Drake narrows on Scandinavian drill targets with high grade samples

Perth based Drake Resources has narrowed in on a number of potentially exciting drill targets with a field sampling program that has thrown up some very encouraging results.

The company recently assayed a number of grab samples from surface outcropping at its Sulitjelma project in Norway with the best samples returning 0.76% copper including 0.32% zinc and a further sample assayed at 0.84% copper.

Interestingly, the company also sampled waste dumps from the historic Bursi, Ny Sulitjelma and Jakobsbakken Mines which closed many years ago on Drake’s Scandinavian tenements and the results have certainly not disappointed.

Individual mine dump grab sample results include 4.4% Copper, 1.7% Zinc, >10% lead and 645g/t silver.

The historic Jakobsbakken mine produced 4.47Mt of ore grading an impressive 1.55% Copper and 2.42% zinc before closing many years ago.

The wider Sulitjelma mining precinct also boasts significant historical copper production of 25 million tonnes of ore containing 1.8% copper, 0.86% zinc, 10 g/t silver and 0.25 g/t gold.

Drake’s field program at Sulitjelma was conducted to appraise specific targets generated from the recently completed VTEM and ground Fixed Loop EM surveys in preparation for a drilling program. 

Panoramic Resources have the right to earn up to 70% of Drake’s Sulitjelma project by sole funding it to that point.  Drake can elect to contribute at either 30% or 10% or revert to a 2% net smelter royalty.

The company also had a good result from a single surface float grab sample at its nearby Joma Copper/Zinc project of 2.73% Copper, 0.04% Zinc and 41 g/t silver.

Further results are pending from Drake Resources' Bergslagen nickel project and the Seimana gold project.