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Last A$0.0030 AUD
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drake resources ltd (DRK) Snapshot

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07/21/14 - A$0.04
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drake resources ltd (DRK) Details

Drake Resources Limited explores and evaluates mineral properties in Scandinavia, Africa, and Australia. It explores for nickel, gold, silver, copper, zinc, and base metals. The company holds 100% interests in the Granmuren prospect and Orsen permit covering an area of approximately 618 square kilometers located in Sala, Central Sweden; the Espedalen project covering an area of 73 square kilometers located in Central Norway; and the Joma project that includes nine claims covering an area of 100 square kilometers located in the Grong District, Norway. It also holds a 100% interest in the Tasiast South project, which covers an area of 173 square kilometers located in north-western Mauritania, West Africa. The company is based in West Perth, Australia.

4 Employees
Last Reported Date: 09/26/14

drake resources ltd (DRK) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: A$258.1K
Compensation as of Fiscal Year 2014.

drake resources ltd (DRK) Key Developments

Drake Resources Limited, Annual General Meeting, Nov 28, 2014

Drake Resources Limited, Annual General Meeting, Nov 28, 2014., at 14:00 W. Australia Standard Time. Location: Level 4, 66 Kings Park Road. Agenda: To receive and consider the annual financial report of the company for the financial year ended 30 June 2014 together with the declaration of the directors, the directors' report, the remuneration report and the auditor's report; to consider the re-election of director ­ Mr. Brett Fraser; to consider the issue of shares to related party ­ Mr. Brett Fraser; to consider the issue of shares to related party ­ Dr. Robert Beeson; to consider the issue of shares to related party ­ Mr. Jay Stephenson; to consider ratification of prior issue of shares to Mr. Jason Stirbinskis, chief executive officer; and to consider the approval of issue of shares ­ share purchase plan shortfall.

Drake Resources Announces Nordgruva Copper Zinc Drilling Commenced

Drake Resources Limited and its JV partner, Panoramic Resources, announced that drilling at the Nordgruva copper/zinc prospect in Norway has commenced. The single ~450m drill hole is targeting two significant, strong off-hole conductors identified from drilling and down hole EM in 2013. The stratigraphic position of the conductors which is in or in close proximity to gabbro amphibolite units and their characteristics and strength, suggest they could both represent massive sulphides of potentially substantial thickness. Results are expected in July. In addition to the Nordgruva drilling started June 12, 2014, drilling at the L0kken JV project will commence in July and VTEM is planned for the Sulitjelma JV in August. Drake also expects RC drilling to commence at its Seimana Gold prospect in Guinea on 23 June 2014. The 1,500m RC program is targeting 5 of 12 significant gold anomalies revealed from recent field sampling programs.

Drake Resources Limited Reports Spectacular Gold Assays at Seimana Project

Drake Resources Limited reported spectacular gold assays at Seimana Project. The company reported that very high grade gold assays received from first pass rock chip sampling on recently granted area within the Seimana Project, Guinea. Gold assays of quartz veining in vicinity of artisanal workings include: 70.8g/t; 29.4g/t; 17.8g/t; 15.1g/t; 13.1g/t; high grade values occur in multiple locations across 18km2; 3 million ounce gold deposit within 10km of permit boundary; potential for significant emerging gold discovery; and planning for RC drill program commenced. Drake Resources Limited's recent pre-drilling field mapping exercise on recently granted Exploration Permits has generated a number of high priority targets and spectacular rock chip assay results. Key observations from the field exercise include: 13 separate prospects selected for detailed mapping returned assays in excess of 1 g/t gold in quartz, and 10 of these sites returned values in excess of 3 g/t gold associated with widespread current and ancient artisanal mining, indicating wide spread and extensive gold mineralisation; high grade results (greater than 5 g/t gold) are spread across five separate locations; the mineralisation lies along strike from Avocet's 3.2 million ounce Tri-K gold resource located 7 km south of Drake's Permit; mineralisation is associated with NW trending geological structures, in common with other known gold deposits within this strongly mineralised belt; results align with strong soil anomalies discovered previously by Drake in Seimana's Northern quadrant. Seimana continues to shape up as a very significant emerging gold discovery in a mineral province that already hosts a number of multi-million ounce deposits.


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