Podium Minerals Limited announced new intercepts for the Central Ore Zone of Parks Reef orebody. Four holes have been returned from Stage 9 drilling and two holes returned from Stage 10 drilling. The approval of exploration access to the Central Ore Zone was announcement on 1 June 2022.

Subsequently, nine (9) Central Ore Zone holes (6 holes in Stage 9 and 3 holes in Stage 10) were completed in early July 2022. This drilling was conducted on 200m spaced sections in 3 lines. Results have been received for 6 of the 9 holes (4 from Stage 9 and 2 from Stage 10; PRRC255, PRRC256, PRRC257, PRRC259, PRRC262 and PRRC265) and confirm the potential of the area to host some intercepts that have values greater than the average MRE grade.

Hole PRRC265 has been interpreted as intersecting a local dyke displacing the PGM reef, close space drilling closer to operation will identify final location of the PGM reef in this area. The 3E PGM assays for the remaining three holes within the Central Ore Zone are to be received in early September 2022. The results for the last RC hole in Stage 10 (PRRD249) has also been received.

In total 35 holes have now had full assay results returned and an additional 7 holes have partial assays returned. All 3E PGM results for the remaining Stage 10 diamond core tail drilling are expected in September 2022. The Stage 10 Programme aims to prove 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 PGM3.

Delivery of the updated MRE incorporating this target is on track to be delivered in October 2022. Mineralised intercepts 2m thickness (with a maximum of 3m internal waste if carried) include: 2m at 2.09g/t 3E PGM (1.69g/t Pt, 0.39g/t Pd and 0.01g/t Au) from 43m (PRRC262); and 16m at 2.51g/t 3E PGM (1.69g/t Pt, 0.80g/t Pd and 0.01g/t Au) from 76m including 2m at 11.48g/t 3E PGM (8.52g/t Pt, 2.94g/t Pd and 0.03g/t Au) from 88m. 3m at 2.07g/t 3E PGM (1.68g/t Pt, 0.38g/t Pd and 0.01g/t Au) from 16m (PRRC259); and 2m at 1.17g/t 3E PGM (0.72g/t Pt, 0.42g/t Pd and 0.03g/t Au) from 29m; and 4m at 2.19g/t 3E PGM (1.57g/t Pt, 0.62g/t Pd and 0.01g/t Au) from 42m including 2m at 2.87g/t 3E PGM (2.08g/t Pt, 0.78g/t Pd and 0.01g/t Au) from 42m.

7m at 1.42g/t 3E PGM (0.53g/t Pt, 0.43g/t Pd and 0.46g/t Au) from 28m (PRRC255) including 1m at 4.80g/t 3E PGM (0.68g/t Pt, 0.90g/t Pd and 3.22g/t Au) from 34m. 13m at 1.13g/t 3E PGM (0.57g/t Pt, 0.52g/t Pd and 0.04g/t Au) from 117m (PRRC249). 7m at 1.25g/t 3E PGM (0.57g/t Pt, 0.58g/t Pd and 0.09g/t Au) from 64m (PRRC256); and 6m at 1.02g/t 3E PGM (0.57g/t Pt, 0.45g/t Pd and 0.01g/t Au) from 77m.

4m at 1.21g/t 3E PGM (0.71g/t Pt, 0.29g/t Pd and 0.21g/t Au) from 105m (PRRC257); and 12m at 1.17g/t 3E PGM (0.53g/t Pt, 0.56g/t Pd and 0.08g/t Au) from 142m. Selected samples are being subsequently assayed for 5E PGM and base metals. 5E PGM testing commences following identification of the PGM zone via 3E PGM analyses.

Due to the high volumes and laboratory delays, results from 5E assays will continue to be longer than the 3E PGM and gold turnaround times.