ASX-listed Drake Resources has announced its decision to focus on realising the value of its advanced Scandinavian nickel, copper and gold projects, following a strategic review of its assets.

The company said that this includes developing its high potential Granmuren nickel discovery in Sweden and its 12 nickel targets at the Espedalen project in Norway, two of which include TSX– compliant resources.

“We see comparisons between Granmuren‘s mineralisation and origins and Canada’s Voiseys Bay. Voiseys Bay grew into multiple zones of mineralisation, and our aim is to uncover other similar zones of mineralisation around our recent discovery. It is important to also acknowledge that Drake has identified 12 nickel targets at its Espedalen project, and holds a number of additional Scandinavian licence areas prospective for nickel. Drake’s nickel assets will be a primary focus in the immediate term,” stated Drake Resources CEO, Jason Stirbinskis.

Drake Resources explained in a statement that, following a strategic review of the near term potential to define resources, a decision was made to direct funds and attention to realising the value of the advanced projects in Scandinavia, and that it would revisit its West African gold assets in 2014, with possible joint ventures and similar opportunities remaining an option.

“The timing is right for Drake to tap into its growing network and momentum in Scandinavia and broader Europe,” added Stirbinskis.

On the back of its robust strategic plan, Drake Resources says it has secured an immediate private placement of 9 165 588 shares to raise AU$779 000 (R7.45 million) before raising costs at AU$0.085 to sophisticated investors.

The company said the bulk of the funds will be dedicated to immediate follow up drilling at Granmuren to explore for lateral and depth extensions and for working capital.

Drake holds an impressive portfolio of gold assets in West Africa ranging from 3 600 km2 of tenements in the same mineral province as the 20 Moz Tasiast project to greenfield areas in Guinea, which has had recent positive soil assay results. However, these still represent early exploration projects that would consume considerable funds and therefore Drake has made the decision to direct much of its discretionary spend to Scandinavia in 2013.

We have allocated some exploration spend to West Africa in the fourth quarter of 2013. Success from this programme may see West Africa secure a greater focus in 2014.

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