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Joe Blow

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Drake Resources Limited (DRK) is a gold and silver mining and exploration company operating in New South Wales and Western Australia. DRK's main activities are through its alliance with Zinifex Ltd, the global zinc, lead and silver mining company.

http://www.drakeresources.com.au
 

springhill

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Drake Resources are currently chasing Au/Cu in Sweden. There they are targetting the Falun Copper/Gold mine on both the eastern and western zones. The Falun Au/Cu mine was established around 700AD and was the world's largest copper producer in the 17th and 18th centuries. Mining stopped in 1992.
Throughout it's history 35 million tonnes of ore were mined containing on average 1-3% Cu, 2-6% Zn and 1-7g/t Au.
Of recent exploration best results in the Eastern zone were 31m @4.4g/t Au and 1.2% Cu from 59m, also 24.6m @ 3.1g/t Au and 1.7% Cu from 2m.
Best of the western zone were an intercept of 17.2m @ 2.3g/t Au, 1.9% Cu, 3.8% Zn, 0.8% Pb and 56.4g/t Ag from around 120m. Hole was still mineralised at bottom of drill depth.

Current SP 13c
MC $7m
Shares on Issue 52.6m
High/Low 37c/12c
Cash at Hand $6.9m
Expenses this Quarter $850k
 
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Drake Resources are currently chasing Au/Cu in Sweden. There they are targetting the Falun Copper/Gold mine on both the eastern and western zones. The Falun Au/Cu mine was established around 700AD and was the world's largest copper producer in the 17th and 18th centuries. Mining stopped in 1992.
Throughout it's history 35 million tonnes of ore were mined containing on average 1-3% Cu, 2-6% Zn and 1-7g/t Au.
Of recent exploration best results in the Eastern zone were 31m @4.4g/t Au and 1.2% Cu from 59m, also 24.6m @ 3.1g/t Au and 1.7% Cu from 2m.
Best of the western zone were an intercept of 17.2m @ 2.3g/t Au, 1.9% Cu, 3.8% Zn, 0.8% Pb and 56.4g/t Ag from around 120m. Hole was still mineralised at bottom of drill depth.

Current SP 13c
MC $7m
Shares on Issue 52.6m
High/Low 37c/12c
Cash at Hand $6.9m
Expenses this Quarter $850k
Not much talk about this Co. but could be a sleeper about to wake.

Had a nice spike in late October. The retrace was short and sweet, and now it looks like its starting to move again.

Low market cap ... well funded in the short term .... nice looking projects ... and not many shares on issue ....... A lot of boxes ticked for a spec play.

I've only got a few, but wish I had a lot more the way its looking.
 
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this is on my watch list... waiting for a retrace. A cup has formed and its either going to retrace for another entry point or continue to run.
 
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this is on my watch list... waiting for a retrace. A cup has formed and its either going to retrace for another entry point or continue to run.
Howdy Tugga, Think you may be right .... The 38 cent resistance point looks pivotal now.

Fridays 11% run up on healthy volume against a generally weakish market was unexpected, and to be honest looked like buyers not wanting to miss out, so I wonder if there is some more positive news in the pipeline ;).

I bought a few with the intention of buying a few more on any short term retrace, but the buyers jumped in on friday, so it does look positive .... any retrace now below 34 cents would look a bit odd!

Considering how Uranium is hotting up, it is worth noting that DRK hold over 4% stake in AEE which look to hold one of the 10 largest uranium deposits in the world :eek: ....

AEE's SP has been on the move as well, so DRK will no doubt be getting some spill over from that ..... The Board of Directors are almost identical, so they will know what is going on with both Co's ...... That can work in either +tive and -tve ...... but based on the charts of both Co's, the news looks very promising !
 
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Howdy Tugga, Think you may be right .... The 38 cent resistance point looks pivotal now.
The 38 cent resistance as it turned out, quickly turned into 38.5 cent support.

Since my last post, DRK has risen another 25% ...... thats 66% in a month :eek:

The buyers have been chasing this up for some reason ... and it makes you wonder just how good their Gold resource may turn out to be!

It really looks like its due for a retrace/consolidation around the 50 cent mark, so it will be interesting to see how any sell volume is treated by those in the know.
 

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Since my last post, DRK has risen another 25% ...... thats 66% in a month :eek:

Add a few more % to that last post ..... these guys must have struck the "mother lode":eek: Nobody wants to sell just yet .... It is starting to look over done though.
 

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Add a few more % to that last post ..... these guys must have struck the "mother lode":eek: Nobody wants to sell just yet .... It is starting to look over done though.
I think Mauratania was the link to Drake being recognised.

It has pretty big acreage right next to a huge discovery.

It could be a pretty exciting 12 months for this one.

We will have to wait and see though
 
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I think Mauratania was the link to Drake being recognised.

It has pretty big acreage right next to a huge discovery.

It could be a pretty exciting 12 months for this one.

We will have to wait and see though
Agree Subi, Their tenement port folio looks pretty impressive. I was reading their full blurb a few weeks back, looked at the chart, and thought to myself .... I should buy this stock ..... only wish I'd bought more than just a token amount :banghead:...

