Parks Reef consists of a 15km long strike of platinum group metal (PGM), gold and base metal mineralisation. The reef presents near surface with an average true width of approximately 15m and dips steeply such that it lies near vertical. The deepest drilling to date has intersected the reef at approximately 250m vertical depth with the mineralisation remaining open at depth.
Podium is targeting both high grade and bulk tonnage PGM-Au-base metals suitable to develop a low cost open pit mining operation and future access to high grade zones of PGM mineralisation at deeper levels by development of underground mining operations from the base of the open pit. The near vertical orientation of the reef provides favourable geometry for both open pit and underground mining.
World supply of PGM is dominated by South Africa, Russia and Zimbabwe which contribute over 90% of platinum and 80% of palladium mine production. The Parks Reef PGM Project is strategically located in an established mining precinct between Cue and Meekatharra in the Mid West Region of Western Australia which provides opportunity for the development of an alternative supply of PGMs.
Location of Parks Reef PGM Project
Since listing on the ASX in February 2018 Podium has aggressively pursued a systematic drilling program with an objective of defining near surface mineral resources along the identified extents of Parks Reef. Drilling completed to date has confirmed continuity of thick PGM mineralisation along the drilled strike. The drilling has also shown a horizon of base metal and gold enrichment in the hanging wall above the PGM horizon. The base metal and gold mineralisation overlaps with the upper portion of the PGM horizon which also exhibits elevated PGM grades and provides a high value domain within the reef with coincident enrichment of platinum gold and copper.
Drill section in western zone of Parks Reef showing mineralised horizons
The current Mineral Resources are defined over approximately 8.5km of the 15km strike length of Parks Reef and within 100m from surface. The Mineral Resources contains 1,390,000 ounces of combined platinum, palladium and gold plus base metal credits with 53,900 tonnes of copper. The mineralisation remains open at depth and along strike.
Potential also exists for parallel reefs both above and below Parks Reef containing PGM-Au-base metal mineralisation. This potential is supported by magnetic imagery and geochemistry which will be tested by further exploration drilling.
Plan and long section of Parks Reef Mineral Resources