Parkway Minerals NL’s (ASX:PWN) investment Davenport Resources Ltd (ASX:DAV) has rocketed 14% during intraday trading after upgrading the inferred resource for its Mülhausen-Keula sub-area in Germany to more than 1.13 billion tonnes grading 11.1% potash.
The investment company’s resources at the Mülhausen-Nohra mining licence were upgraded by internationally‐renowned consultancy Micon International Co, using historical data.
Australian company Davenport reported today the potassium oxide resource consisted mostly of sylvinite and carnallitite.
The company said the sub-area’s sylvinite resource was 834 million tonnes grading 12.10% potassium oxide and carnallitite resource was 295.8 million tonnes grading 8.2% potassium oxide.
Davenport, which is 32%-held by Parkway, said the JORC-compliant inferred resource contained “exceptionally low levels of insoluble minerals — less than 1% clays, anhydrite — which will greatly facilitate metallurgical processing”.
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Davenport managing director Dr Chris Gilchrist said: “Micon International Co Ltd has again confirmed an extremely large and high‐quality resource within the southern part of our Mühlhausen‐Nohra mining licence.
“This dramatic increase in our overall JORC inferred resources means we are well on the way to declaring Europe’s largest potash resource.
“Equally important is the significant quantities of minerals required for the production of high-value multi‐nutrient fertilisers.”
The company, which holds its German potash licences through wholly-owned German subsidiary East Exploration GmbH, said its South Harz project resource now sits at 1.7 billion tonnes grading 11% potassium.
South Harz’s resource includes 1.1 billion tonnes of sylvinite grading 13.1% potassium oxide.
Potash mining in Germany began in the 1850s, with the South Harz region producing more than 180 million tonnes of potash from underground mines between 1880 and 1993.
Parkway noted Micon International’s review of the remaining resources at Mülhausen-Nohra was continuing.
Earlier this month, Lithium Australia secured an option over further lithium prospective acreage on Australia’s west coast, picking up the Youanmi Lithium Project.
Youanmi hosts extensive lithium mineralisation and outcropping pegmatites.