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Podium Minerals Ltd.
Summary
| Project: | WRC | |
|---|---|---|
| Deposit: | Parks Reef | |
| Location: | Australia | |
| Commodities: | PGM-Rhodium | |
| Date: | 2/24/2020 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 24-2-2020: Podium Minerals Ltd. announces an Exploration/Drilling Update report for its Parks Reef deposit at the WRC project. Re-assayed results incl. 12m @ 2.47g/t 3E PGM, 0.13g/t Rh from 33m. Podium Minerals Limited (‘Podium’ or the ‘Company’) is pleas | |
| Resources: | ||
| CP/QP: | [Overall Report]: Doug Cook (Internal) | |
| ABSTRACT: | Podium Minerals Limited (‘Podium’ or the ‘Company’) is pleased to advise that re-assay of samples from the Company’s drilling programmes has shown a consistent concentration of rhodium in the footwall of Parks Reef. Rhodium is one of the platinum group metals (PGM) and is the preferred material to initiate the reduction of nitrogen oxides (NOx) to harmless nitrogen in advanced 3-way catalytic converters for petrol and hybrid electric vehicles. Rhodium prices have continuously trended upwards since 2016 with rising demand and declining mine supply during this period. Like other PGMs mine production is dominated by South Africa (83%), Russia (8%) and Zimbabwe (5%)1. Demand for rhodium increased by 10% during 20191 as more stringent vehicle emission regulations are being adopted in most major auto markets. With no supply response the rhodium price has increased from USD 2,460 per ounce at the beginning of 2019 to the current price of USD 12,700 per ounce2 Palladium, which is subject to the same market dynamics, has risen from USD 1,270 to USD 2,690 per ounce3 during the same period. | |
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