Up 232% in 1 year, why is the Podium Minerals (ASX:POD) share price rocketing today?
Article by The Motley Fool
The Podium Minerals Ltd (ASX: POD) share price is off to the races today.
At time of writing, shares in the ASX resource explorer are up more than 12%, having earlier posted gains of 20%.
Below we take a look at the latest drilling results that look to be stoking ASX investor interest.
What drilling results were announced?
Kicking of the new year on a high note, the Podium Minerals share price is surging after the company reported promising drill results at its 100% owned Parks Reef PGM (platinum group metals) project in Western Australia, alongside the appointment of its new chief executive officer.
Podium completed 2 of the 3 diamond drill holes it plans to test Parks Reef before Christmas. Cores from the 500 metre deep holes are now in Perth with preliminary lithological logging completed.
Commenting on the results, newly appointed CEO Sam Rodda, who officially took the helm on 1 January, said:
“This is a very exciting outcome for Podium, with the Stage 8 drilling so far confirming continuity of Parks Reef at depth and that it remains steeply dipping. This drill program has provided further confidence that we have yet to find the limits of the orebody at depth.
We intend to pursue an aggressive exploration strategy aimed at growing our resource base and also testing our orebody for rhodium and iridium to include the full 5E PGM suite of minerals in future resource estimate updates.”
According to the release, initial core observations indicate both holes intersected “sulphide bearing stratigraphy of the layered intrusion”. Podium said that visual analysis provides it with additional confidence that mineralisation is continuing to significant depth.
Podium Minerals share price snapshot
Podium Minerals shares have stormed higher over the past 12 months, gaining 232%. That compares to a 12 month gain of 13% posted by the All Ordinaries Index (ASX: XAO).
Over the past month, the Podium Minerals share price is up 13%.