By: Nick Slinde
Georgia
We are continuing to gain support for a zone change from contiguous property owners in an effort to eliminate the existing 500 ft buffers which severely restrict the site’s mineability. Provided sufficient support is secured, we will seek 3rd party verification of past assays and proceed with the land use process. Timelines will be provided once available.
Arizona
Eagle Mining is in the process of contacting the parties who drafted the original bulk sampling applications for the AZ property. As was previously posted, discussions with BLM Arizona, equipment manufacturers and industry consultants suggest that a re-organization of the current workable area depth can and should be expanded to improve the projects footprint. We will evaluate overall feasibility once it is determined whether the area can be expanded.
General Update
Funding for operations, investigation, and advancement of existing and future projects has and will be a challenge for Drake considering its current share structure and the state of the market. Further, creating cash flow and increasing long term shareholder value and sustainability remain our main concerns. To this end, Drake has expanded its current business plan to facilitate the creation of revenue through strategic alliances and market expansion. We are evaluating many possible "turn-key" opportunities and are nearing completion of our due diligence on several of these possibilities. Initial terms are being discussed.
Drake is also working to utilize current management strengths and experience to explore opportunities in the real estate market. Recognizing Drake's main objectives and the precarious state of the economy, we are carefully researching each opportunity and will take no action until we are certain the project will fulfill the needs of the company both short and long term.
Thursday, October 30, 2008
Tuesday, September 30, 2008
CEO Nicholas J. Slinde Updates the Shareholders on Georgia and Arizona Projects
by: Nick Slinde
Based on the numerous issues Drake's former management had advancing the Georgia and Arizona Projects, I felt it necessary to reevaluate Drake's projects and determine if the same were truly viable from a monetary and/or regulatory perspective. That review has raised certain concerns about both projects which are outlined below:
Georgia
As a preliminary matter, a number of shareholders have inquired as to the legitimacy of the assays previously taken on site. Although we believe these assays are accurate and verifiable, it is prudent to have them confirmed by an independent third party. However, before incurring that expense, I felt additional investigation was needed to determine the true area of mineability and regulatory impact a free flowing stream located on site would have on the project. Applicable code requires a 500' buffer between mining activities and adjacent property lines which severely restricts the mineable area. To expand the mineable area, it is necessary to secure the rights to neighboring parcels and include them in the zone change application. Drake's current Lessor has been enlisted to help facilitate these acquisitions. This process should be completed before expending additional resources, monetary or otherwise, on the project. With respect to the stream, its central location further restricts an already limited mineable area. Applicable code requires a 50' buffer between workable area and water resource. To minimize impact and ensure an economically feasible project, I believe Drake must first acquire rights to the neighboring properties to effectively expand the mineable area. Provided additional properties can be secured, every effort will be made to prove up the sites’ potential yield through the confirmation of existing assays and ready the properties for production.
Arizona
I was similarly concerned with the restricted area of mineablity and reclamation process allowed/required under the current bulk sampling permit. Under the current Mining Notice, the dimensions in which active mining can occur were severely limited by the filed notice and existing bond. The BLM has confirmed that this area can be expanded by way of revising the mining notice and increasing the bond, if necessary. However, before this avenue is pursued, I believe it necessary to have non-refined assays taken from site evaluated, as existing assays measure the gold content of already refined samples. Management is working to arrange for the removal of non-refined on site material for testing. These processes, although time-consuming, are necessary to confirm the viability of the project. This process is ongoing and updates will be given as information is made available.
Where We Go from Here…
Funding for operations, project investigation and the advancement of projects, existing and future, remain a major concern. The current state of the financial markets has made raising capital extremely difficult and the shareholders' overwhelming opposition to a share restructuring severely limited our ability to generate much-needed funds. Nonetheless, we are working through a number of creative concepts for expanding Drake's operations to create revenue through strategic alliances and market expansion. Specifics about any such opportunities will be passed on once it is determined the same offer realistic growth opportunities for Drake. Ultimately, it is our shareholder base that will facilitate executing on these opportunities. Your continued involvement and support are appreciated.
As for the blog updates, I originally intended on giving bi-weekly updates and apologize they have not come that often. In the short term, I think it is more appropriate to provide updates whenever information worthy of distribution becomes available. This ultimately may be less frequent than originally proposed but will create what I hope to be a more fluid dialogue between management and the shareholders.
