Podium Minerals released its maiden Mineral Resource Estimate (MRE) for Parks Reef in October 2018.
Since then, with the aid of comprehensive drilling and a definitive growth strategy, Podium has announced several Mineral Resource upgrades – released in 2019 2020, and again in February 2022 – demonstrating the appealing project potential.
The previous Mineral Resources were defined over approximately 15km of Parks Reef and contained 2,200,000 ounces of combined platinum, palladium and gold plus base metal credits, with 79,000 tonnes of copper.
Compared to this previous Mineral Resource Estimate (September 2021), the revised MRE at Parks Reef from February 2022 has delivered a substantial increase to 50.6Mt at 1.56g/t 3E PGM at a cut-off grade of 1g/t 3E PGM for the platinum group metal horizon and an additional 27.8Mt at 0.24% copper and 0.30g/t 3E PGM at a cut-off grade of 0.1% copper for the overlying base metal and gold horizon.
This represents a 28% increase to 2.8Moz contained 3E PGM and a 31% increase in contained copper to 104,000t.
Podium Minerals released its maiden Mineral Resource Estimate (MRE) for Parks Reef in October 2018.
Since then, with the aid of comprehensive drilling and a definitive growth strategy, Podium has announced several Mineral Resource upgrades – released in 2019 2020, and again in February 2022 – demonstrating the appealing project potential.
The MRE detailed for Parks Reef in September 2021 included the full 15km strike length and was defined to a depth of 100m below surface.
This was based on a preliminary assessment of a potential open-pit mining operation.
Following further, more recent preliminary mining studies, a 2.4km portion of the western part of the Mineral Resource where existing drilling is at its deepest – intersecting the reef up to 225m below surface – has now been classified as Inferred to a depth of up to 325m below surface (100m down dip from the deepest reef intersection on each drill section).
This latest resource update takes into consideration feasible bulk open-pit mining and subsequent underground mining options. Ongoing drilling and mining study work will further evaluate underground potential of the remaining strike length of the deposit.
Learn more via our MRE update announcement, dated 10 February 2022.
The competent persons statement as follows:
The information in this announcement that relates to the Parks Reef Mineral Resource is based on and fairly represents information compiled by Mr Doug Cook (Exploration Manager for Podium Minerals Limited) and Mr Lauritz Barnes, (Consultant with Trepanier Pty Ltd).
Mr Cook and Mr Barnes are both members of the Australasian Institute of Mining and Metallurgy and Mr Barnes is also a member of the Australasian Institute of Geoscientists.
Both have sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
Specifically, Mr Cook is the Competent Person for the database (including all drilling information), the geological and mineralisation models plus completed the site visits. Mr Barnes is the Competent Person for the construction of the 3-D geology / mineralisation model plus the estimation. Mr Cook and Mr Barnes consent to the inclusion in this report of the matters based on their information in the form and context in which they appear.