The lack of willing sellers has been the standout over the past 2 weeks. There will have to be a plateau point soon, but its obviously tightly held by those in the know. Bottom drawer for mine!!
Cheers.
 

springhill

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I thought DRK had some interesting projects when i first looked at it 2 years ago, and they had a great price run soon after that.

Ironically, they are back at the same price, and i think they have a whole new suite of projects worth looking at in West Africa and Scandinavia.
Over this time they have, to their credit keep their capital structure tight, with only 82.5m shares on issue and $6.1m in the bank (as of March), probably somewhere closer to $4m now.

2 directors recently purchased 120,000 shares on market each.
http://www.asx.com.au/asxpdf/20120514/pdf/4267z2mmbrpcv1.pdf

WEST AFRICA

Hosts projects in Mauritania, Guinea and Senegal.

Conchita (Mauritania) has thrown up an individual result of 1m @ 57g/t, aswell as some other good grades but at only 1-2m thick. Depths range from 19m-138m. Many assay results still to come, worth keeping an eye on.
http://www.asx.com.au/asxpdf/20120608/pdf/426qy6j77fb10k.pdf

Tasiast South (Mauritania) 17,000m drill program over 8km strike length reveals grades up to 3g/t. 5,000m infill program in progress to further investigate the best results.
http://www.asx.com.au/asxpdf/20120430/pdf/425xsyw199tmyt.pdf

Seimana Project (Guinea) Geochemical sampling and mapping commenced.

Samekouta Project (Senegal) Geochemical sampling has been completed, results expected soon.

SCANDINAVIA

Norway Ground follow up of VTEM airborne targets commenced. Drilling Roros later in 2012


Sweden Substantial underground drilling programme planned at Falun. Drilling follow up of VTEM targets underway in Drake 100% properties


Finland drilling programme continuing
 

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springhill

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Strong gold values at Drake’s Seimana Gold Project in Guinea
• Major regional soil & termite mound geochemical programme completed at Seimana, Guinea
• Many strong gold anomalies to 2.87 g/t gold in soil
• Consecutive soil samples (800m) average 0.68 g/t gold
• Part of a substantial north-south orientated anomaly
• Numerous areas of artisanal workings
• Multiple drill targets identified
 

springhill

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Drake secures rights over two significant copper-zinc mines in Norway

Drake Resources has acquired important exploration rights to some 100 square kilometers of highly prospective copper and zinc ground in the Grong District of Nord Trondelag in Norway known as the Gjersvik Project.
The company finds this project particularly attractive as the rights are located in a proven and significant mining area, are close to infrastructure and have not had the benefit of modern exploration technologies.
This acquisition is in line with the company’s strategy to build a valuable portfolio of precious and base metal resources in Scandinavia.

The rights include:
-Nine 100% Drake claims including the historic Gjersvik mine
-Exploration and Exploitation (Mining) Agreement over the Joma mine, which closed in the 1990s

Mineralisation
The Joma Naeringspark claims encompass the Joma mine and its prospective westerly and southerly strike
extensions. A total of 11.5million tones was mined at Joma from 1972 to 1998 at a grade of 1.49% copper and 1.45% zinc (Source Grong Gruber/Geological Survey of Norway, NGU).
The 100% Drake claims include the Gjersvik project where 500,000 tonnes of ore grading 2.15% copper and 0.6% zinc was mined from 1994 to 1998 (source Grong Gruber/Geological Survey of Norway, NGU).
The 100% claims also cover strike extensions of the geology which hosts the Joma Mine.


Infrastructure & Programs
The previous mine buildings remain in place, although the processing equipment has been sold. Access to the underground workings remains but the mine is flooded.
Proposed programs for 2012 include a detailed airborne magnetic survey over Joma to identify structures and extensions of the (magnetic) pyrrhotite ore. High quality targets would be followed-up with ground gravity and EM depth soundings, and ultimately drilling where warranted.
A proposed electromagnetic survey over the Gjersvik area is currently being reviewed and is subject to funding.
 

springhill

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Løkken Project, Norway exciting copper zinc drill targets identified

- Løkken Mine largest single copper zinc deposit in Norway
- Løkken produced 24 Mt ore @ 2.1% Cu, 1.9% Zn & 19g/t Ag between 1654 & 1987 (Source Norwegian Geological Survey)
- Ground Fixed Loop EM surveys conducted in March/April confirm presence of source conductors
- Modelling of EM suggests relatively flat lying to steep dipping rods & plates which have potential to be generated by large massive sulphide bodies
- First phase program - five drillholes to test high quality targets
- Drake joint venture with Panoramic Resources Ltd

Drill Targets & Geology
The Kviknan anomaly is about 1.8 kilometres long and modelled as a plunging, rodiform conductor dipping shallowly to the east. It is contained entirely within the basalt sequence hosting the Løkken orebody. Glacial sediments cover the area closest to where it may outcrop.
No gravity or FLEM were collected here because the VTEM data was easily modelled.