Please continue directing any questions and comments you may have to CEO@drakegold.com. As I am receiving a number of emails daily, it is becoming increasingly difficult to respond each of them directly. However, I promise any inquiries are being reviewed and considered at our weekly management meetings.
Based on the numerous issues Drake's former management had advancing the Georgia and Arizona Projects, I felt it necessary to reevaluate Drake's projects and determine if the same were truly viable from a monetary and/or regulatory perspective. That review has raised certain concerns about both projects which are outlined below:
Georgia
As a preliminary matter, a number of shareholders have inquired as to the legitimacy of the assays previously taken on site. Although we believe these assays are accurate and verifiable, it is prudent to have them confirmed by an independent third party. However, before incurring that expense, I felt additional investigation was needed to determine the true area of mineability and regulatory impact a free flowing stream located on site would have on the project. Applicable code requires a 500' buffer between mining activities and adjacent property lines which severely restricts the mineable area. To expand the mineable area, it is necessary to secure the rights to neighboring parcels and include them in the zone change application. Drake's current Lessor has been enlisted to help facilitate these acquisitions. This process should be completed before expending additional resources, monetary or otherwise, on the project. With respect to the stream, its central location further restricts an already limited mineable area. Applicable code requires a 50' buffer between workable area and water resource. To minimize impact and ensure an economically feasible project, I believe Drake must first acquire rights to the neighboring properties to effectively expand the mineable area. Provided additional properties can be secured, every effort will be made to prove up the sites’ potential yield through the confirmation of existing assays and ready the properties for production.
Arizona
I was similarly concerned with the restricted area of mineablity and reclamation process allowed/required under the current bulk sampling permit. Under the current Mining Notice, the dimensions in which active mining can occur were severely limited by the filed notice and existing bond. The BLM has confirmed that this area can be expanded by way of revising the mining notice and increasing the bond, if necessary. However, before this avenue is pursued, I believe it necessary to have non-refined assays taken from site evaluated, as existing assays measure the gold content of already refined samples. Management is working to arrange for the removal of non-refined on site material for testing. These processes, although time-consuming, are necessary to confirm the viability of the project. This process is ongoing and updates will be given as information is made available.
Where We Go from Here…
Funding for operations, project investigation and the advancement of projects, existing and future, remain a major concern. The current state of the financial markets has made raising capital extremely difficult and the shareholders' overwhelming opposition to a share restructuring severely limited our ability to generate much-needed funds. Nonetheless, we are working through a number of creative concepts for expanding Drake's operations to create revenue through strategic alliances and market expansion. Specifics about any such opportunities will be passed on once it is determined the same offer realistic growth opportunities for Drake. Ultimately, it is our shareholder base that will facilitate executing on these opportunities. Your continued involvement and support are appreciated.
As for the blog updates, I originally intended on giving bi-weekly updates and apologize they have not come that often. In the short term, I think it is more appropriate to provide updates whenever information worthy of distribution becomes available. This ultimately may be less frequent than originally proposed but will create what I hope to be a more fluid dialogue between management and the shareholders.
Please continue directing any questions and comments you may have to CEO@drakegold.com. As I am receiving a number of emails daily, it is becoming increasingly difficult to respond each of them directly. However, I promise any inquiries are being reviewed and considered at our weekly management meetings.
Thursday, September 11, 2008
Share Structure Update
By: Nicholas J. Slinde, CEO and Chairman
I want to thank all of you for your comments over the last week. Understandably, most inquiries concerned my plans for the company and specifics about pending projects, cash flow needs, pinksheets status and share restructuring. It was necessary to perform my own due diligence with respect to the Georgia and Arizona projects. The deficiencies in the base documents have been resolved and we are attempting to reengage our third party consultants and assemble project timelines. Numerous opportunities for generating cash are being explored. I believe our current cash needs are manageable and every effort is being made to advance the projects as soon as possible. We are working hard to finalize the revised financials/disclosures for submission to pinksheets and expect to have that completed within the next couple of weeks.
In recent months, the Drake Gold Resources Board of Directors has reviewed a range of unsolicited proposals relating to the expansion of Drake’s core business. A number of said proposals included a requirement that Drake adjust its share structure through a reverse split or an increase in authorized shares. Albeit unrelated, it has also come to our attention that many in our shareholder base are concerned about such an adjustment. Drake’s Board of Directors has determined that adding an additional corporate direction, undergoing a reverse split or increasing authorized shares would not be in the best interest of shareholders and will detract from Drake’s core business.
