Up 232% in 1 year, why is the Podium Minerals (ASX:POD) share price rocketing today?

The ASX commodity sector is off to a strong start in 2022.

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The Podium Minerals Ltd (ASX: POD) share price is off to the races today.

At time of writing, shares in the ASX resource explorer are up more than 12%, having earlier posted gains of 20%.

Below we take a look at the latest drilling results that look to be stoking ASX investor interest.

What drilling results were announced?

Kicking of the new year on a high note, the Podium Minerals share price is surging after the company reported promising drill results at its 100% owned Parks Reef PGM (platinum group metals) project in Western Australia, alongside the appointment of its new chief executive officer.

Podium completed 2 of the 3 diamond drill holes it plans to test Parks Reef before Christmas. Cores from the 500 metre deep holes are now in Perth with preliminary lithological logging completed.

According to the release, initial core observations indicate both holes intersected “sulphide bearing stratigraphy of the layered intrusion”. Podium said that visual analysis provides it with additional confidence that mineralisation is continuing to significant depth.

Commenting on the results, newly appointed CEO Sam Rodda, who officially took the helm on 1 January, said:

This is a very exciting outcome for Podium, with the Stage 8 drilling so far confirming continuity of Parks Reef at depth and that it remains steeply dipping. This drill program has provided further confidence that we have yet to find the limits of the orebody at depth.

We intend to pursue an aggressive exploration strategy aimed at growing our resource base and also testing our orebody for rhodium and iridium to include the full 5E PGM suite of minerals in future resource estimate updates.

Podium Minerals share price snapshot

Podium Minerals shares have stormed higher over the past 12 months, gaining 232%. That compares to a 12 month gain of 13% posted by the All Ordinaries Index (ASX: XAO).

Over the past month, the Podium Minerals share price is up 13%.

Should you invest $1,000 in Podium Minerals right now?

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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