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Parkway Minerals' shares up on back of increase in Davenport Resources' potash resource

Shares in Parkway rallied 8% after the increase in Davenport's potash resource was announced.
Picture of crops being grown
Davenport aims to establish the project as Europe’s largest unmined potash field

Parkway Minerals NL (ASX:PWN) is a beneficiary of Davenport Resources Ltd’s (ASX:DAV) increase in its potash resource at the Mühlhausen-Nohra Mining Licence in Germany.

Parkway owns 37 million shares in Davenport, representing a stake of about 34%.

Release of an inferred resource

On April 10, 2018, Davenport announced an historical potassium oxide resource for two additional sub-areas of the Mühlhausen-Nohra Mining Licence, which is part of the South Harz project area.

This adds to the resource announced in November 2017 for the Mülhausen sub-area.

Parkway managing director Patrick McManus said: “Following the recent announcement of an inferred resource on the Ebeleben Mining Licence, this work confirms the potential of the mining licences within the South Harz project.”

115 million tonnes of potassium oxide

Previous work carried out at the Mühlhausen sub-area delivered an historical resource of 234 million tonnes at 14.4% potassium oxide for 33.8 million tonnes of contained potassium oxide.

This brings the total of the known historic resource lying within the Mühlhausen-Nohra Mining Licence to 115 million tonnes of contained potassium oxide.

This data will allow Davenport to prioritise areas for further exploration with the aim of establishing the project as Europe’s largest unmined potash field.

Parkway’s shares traded up 8% in response to the news.

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