As such, our primary focus has been and will remain the exploration and production of precious metals as well as other mining related ventures.
I want to thank all of you for your comments over the last week. Understandably, most inquiries concerned my plans for the company and specifics about pending projects, cash flow needs, pinksheets status and share restructuring. It was necessary to perform my own due diligence with respect to the Georgia and Arizona projects. The deficiencies in the base documents have been resolved and we are attempting to reengage our third party consultants and assemble project timelines. Numerous opportunities for generating cash are being explored. I believe our current cash needs are manageable and every effort is being made to advance the projects as soon as possible. We are working hard to finalize the revised financials/disclosures for submission to pinksheets and expect to have that completed within the next couple of weeks.
In recent months, the Drake Gold Resources Board of Directors has reviewed a range of unsolicited proposals relating to the expansion of Drake’s core business. A number of said proposals included a requirement that Drake adjust its share structure through a reverse split or an increase in authorized shares. Albeit unrelated, it has also come to our attention that many in our shareholder base are concerned about such an adjustment. Drake’s Board of Directors has determined that adding an additional corporate direction, undergoing a reverse split or increasing authorized shares would not be in the best interest of shareholders and will detract from Drake’s core business.
As such, our primary focus has been and will remain the exploration and production of precious metals as well as other mining related ventures.
Thursday, September 4, 2008
Letter to the Shareholders from New CEO Nicholas J. Slinde
Dear Shareholders:
By way of introduction, my name is Nicholas J. Slinde and I am the new Chairman and CEO for Drake Gold Resources, Inc. I wanted to take this opportunity to express my gratitude to the management and shareholders at large for taking the time to discuss their concerns about Drake's current condition and offer constructive ideas for obtaining profitability and enhanced shareholder value moving forward.
In the end, we all share a common interest in Drake's future success. I believe each of you will be pleasantly surprised by what I hope to be a new era of corporate governance. This will include a fundamental commitment to transparency and maintaining an open dialogue with our shareholder base.
Each of your comments and suggestions are enormously important to Drake's success and will be given due consideration as we attempt to move towards sustained profitability. With this in mind, I will be taking the time to publicly answer shareholder questions that I feel to be most pertinent to investors as a whole. Please write me anytime at CEO@DrakeGold.com. My answers will be posted on biweekly to the Drake Blog (http://drakegold.blogspot.com)
I know that this organization and its shareholders have gone through some difficult times. I also understand that many of you are frustrated by what is perceived to be lack of carry through and execution. All I ask is that you work with and not against me as I try to turn things around. I assure you that I am personally committed to the enterprise and will do my best to enhance shareholder value and stabilize the company's operations.
Thank you for your anticipated support and patience.
Nick
By way of introduction, my name is Nicholas J. Slinde and I am the new Chairman and CEO for Drake Gold Resources, Inc. I wanted to take this opportunity to express my gratitude to the management and shareholders at large for taking the time to discuss their concerns about Drake's current condition and offer constructive ideas for obtaining profitability and enhanced shareholder value moving forward.
In the end, we all share a common interest in Drake's future success. I believe each of you will be pleasantly surprised by what I hope to be a new era of corporate governance. This will include a fundamental commitment to transparency and maintaining an open dialogue with our shareholder base.
Each of your comments and suggestions are enormously important to Drake's success and will be given due consideration as we attempt to move towards sustained profitability. With this in mind, I will be taking the time to publicly answer shareholder questions that I feel to be most pertinent to investors as a whole. Please write me anytime at CEO@DrakeGold.com. My answers will be posted on biweekly to the Drake Blog (http://drakegold.blogspot.com)
I know that this organization and its shareholders have gone through some difficult times. I also understand that many of you are frustrated by what is perceived to be lack of carry through and execution. All I ask is that you work with and not against me as I try to turn things around. I assure you that I am personally committed to the enterprise and will do my best to enhance shareholder value and stabilize the company's operations.
Thank you for your anticipated support and patience.
