Parkway Minerals NL (ASX:PWN) has received commitments to raise $850,000 via a placement of shares to new and existing shareholders at $0.01 each, to advance its Lake Barlee project.
The Lake Barlee project is a salt lake in the mid-west region of Western Australia, north of Southern Cross.
Earlier this year, Parkway had secured additional exploration license application taking its landholding for the project to 1956 square kilometres, giving it a dominant landholding on the lake.
The new share placement is being undertaken to fund the exploration program planned for the next 12 months at Lake Barlee.
The company is exploring a sulphate of potash project from the brines in the lake. The field work carried out in April 2017 showed high potassium grades in surface brine samples.
Parkway remains focused on its Dinner Hill project, located in the Dandaragan Trough of Western Australia.
The company has a major land holding over one of the world’s largest known glauconite deposits, covering an area of 1,150+ square kilometres in the greensand deposits of the Dandaragan Trough.
The indicated resource delineated at Dinner Hill could be a source of phosphates and potash to the agriculture sector for many decades, with a mine life of over 40 years projected.
A feasibility study is underway targeting completion in mid-2019 after which time construction is set to begin pending a positive outcome.
Parkway’s share price has increased circa 33% in the past three months and was last trading at $0.012 intra-day.