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Parkway Minerals to benefit from German potash resource

Parkway Minerals owns 19.3 million shares in Davenport Resources.
Close-up of colored map of Europe zoomed in on Germany
Davenport Resources listed on the ASX in January 2017

Parkway Minerals (ASX:PWN) has a 26% stake in Davenport Resources (ASX:DAV) which owns a potash exploration project in the South Harz region of  Germany.

The 650+ square kilometre South Harz Potash Project consists of three perpetual mining licences recently purchased from the German government and two exploration licences.

Historical drilling and mining in the South Harz potash basin demonstrate that the licences are underlain by a continuous potash horizon.

As part of the ongoing review of the historical data, Davenport has confirmed a resource of 221 million tonnes at 16.7% potassium oxide under the non-JORC C2 classification.

The detailed information supporting this historical resource estimate will allow Davenport to fast track cost-effective brownfields evaluation of the area with the aim of reinvigorating the South Harz as a globally significant potash producing region.

Davenport anticipates that a minimum number of carefully located confirmation drill holes can readily validate these historical resources to allow conversion to JORC 2012 standard.

Further historical resources on the other mining licences within the project will be released as the data is reviewed.

Patrick McManus, managing director, commented: ”The Davenport announcement is the first of several expected from the very significant amount of exploration data that has come as part of the purchase of three perpetual mining licences by Davenport. Further reports will be released in the weeks ahead.”

READ NOW: Parkway Minerals defines drill targets with seismic survey

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