Parkway Minerals sold its interest in the South Harz potash project located in Germany to Davenport during 2015 in exchange for Davenport shares.
Parkway Minerals will own 26% of Davenport upon listing on the ASX and Davenport will now move towards allotting the shares, which is planned for 30 December 2016.
Patrick McManus, managing director, commented: “Davenport will be focused on the significant opportunity presented by the Küllstedt and Gråfentonna Exploration Licences in the long-established South Harz potash field in Thuringen, Central Germany.”
Davenport will be commencing work on key programs, immediately upon listing.
These will include:
- Evaluation of substantial amount of historical exploration data on the Gråfentonna licence, expected to take 3 months; and
- Drilling on identified targets on the Küllstedt license, expected to commence in the second quarter of 2017 and take circa six months.