Nick
Wednesday, September 3, 2008
Georgia Lease Update
By: Drake Management
Drake management has succeeded in restructuring its Georgia lease agreements, by signing directly with the property owner. As previously announced, Company management determined that the previous structuring of lease agreements were insufficient to protect shareholder value. Specifically, the Joint Venture agreement with Southern Mining Exploration was void and the leases held by SME were invalid.
Upon making this discovery, Company management placed a hold on all forward movement with this project until new agreements were in place. After exploring every option, Drake terminated its relationship with SME and entered into lease agreements directly with the Georgia lessor, who is fully supportive of Drake’s endeavors in the area. With the new lease structure, Drake maintains full control over all operational decisions, actions and management.
Drake management has succeeded in restructuring its Georgia lease agreements, by signing directly with the property owner. As previously announced, Company management determined that the previous structuring of lease agreements were insufficient to protect shareholder value. Specifically, the Joint Venture agreement with Southern Mining Exploration was void and the leases held by SME were invalid.
Upon making this discovery, Company management placed a hold on all forward movement with this project until new agreements were in place. After exploring every option, Drake terminated its relationship with SME and entered into lease agreements directly with the Georgia lessor, who is fully supportive of Drake’s endeavors in the area. With the new lease structure, Drake maintains full control over all operational decisions, actions and management.
Thursday, August 28, 2008
Aero Contract Dissolution
By: Drake Management
After careful review of the existing agreement and the continued inability to reach a mutually beneficial arrangement, Drake management has decided to terminate its relationship with Aero Surface Mining Technologies. This decision resulted primarily from Aero's 1) failure to meet its contractual obligations and deliver the Explorer 500 to Georgia as scheduled, 2) failure to provide proof they were adequately licensed, bonded and insured, and 3) failure to provide adequate assurances that such a relationship would be in the best interests of our shareholders.
After careful review of the existing agreement and the continued inability to reach a mutually beneficial arrangement, Drake management has decided to terminate its relationship with Aero Surface Mining Technologies. This decision resulted primarily from Aero's 1) failure to meet its contractual obligations and deliver the Explorer 500 to Georgia as scheduled, 2) failure to provide proof they were adequately licensed, bonded and insured, and 3) failure to provide adequate assurances that such a relationship would be in the best interests of our shareholders.
Wednesday, August 27, 2008
Drake Gold Announces the Appointments of New Chief Executive Officer and New Chief Financial Officer
By: Drake Management
Drake Gold Resources Inc. is pleased to announce Nicholas J. Slinde as its new Chief Executive Officer and Chairman of the Board of Directors and Stephen D. Wilson as its new Chief Financial Officer, Chief Compliance Officer and Treasurer.
Prior to joining Drake, Mr. Slinde worked for a number of private law firms assisting emerging business owners gain market share and implement sound corporate strategy. Mr. Slinde also spent a number of years as General Counsel and Vice President of Land Acquisitions and Development for a large real estate development company in Portland, Oregon, helping identify acquisition targets, securing financing for those projects, taking them through the land use process and completing construction. Mr. Slinde also founded Yeti Enterprises in 2004 to act as the holdings vehicle for a number of real estate redevelopment projects in Portland, Oregon. As CEO of Yeti, Mr. Slinde has increased the reach and size of the Company by conceptualizing and implementing innovative investment strategies.
Mr. Slinde's unique background creates a valuable blend of expertise stemming from his education and experience as a lawyer and his successes in business/project development. His business experience grants Mr. Slinde considerable insight into Drake's current position, as he is adept at utilizing innovative methods for raising capital and executing Company goals. Mr. Slinde's varied perspective will lend strategic illumination to Drake's current operational plans. His leadership of the Board will further bolster Drake's dedication to corporate governance, while proving to be an invaluable asset to the management team.
Mr. Wilson has a rich and varied background managing corporate finances, preparing documents by the GAAP standard, including SEC filings and serving in leadership positions at several public companies. Most recently he served as Chief Executive Officer, Chief Financial Officer and Director of California Clean Air Inc. Mr. Wilson brings his expertise and dedication to Drake’s operational team. His financial and management experience will serve as a crucial asset to our operations as Drake continues to develop and expand in the coming months.
Chief Operating Officer James Goularte remarked, “The recent additions to our core management team in conjunction with our due diligence into all aspects of company business, represent our continued investment and focus on corporate governance and financial transparency. Their involvement will be vital in creating a solid foundation by which this company will develop.”
