Parkway Corporate (ASX:PWN) granted Karinga Lakes exploration licences

• Parkway (PWN) has been granted three exploration licences at the Karinga Lakes potash joint venture project
• The NT Government has provided confirmation of grant for the licences following dismissal of a Native Title objection
• The licences cover 1109 square kilometres and encompass all eight lakes that form the basis of the project’s mineral resource estimate
• First year rent is around $13,000 for all three licence areas with expenditure commitments totalling around $170,000
• Shares have ended the day trading steady at one cent

Parkway (PWN) has received confirmation of grant by the Northern Territory Government for three exploration licences at the Karinga Lakes potash joint venture project.

The project is majority held by Verdant Minerals with Parkway currently holding a 15 per cent working interest through its subsidiary Consolidated Potash Corporation and Territory Potash is the JV operator.

Territory Potash applied to the NT Government for the licences which cover 1109 square kilometres and encompass all eight lakes that form the basis for the project mineral resource estimate.

As previously reported, the proposed grant was subject to a Native Title objection which was dismissed in October.

Now the NT Government has provided confirmation for the exploration licences with an effective date of November 30 for an initial six-year term.

For the two largest licences the first year expenditure commitment is $70,000 each with rent of $6574 for the largest and $6270 for the second largest.

The smallest licence area is 62 square kilometres and rent for the first year is $760 with an expenditure commitment of $30,000.

Parkway said the confirmation grant marks the end of the Tenement Rationalisation process.

With the company progressing a number of milestones including expenditures associated with the project pre-feasibility study, Parkway has notified the JV Operator that it believes it has met the requirements to increase its working interest to 40 per cent.

Upon finalisation of the registration of the increased working interest, Parkway will be required to meet its share of expenditures corresponding with this increase.

Shares have been trading grey at one cent at market close.