The Parks Reef, west of Meekatharra in Western Australia, is now claimed to host 6.05 million ounces 5E PGM grading 1.3 grams per tonne, with two areas being considered for starter mines.

 

The high-grade zones contain a combined 1.17Moz of precious metals at 2.32gpt, based on a 2gpt cut-off, compared to the 0.5gpt cut-off used for the main resource.

 

Managing director Sam Rodda said zones, adjacent to the hanging wall and footwall, have widths suitable for selective open-cut and underground stoping methods. Studies continue.

 

The new resource follows several months of work within the 2.7-3.8Moz exploration target, with the work extending the base of the resource from 150m subsurface to 250m.

 

Parks Reef remains open at depth along the full 15km strike, and its drilling has suggested the platinum, palladium, gold, rhodium and iridium are consistently present across the full width and strike of the reef.

 

In addition to the precious metals, Parks Range contains 94,000t copper, 127,000t nickel, and 24,000t cobalt.

 

The company continues to draw parallels between the Weld Range Complex, which costs Parks Reef, and other large PGM deposits in South Africa's Bushveld Complex, but unlike the SA deposits, it says Parks Reef lacks the high chromite grades that are deleterious and negatively impact prices.

 

Podium says flotation tests on the sulphide mineralisation shows similarities to southern African ores, with PGM recoveries of 83-89%, and copper recoveries of 83-89%.

 

Work continues on assessing recoveries for the high-value rhodium and iridium.

 

Podium successfully listed as the first modern platinum-focused company in Australia in 2018, and recently raised A$6.6 million at 22c.

 

It started October with around $5 million cash. It is targeting starting a prefeasibility study later in 2023.

 

Podium shares have traded at 12-63c over the past year and closed Friday at 15c, valuing it at $50 million.