Podium Minerals Holds Rhodium and Iridium Aces at Parks Reef

THE CONFERENCE CALLER: Podium Minerals (ASX: POD) is exploring for platinum group metals, gold and base metals with the aim of developing the company’s 100 per cent-owned Parks Reef PGM project located within its mining leases in the Mid-West Region of Western Australia.

Podium Minerals recently completed drilling that led to the upgrading of the Resources at Parks Reef with contained metals increasing to a total of 2.2 million ounces of combined platinum, palladium and gold plus base metal credits with 79,000 tonnes copper.

The total Minerals Resources extend over approximately 15 kilometres of strike of Parks Reef and have now been defined to a depth of 100 metres below surface based on an assumption of bulk open-pit mining with PGM mineralisation open at depth.

The Resources include a high value Upper PGM Horizon of: 9.2 million tonnes at 2 grams per tonne 3E PGM and 0.17 per cent copper.

3E PGM refers to platinum plus palladium plus gold expressed in units of grams per tonne.

“The latest round of drilling included for the first time, significant drilling below 100 metres in the western sector and results to date have reinforced the sheer consistency and continuity of the Parks Reef PGM-gold-copper mineralisation,” Podium Minerals executive chairman Clayton Dodd said.

“In addition, it has also re-affirmed that high-grade primary PGM mineralisation is not uncommon within Parks Reef.

“Results from recent drill programs have refocussed Podium attention to high-grade zones along the Parks Reef strike.

“Understanding the controls and distribution of these reported high grade mineralised zones will be our priority with further follow-up drilling.”

The resource estimate did not, however, include the high value platinum group elements rhodium and iridium which occur throughout Parks Reef the company had previously reported.

In its June Quarterly report, Podium reported results that included rhodium and iridium hots of:

7m at 5.75 grams per tonne 3E PGM, 0.32g/t rhodium and 0.14g/t iridium from 89m, including 3m at 10.83g/t 3E PGM, 0.65g/t rhodium and 0.29g/t iridium from 89m, including 1m at 25.74g/t 3E PGM, 1.35g/t rhodium and 0.7g/t iridium from 91m; plus
11m at 1.25g/t 3E PGM, 0.08g/t rhodium and 0.03g/t iridium from 100m.

6m at 3.75g/t 3E PGM, 0.15g/t rhodium and 0.07g/t iridium from 142m, including 1m at 15.29g/t 3E PGM, 0.4g/t rhodium and 0.2g/t iridium from 142m.

Rhodium is regarded as the best catalyst for the aftertreatment of gasoline nitrogen oxides (NOx) emissions.

Iridium has an extremely high melting point and is the most corrosion resistant metal known.

It is commonly used as a hardening agent together with other PGM’s in particular, platinum.

While Podium has previously assayed selected holes for rhodium and iridium, there is currently insufficient drill data to include these platinum group elements into the Mineral Resources.

Podium plans to routinely assay for rhodium and iridium once the company moves to in-fill drilling for indicated resources.

It is expected that this will allow rhodium and iridium to be included within the Parks Reef Mineral Resources.


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