Podium Minerals (POD.AX) has released its first resource calculation on the Range Well Nickel project, which hosts a nickel laterite deposit and borders Podium’s 5E Parks and Reef PGM project. The resource is based on approximately 53,000 meters of drilling in in excess of 1,000 reverse circulation holes.
This maiden resource came in at 363 million tonnes of rock at an average grade of 0.7% nickel (using a cutoff grade of 0.5% nickel), resulting in 2.63 million tonnes (almost 6 billion pounds) of contained nickel. Interestingly, about 2/3rd of the tonnage is already classified as an indicated resource (at 0.74% nickel, including 0.05% cobalt and about 1.3% chromium).
As the nickel zone is directly adjacent to the PGM zone, Podium Minerals is suddenly sitting on an intriguing polymetallic district.
Disclosure: The author has no position in Podium Minerals. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