The Kong Karl East anomaly lies along strike of the small Kong Karl copper-zinc massive sulphide deposit and appears to be rodiform extending in depth. Like Kviknan the source was directly modelled from the VTEM. The anomaly while covered by glacial sediments does appear from lateral geology to be hosted by basalts.

The Halsetåsen North anomaly occurs close to and down dip of a well-developed exhalative horizon which has been mined for roadstone and appears as a red conductor below. The target of interest is a deeper sub parallel conductor stratigraphically below in this inverted stratigraphy at a similar position to the mine sulphide horizon. The conductors are hosted by basalts.

The Damlia North West anomaly is very similar, in that a planar conductor in red is associated with surface outcrop of exhalites while stratigraphically below is a rodiform conductor (shaded in blue) in a similar stratigraphic position to the Løkken orebody. The conductors are hosted within basaltic stratigraphy

At Jordhus a planar conductor (in blue) was extensively drilled in the 1950’s, and intersected a well-developed but poorly mineralised exhalative horizon. At Jordhus North a well developed rodiform conductor extends stratigraphically below the exhalative horizon in this inverted stratigraphy and is therefore a priority target. The conductors are hosted within basalt.


Alliance and joint venture terms
Under the alliance terms, Panoramic has the right to sole-fund exploration to earn a 70 per cent interest in the projects. Drake can participate in the projects at 30 per cent or 10 per cent or revert to a two per cent Net Smelter Return royalty.
 
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Panoramic's 70% interest in the JV is the key to this venture, IMO. If they are serious about diversifying away from nickel, as they claim, they should be prepared to spend up big to progress this project.

Watching with interest!

Incidentally, Springhill, do you ever sleep?

;)
 

springhill

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Panoramic's 70% interest in the JV is the key to this venture, IMO. If they are serious about diversifying away from nickel, as they claim, they should be prepared to spend up big to progress this project.

Watching with interest!

Incidentally, Springhill, do you ever sleep?

;)
I will let Bon Jovi answer that question for me :)

 

springhill

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Nordgruva project, Norway, ground surveys generate exceptional copper zinc drill targets

• significant source conductors south & west of Kongens-Rodalen mines identified
o mines produced 1.5 Mt of ore grading 2.8% Cu & 5.7% Zn, 0.4% Pb & 23 g/t Ag between 1657 & 1940
• FLEM modelling suggests shallow dipping plates of conductive material - potentially sourced by large massive sulphide developments
• Drake interpretation links conductors to main mineralisation in high grade copper mining district
• four drill holes will test key targets
• enhancing quality of Drake’s Scandinavian portfolio
 

springhill

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Significant nickel, copper, cobalt deposits acquired – Espedalen, Norway

• Drake applied for & has been granted 12 exploration claims covering the Espedalen nickel-copper district
• The granted claims provide Drake with a 100% interest over two recently discovered nickel-copper deposits in the Espedalen Project
o Dalen deposit - potentially open-pitable with non JORC compliant indicated mineral resource estimate of 4.6 Mt @ 0.29% Ni, 0.12% Cu & 0.02% Co & non JORC compliant inferred mineral resource estimate of 5.4 Mt @ 0.25% Ni, 0.11% Cu & 0.02% Co
o Stormyra – non JORC compliant inferred mineral resource estimate of 1 Mt @ 1.09% Ni, 0.48% Cu, 0.04% Co
o Megrund - partially tested EM target with intersections including 51m @ 0.74% Ni and 117m @ 0.31% Ni, open pit potential
• Similar geology to Canada’s large Voisey’s Bay deposit
• In line with strategy to build Scandinavian nickel & copper portfolio
• Historic mining district with substantial exploration prospects & upside
• Reviewing historical data to determine next steps in exploration program

First RC drilling defines broad gold zones at Tasiast South, Mauritania

• Broad zones of gold identified by RC drilling at Drake’s newly defined Ghassariat Prospect
- 50km from 20 Moz Tasiast gold mine & processing facilities
• Mineralisation analogous to Tasiast ore zones & near-ore alteration zones
• 10km2 Ghassariat Prospect targeted for further RC drilling
• Additional gold anomalous zones for further testing within the 95km of greenstone belt

I think DRK has the potential to be an exciting company, but their MC:Cash ratio is what is deterring me from being more bullish on them ATM.
 
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21st Dec Drake Resources (ASX: DRK, Drake) has intersected close to 200 metres of disseminated
sulphides at its Granmuren copper-nickel discovery in central Sweden.
The permit containing the Granmuren discovery, and all of the additional nickel permits in the
district, are wholly owned by Drake.

The presence of nickel and copper in the sulphides in TS006 has been confirmed by Drake’s
geologists and the on-site XRF (x-ray florescence spectrometer). Pyrrhotite mineralisation in
holes TS001-TS005 contained the following intersections:
 16m @ 0.32% Ni, 0.50% Cu & 0.03% Co in 12DDTS003 within overall intersection of 97m
@ 0.17% Ni & 0.17 Cu
 11.6m @ 0.40% Ni, 0.51% Cu & 0.04% Co in 12DDTS001
Laboratory analyses for hole TS006 are expected in January 2013.

The share price closed at $0.165, up from $0.065, and increase over 130%
 
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