- Hundreds of years of copper mining
- Norway ranked in top 10 for mining jurisdictions
- No significant exploration in districts for more than 20 years
- Strategic acquisition of exploration rights over two claims containing Joma copper-zinc mine
- Joint venture with Panoramic Resources involving the Sulitjelma Project
Highly prospective claims over significant copper-zinc mines
|Coverage||50km² (including the historic Gjersvik mine and Exploration and Exploitation (Mining) Agreement over the Joma mine)|
Drake Resources acquired important exploration rights in July 2012 to some 100 square kilometres of highly prospective copper and zinc ground in the Grong District in Norway, known as the Gjersvik Project.
The Joma Naeringspark licences encompass the Joma mine and its prospective westerly and southerly strike extensions. A total of 11.5 million tonnes was mined at Joma from 1972 to 1998 at a grade of 1.49 per cent copper and 1.45 per cent zinc. Considerable copper-zinc mineralisation remains at the mine. The licences include the Gjersvik deposit where 450,000 tonnes of ore grading 2.15 per cent copper and 0.6 per cent zinc was mined from 1994 to 1998.
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.
The Joma mine sits within the Leipikvattnet nappe which is composed of three major greenstone units comprising basalt and pillow lavas intercalated with quartzitic and graphitic phyllites. The greenstones are named (from northeast to southwest), the outer, middle and inner greenstones. The mineralisation is hosted within the middle greenstone unit. The metamorphic grade is upper greenschist facies.
The Gjersvik project is hosted by metabasalts of the Gjersvik nappe which is structurally above the Leipikvattnet nappe
SULITJELMA JOINT VENTURE
Area of significant historical copper production
|Ownership||Joint Venture Agreement, Drake 30%|
|Coverage||~74km² at Sulitjelma|
December 2011: Drake expanded its Norway landholding in the major copper mining district of Sulitjelma. The area has had 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.
Massive sulphide mineralisation occurs at several locations within these permits and modern geophysics will identify areas where it may attain economic thicknesses.
A VTEM airborne electromagnetic survey completed in 2014 identified a number of interesting anomalies. Four targets of interest lie within the western thrust or Sydgruvefeltet ore field which is an area of known massive sulphide mineralisation mapped over a ~10km north / south direction and hosts the Sagmo (1.9Mt mined of 1.6% Cu and 0.23% Zn. Source Norwegian Geological Survey) and the Jakobsbakken (4.47Mt mined of 1.55% Cu and 2.42% Zn. Source Norwegian Geological Survey) historic orebodies. There is also a significant amount of historic exploration data to assist in selecting priority targets.
In the eastern Nordgruvefeltet region, an extensive conductive horizon with a strike length in excess of 5kms coincident with a copper / zinc bearing sulphide horizon is mapped. Two anomalies have been selected from this region.