Another positive update from a little known mining explorer. The Parks Reef tenement in Western Australia already has a inferred resource of 1,390,000 ounces of Platinum, Palladium and Gold. On top of this there is base metal credits of 53,900 tonnes of copper. Today's announcement indicates that the drill results from further along the strike length confirm the same concentration of PGM. If this is confirmed to follow the entire 15km of strike zone at fairly shallow depth then POD will be sitting on a very valuable resource. Additional to this is the presence of Rhodium in the ground. The company has yet to prove up a Rhodium resource but if it can then this will add significantly to the bottom line with Rhodium trading at $20,000 oz.
Whilst not revolutionary todays announcement did suggest a material resource upgrade would be coming mid year. With platinum prices elevated, resource upgrades in the works and the potential for Rhodium credits POD is in an enviable position. The current market cap of $45mio seems low for the potential this company has.