Parkway Minerals NL (ASX:PWN) has had 17.9 million shares in Davenport Resources Ltd (ASX:DAV) converted, taking its total holding to 37.1 million shares.
This resulted from Davenport’s release of its inferred resource of 577 million tonnes at 12.1% potassium oxide, within the Ebeleben Mining Licence.
Ebeleben is in central Germany and forms part of the South Harz potash project area.
Parkway stake increases to 34.3%
Establishing this resource was the trigger for the conversion of the milestone I shares, which will result in Parkway receiving a further 17.9 million shares.
This will take its total holding to 37.1 million shares, 34.3% of the issued capital.
The company has strong exposure to growing demand for products used in fertilisers.
READ: Parkway Minerals leveraged to growing demand for fertiliser products
Parkway managing director Patrick McManus said: “This achievement demonstrates the ability of the Davenport team to rapidly, and cost-effectively advance the South Harz project to an important milestone.
Resource includes 324 million tonnes of high-grade sylvinite
“The inferred resource includes 324 million tonnes of high-grade sylvinite which could support a substantial mine for many decades.
"More importantly, the grade and tonnage of Ebeleben demonstrate the capability of the South Harz region to host very large deposits of sylvinite and carnallite.”
Aside from its interest in this project, Parkway is focused on developing the Lake Barlee Salt Lake Potash Project, northeast of Southern Cross in Western Australia.