Drake Gold Resources Inc. is pleased to announce Nicholas J. Slinde as its new Chief Executive Officer and Chairman of the Board of Directors and Stephen D. Wilson as its new Chief Financial Officer, Chief Compliance Officer and Treasurer.
Prior to joining Drake, Mr. Slinde worked for a number of private law firms assisting emerging business owners gain market share and implement sound corporate strategy. Mr. Slinde also spent a number of years as General Counsel and Vice President of Land Acquisitions and Development for a large real estate development company in Portland, Oregon, helping identify acquisition targets, securing financing for those projects, taking them through the land use process and completing construction. Mr. Slinde also founded Yeti Enterprises in 2004 to act as the holdings vehicle for a number of real estate redevelopment projects in Portland, Oregon. As CEO of Yeti, Mr. Slinde has increased the reach and size of the Company by conceptualizing and implementing innovative investment strategies.
Mr. Slinde's unique background creates a valuable blend of expertise stemming from his education and experience as a lawyer and his successes in business/project development. His business experience grants Mr. Slinde considerable insight into Drake's current position, as he is adept at utilizing innovative methods for raising capital and executing Company goals. Mr. Slinde's varied perspective will lend strategic illumination to Drake's current operational plans. His leadership of the Board will further bolster Drake's dedication to corporate governance, while proving to be an invaluable asset to the management team.
Mr. Wilson has a rich and varied background managing corporate finances, preparing documents by the GAAP standard, including SEC filings and serving in leadership positions at several public companies. Most recently he served as Chief Executive Officer, Chief Financial Officer and Director of California Clean Air Inc. Mr. Wilson brings his expertise and dedication to Drake’s operational team. His financial and management experience will serve as a crucial asset to our operations as Drake continues to develop and expand in the coming months.
Chief Operating Officer James Goularte remarked, “The recent additions to our core management team in conjunction with our due diligence into all aspects of company business, represent our continued investment and focus on corporate governance and financial transparency. Their involvement will be vital in creating a solid foundation by which this company will develop.”
Monday, August 25, 2008
Project Status Update
by: Drake Management
ATLIN SILVER PROJECT
New management has decided to relinquish all interests in our Atlin Silver Project in Canada. We determined that despite the project’s potential for silver resources, its remote location presents too great an obstacle for profitability. The Atlin Project is located in an isolated region of British Columbia. Access to the property requires at minimum a several hundred-mile helicopter ride. Also, its northern climate severely restricts the mining season. These factors convinced company management that the Atlin Silver Project was not viable.
GEORGIA MINING PROJECT
During management’s internal review, it was determined that the current structuring of leases and agreements were insufficient to protect shareholder value. Specifically, the Joint Venture agreement with Southern Mining Exploration was void and the leases held by SME were invalid. Management is currently exploring alternative options to structure agreements pertinent to the Georgia project.
The Dove Explorer 500 has not been delivered to the site, as Aero Surface Mining Technologies has failed to fulfill its contractual obligations to Drake.
EAGLE MINING
There are no substantive updates at this time, but Drake management maintains a positive working relationship with Eagle Mining and is working to secure the equipment necessary to commence production.
ATLIN SILVER PROJECT
New management has decided to relinquish all interests in our Atlin Silver Project in Canada. We determined that despite the project’s potential for silver resources, its remote location presents too great an obstacle for profitability. The Atlin Project is located in an isolated region of British Columbia. Access to the property requires at minimum a several hundred-mile helicopter ride. Also, its northern climate severely restricts the mining season. These factors convinced company management that the Atlin Silver Project was not viable.
GEORGIA MINING PROJECT
During management’s internal review, it was determined that the current structuring of leases and agreements were insufficient to protect shareholder value. Specifically, the Joint Venture agreement with Southern Mining Exploration was void and the leases held by SME were invalid. Management is currently exploring alternative options to structure agreements pertinent to the Georgia project.
The Dove Explorer 500 has not been delivered to the site, as Aero Surface Mining Technologies has failed to fulfill its contractual obligations to Drake.
EAGLE MINING
There are no substantive updates at this time, but Drake management maintains a positive working relationship with Eagle Mining and is working to secure the equipment necessary to commence production.
