Drake Resources (DRK)

Shares / Stock Code

DRK

Stock Exchange / Sharemarket

Australian Securities Exchange

Drake Resources (DRK) is a base metals and gold/silver explorer with advanced projects in Sweden and Australia. It was listed at ASX on 31 March, 2005. Drake has established a robust portfolio of projects. Drake's competitive advantages include a premier position in the world-class Falun copper-zinc belt in Sweden, an experienced technical team with a successful track record, and a pipeline of projects and opportunities.

Drake Resources' objective is to become a successful and profitable exploration and mining company. The Company aims to achieve this goal by pursuing exploration and mining opportunities and exploring high quality projects in a technical, cost-effective manner. Currently, Drake is focused on advancing its Scandinavian projects. Drake considers that copper, zinc and gold ores remain within the historic Falun Mine area and have put in place a program to assess the economic potential of remaining ore and new ore bodies. Recent rock chip samples at Digertakt indicated exceptional zinc grades (up to 27%) and drill testing is underway to locate additional areas of interest.

Drake Resources is in joint venture with Royal Falcon Mining LLC at its Falun and Bersbo Projects, Royal Falcon Mining is a jointly owned company between Golden Rim Resources Ltd and the PAL Group, a subsidiary of Royal Group, based in the United Arab Emirates. Royal Falcon has to spend US$3 million to earn 51% of the projects; the projects remain 100% Drake prior to Royal Falcon earning this interest. The company has acquired tenements covering around 700 square kilometres in the Drake district in NSW, giving Drake a dominant land holding over the prospective Drake Volcanics. As an explorer, Drake Resources has no customers at present. Drake Resources competes with other companies involved in exploration activites such as BHP Billiton, Rio Tinto and Harmony.

Drake Resources (DRK) Products and Services

  • Gold and silver exploration

Drake Resources (DRK) Locations and Subsidiaries

Drake Resources Head Office
Unit 6, 34 York Street,
NORTH PERTH, WA 6006
Phone: (08) 9228 0703
Fax: (08) 9228 0704

Drake Resources (DRK) Share Price

Submitted by ASX Listed Company on 16 March, 2010 - 03:11

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