Phosphate Australia (ASX:POZ) now holds over 3.7 million in cash...

Phosphate Australia (ASX:POZ) now holds over 3.7 million in cash and 10 million Monument Mining (TSXV:MMY) shares worth $1.9 million, following the sale of sales of its Tuckanarra Gold Asset in Western Australia to Monument.

This $5.6 million cash and listed share balance is more than double its current market capitalisation of just $2.7 million.

Project-wise, POZ holds a 30% free carried interest in a copper-nickel project in the Musgraves region of Western Australia.

Notably, this project is joint ventured with Anglo American (LON:AAL) which is capitalised at $24 billion, and is located close to the large Nebo-Babel and Succoth nickel-copper deposits.

The Nebo-Babel and Succoth deposits are currently being drilled by Cassini Resources (ASX:CZI) after recently acquiring the tenements from BHP Billiton (ASX:BHP).

Nebo-Babel contains substantial known nickel-copper mineralisation so drilling results are anticipated to be strong.

High grade assays from Nebo-Babel could have a positive on the POZ share price as investors look for leveraged exposure to the Musgrave mineral province.
 
POZ also controls the Highland Plains phosphate project in the Northern Territory with a JORC inferred resource of 55 million tonnes of phosphate rock.