extension drilling to quantify the resource potential along the full length of Parks Reef.

The resources in the central zone extend over approximately 2.2km of strike and to a depth up to 100m below surface based on the assumption of bulk open-pit mining.

Thickening of mineralisation observed in central zone with an average true thickness of the PGM horizon of 16m compared with 12m in the western zone.

Base metal - gold horizon up to 14m true thickness lies in the hanging wall overlying the PGM horizon which would be mined in an open-pit targeting the PGM horizon, potentially generating important base metal and gold credits.

Source :

Posted By : Rabi Wangkhem on Wed, 06 Mar 2019
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