Podium Minerals Limited announced further assay results from two reverse circulation (RC) holes completed as part of the Stage 10 exploration drilling programme. Analysis of the intercepts continue to support expansion of the Parks Reef Exploration Target (70 to 75Mt at grade of 1.2 to 1.6g/t 3E PGM)1. Ongoing Stage 10 drilling (targeting a total of 50 holes) is expected to reach completion in early July. New 3E PGM assay results have been received for 2 of the 35 completed RC holes drilled to date that achieved full reef intercepts and brings total holes assayed to 6. One hole exceeded expectations and the second is within the anticipated range.

The Stage 10 Programme is aimed at proving the enlarged Exploration Target of 70Mt to 75Mt at 1.2 g/t to 1.6 g/t 3E PGM for 2.7Moz to 3.8Moz 3E PGM4. To date, samples from the 35 RC holes have been transported to Perth for initial 3E PGM analysis. In addition to these holes, 15 holes stopped short of planned reef intercepts due to swelling clays and fibrous veins and are being extended with diamond core tails to achieve full reef intercepts.

Around 650m of diamond core drilling is planned and commenced mid-June with 318.3m5 completed in 6 out of the 15 holes. The intercept in PRRC208 is exceptional in that its grade result is substantially higher (around 20% higher) than the upper most limit of the expected grade range for the Exploration Target. The potential for high grade zones is known to exist in the current inferred MRE down to 150m vertical, these zones will be better defined with closer spaced infill drilling.

This result in PRRC208 verifies the potential for similar high-grade zones occurring within the Exploration Target, providing high confidence for the inferred MRE to be extended to a vertical depth of 250m. Podium is still experiencing delays in assay turnaround. Further drill results are expected throughout July and August this year.

All intersections are within fresh (sulphide) rock and selected samples are being re-assayed for 5E PGM and base metals. Drilling of planned Stage 9 and 10 supplement holes in the central area (under Section 18 approval), commenced in mid-June. Six of the planned 9 RC holes have been completed for 740m under the supervision and support of the traditional owners.

Assay results for the remaining 6 holes out of a total of 22 holes drilled in the Stage 9 RC programme in March 2022 have been received. All holes met expectations and will support improved interpretation in the shallow section of the orebody.