Davenport Resources is on the path to declaring Europe’s largest potash resource as it seeks to boost its resource base in Germany and upgrade resources to JORC indicated status.
The company (ASX: DAV) has recently confirmed an Inferred Resource of 1.13 Billion tonnes at 11.10% K2O declared for the Mühlhausen-Keula sub area of the Muhlhausen-Nohra Perpetual Mining Licence following a review of historic drill data by leading consultants Micon International Co. Ltd.
Davenport now controls over 1.7 billion tonnes (grading 11.4% K2O) of JORC Inferred Resource from its Ebeleben and the southern portion of its Mühlhausen-Nohra Mining Licences.
Davenport Resources Managing Director Dr Chris Gilchrist said it had been an exciting time with the confirmation of the extremely large and high-quality resource within the southern part of the Muhlhausen-Nohra licence.
We are on target to declaring Europe’s largest potash resource with over 1.7Bt of JORC inferred resource grading at 11.4% K2O across Ebeleben and Muhlhausen-Nohra under our control.
“Our next steps are to release in coming weeks the results of a review of historic drill hole data from the northern portion of the Mühlhausen- Nohra Licence with an aim to convert historic resources to JORC 2012 compliant resource.
“We will also undertake a targeted drilling program in early 2019 to upgrade JORC inferred resources to indicated resources.”
Planning is at an advanced stage to conduct confirmatory drilling at several sites within Davenport’s licence areas in early 2019. A drilling contractor has been identified and consultations have been held with local authorities and landowners.
During the September quarter, Davenport appointed Bacchus Capital Advisers for the provision of
strategic, financial and advisory services.
Improvements in the global potash market have recently elevated potash prices in excess of US$300 per tonne in NW Europe, SE Asia and Brazil.
Davenport was trading 0.2c higher at 7.2c on Tuesday.