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Podium Minerals Limited (ASX: POD, ‘Podium’ or ‘the Company’) is pleased to announce a new Mineral Resource Estimate (MRE) at its 100% owned Parks Reef PGM Project in Western Australia. The Inferred resource for the PGM reef now contains 6.0Moz of 5E PGM1.
Highlights:
- The upgraded MRE of 143Mt for 6.0 Moz at 1.30g/t 5E PGM represents a doubling of contained 5E PGMs
- Included within the new MRE are defined high-grade zones, ≥2g/t 5E PGM, one zone exists adjacent to the hanging wall of the PGM horizon and the other zone is located adjacent to the footwall
- The high-grade zones host a combined 15.7Mt for 1.17Moz at 2.32g/t 5E PGM (1.27g/t Pt, 0.84g/t Pd, 0.14g/t Au, 0.04g/t Rh and 0.03g/t Ir)
Managing Director and CEO - Sam Rodda commented:
“It is deeply satisfying to see this significant upgrade to our MRE. The team has been working diligently for several months on this project and we are pleased with the outcome. The quantum of the upgrade should come as no surprise to shareholders who have followed our recent drilling results, and is attributable to the remarkable consistency of the Parks Reef orebody.”
“The most exciting part of this orebody resource programme is the successful definition of the high-grade zones within the total PGM reef width. These high-grade zones have mining widths suitable for selective open-cut mining as well as underground stoping methods, these zones will allow our study team to consider options of higher grade mining and processing versus bulk methods to optimise value at Parks Reef.”
“I would like to take this opportunity to thank our team who have worked on the delivery of this upgrade. We are lucky to have such skilled team members applying their collective experience on a project that continues to break new ground with respect to Australian PGM projects. The team is aligned in the effort to develop and progress Parks Reef to become Australia’s first PGM supplier and this MRE upgrade is a significant milestone on that journey.”
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30,300 Tonnes Processed in Opening Campaign of 2024.
Highlights
- 30,300 tonnes processed by Coolgardie Mill for first gold campaign of 2024.
- 6 Doré bars weighing 64.68 kg delivered to Perth Mint.
- First gold sales now imminent.
- Total ounces and reconciliation of campaign to be advised.
- Joint Venture remains on track to mill more than 300,000 tonnes in 2024.
Management Comment
Managing Director, Mark English, said“BML are wrapping up the first gold campaign of the year from Jeffreys Find.
“It looks good and will create millions of dollars in gross revenue for our joint venture.
“BML are currently stockpiling ore at the mine and at the mill. The next processing campaigns at the mill are scheduled for July and August 2024.
“Jeffreys Find Gold Mine will be a substantial cash producer to Auric throughout 2024 and 2025,” said Mr English.
Doré bars at Greenfields Mill.
Photo of the pit at Jeffreys Find (2 May 2024).
The Greenfields Mill at Coolgardie (Greenfields) commenced milling of Jeffreys Find ore on 17 April 2024 and the campaign finished on 30 April 2024. The first six Doré bars of the campaign, weighing 64.68kg, have been poured and dispatched to the Perth Mint for refining and sale.
The number of ounces of gold from the campaign and gross revenue from gold sales will be known shortly and advised to the ASX. BML are continuing to mine and stockpile ore on the mine site ROM Pad and at the Greenfields Mill. The next gold campaigns are scheduled for July and August 2024.
BML expects to mill more than 300,000 tonnes of ore during Stage Two of The Project. Stage One saw 176,000 tonnes processed to recover 9,741 ounces of gold.
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EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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