Mineral explorer Davenport Resources Limited (ASX: DAV) announced the release of securities that were under escrow. The company stated that ~71.76 million shares and ~6.16 million options would be released from escrow on 20 January 2019.
These options and shares were escrowed at the time of admission to the official list of ASX by Davenport. The lock-in period was determined to 24 months from the date of quotation in January 2017. Also, options, if not exercised, will expire on 20 January 2020.
Davenport Resources Limited is a mineral exploration company that holds interest in iron oxide-copper-gold (IOCG) project called Southern Cross Bore Project located in Australia’s Northern Territory. Davenport conducted a limited amount of fieldwork on the Southern Cross Bore Project in the Northern Territory during Fiscal 2018. A first gold-copper resource for Johnnies Reward of 2.2 million tonnes at 1.4g/t gold equivalent was declared in March 2018. The resource included 52,000 ounces of gold at 0.7g.t Au and 9,000 tonnes of copper at 0.4%.
Through its 100% owned subsidiary, Davenport also holds licenses for potash project in Germany with the landholding in the South Harz Potash basin in Thüringia. In April 2018, the company released its first maiden JORC compliant potash resource covering the Ebeleben Mining License totaling 576.6 million tonnes at 12.1% K2O of Inferred Resources. Currently, Davenport intends to begin further evaluation drilling in Germany on several fronts within the Küllstedt, Ebeleben and Gräfentonna license areas. It aims to commence drilling in the northern hemisphere spring 2019.
For FY2018, the company posted loss after providing for income tax amounted to $1,481,872, compared to FY2017’s loss of $2,734,788. Included in the loss for fiscal 2017 was an expense of $1,825,364 reportedly incurred on the deemed reverse acquisition by the shareholders of East Exploration Pty Ltd to acquire a substantial interest in the company.
With this update, Davenport Resources’ stock plunged 2% or $0.002 to last trade at $0.098 on 4 January 2019. In the past 12 months, DAV stock price has gone up by 8.70%, and in the past six months, it jumped sharply by 40.85%.
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