Podium Minerals' CEO says nine deeper drill holes confirm Parks Reef PGM mineralisation extends 450–500 metres deep, well past the current 250-metre resource boundary. Grade and width profiles match the shallow inferred resource of 183Mt at 7.6Moz. Metallurgical test work is the next catalyst.
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Podium Minerals' Parks Reef PGM deposit in Western Australia runs deeper than the current resource model captures. Six diamond holes drilled to 300–450 metres vertical depth all hit mineralisation, and five of the six confirmed vertical continuity across a 2 km strike segment within the planned starter mine area. The best intercept came from hole PRDD027: 27.7 metres at 2.04 g/t 5E PGM, including a 1.8-metre section at 4.34 g/t 5E.
CEO Rod Baxter said those grades and widths match the near-surface inferred resource of 183 million tonnes at 7.6 million ounces, which is capped at 250 metres depth. The company has now added three historic holes that hit mineralisation at roughly 500 metres vertical depth in three separate locations across the 15 km strike. That brings the pooled deeper dataset to nine holes, and the evidence for down-dip continuity out to 450–500 metres is backed by both assay data and geophysics showing the host geology may extend to 2 km depth.
What matters for the mining plan is that the deeper intercepts also carry a copper-gold zone immediately above the PGM horizon. That same copper-gold zone appears in the shallow resource. If the relationship holds, it broadens the potential value per tonne and could support a selective mining strategy around discrete high-grade domains exceeding 2.5 g/t 5E at depth. Baxter said that profile matches the higher-grade zones already identified within the existing MRE.
The deeper drilling was part of a combined metallurgical and extension programme. The six holes provided both depth samples for ongoing metallurgical test work and confirmation that mineralisation persists well below the current resource boundary. The company expects to integrate the new data into its geological model before the next resource update.
Parks Reef is Podium's flagship asset. The project sits in a PGM district that has not seen extensive deep drilling historically, so a 500-metre vertical extension on a 2 km segment of a 15 km system leaves substantial room for further testing. The next catalyst is the metallurgical programme, which will determine how the deeper material responds to conventional processing flowsheets used for near-surface ore. Results from those tests are pending.
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