Wednesday, August 13, 2008
Letter from Clayton Smith Adressing Drake Board of Directors and Shareholders
Former CEO and Chairman of the Board, Clayton Smith, addresses the Board of Directors, current management as well as Drake Gold Resources Inc. shareholders regarding his tenure with the Company and assistance in completion of new management's internal review.
Please follow link below:
Clayton Smith's Letter to the Board
Please follow link below:
Clayton Smith's Letter to the Board
Internal Review of Past Projects
by: Drake Management
As part of our internal review new management has navigated the history of Drake Gold Resources through review of all press announcements and supporting corporate documentation dating back to the inception of the Company. We felt such a review was imperative as the Company has reached a transition point. New management has gained an understanding of historical performance and issues that may have impacted shareholder value. This review is to identify the issues and questions pertinent to existing shareholders and reveal the path to a brighter future.
The following is a basic outline of the information that new management has compiled, which is supported through contact with previous management and the corporate books.
DRAGOON PLACER PROJECT
During the month of March 2006, the Company signed a letter of intent for 1280 acres of potential placer grade land through Thunder Gulch Resources Ltd. Over $50k was invested into the due diligence of the project south of what is known as the Pierce Mountain. Although it was felt the project had merits, the Company at the time did not see it as economically viable and turned its focus to other mining projects. Management’s working relationship with Thunder Gulch, however, was left in good standing.
SPECIALTY ASSET SPIN OFF
In late March 2006 the Company had the opportunity to negotiate a spin-off of the former business’s assets. The previous company had patented processes and licenses that supported their business model and management wanted to find a way to benefit its shareholders with what was left of the historical model. Although negotiations were moving forward it was seen that the Company would have to output capital to pay down legal fees to free up the assets plus additional expenditures due to the legal and accounting of the spin-off. Thus, the endeavor was abandoned in favor of projects more relevant to the core business.
PEGASUS CEMENTERS
Since Drake was in its exploration stage, management was focused on possible strategic acquisitions that would establish assets and revenues for the Company, management identified Pegasus Cementers as a potential target due to its ability to grow quickly through the injection of capital finance. Management financed a trip to San Antonio to meet with the owners and associates to discuss the acquisition. In Early July, management announced that it had completed the acquisition agreement with Pegasus Cementers and would issue restricted stock for 100% of their stock to complete the transaction. The structure of the agreement relied on a discounted price based on a specific day on which the Company would issue the stock. Although shares were issued for the letter of intent to acquire, ultimately management backed out of the deal due to the large amount of shares at a low share price required to be issued (700M). Management felt this acquisition would not fit into Drake’s low-dilution, high-return business model.
JACKPOT PLACER PROJECT
The Jackpot Placer Project located in Quartzsite, Arizona was identified during midsummer 2006. The project was found through Parkinson Geological Services (PGS) headed by Craig Parkinson. Mr. Parkinson went on to broker the project between Dan Patch* (lessor), and Drake Gold Resources (lessee), completing the acquisition on July 13th 2006.
*(Mr. Patch was the prospector who founded the Copperstone project, one of the largest gold finds in Arizona.)
The Jackpot Placer Project was discussed with great enthusiasm based on data received from Mr. Patch which revealed high-concentration gold samples and geological reports and estimates by PGS. The lease holder, with whom the Company had partnered, independently decided to supply certain equipment to help expedite the mining plans. The lessor subsequently delivered some large machinery and started to stockpile material to run through additional equipment yet to be acquired. At that time management had solely relied on the counsel and advice of the lessor and geologist who had brokered the deal. According to documentation received by Drake management from Mr. Parkinson, estimates for approval of BLM permits were 2-3 weeks after submission.
After a reasonable amount of time, Drake management became concerned about the timeframe of acquiring permits and pushed for updates. Management discovered that the permit process was more detailed than originally outlined to Drake and that someone who could complete the full operations and permit plan for the BLM was needed. As a result of such misinformation from parties involved, the Company began to harbor doubts over the validity of the entire project. Company management quickly brought in a professional geological team, the Gault Group, based out of Colorado and Arizona, to provide an in-depth investigation into the project to determine if the Company should continue with its intended plans regarding the Jackpot Placer Project.
During this process, interim management stepped down, followed by the appointment of several new officers. In September 2007 the Company released the investigative findings through the Gault Group. The Gault Group report contradicted previous conclusions and expectations and the entire project was put on hold. To this end, no additional work has been done on the Jackpot Placer Project and management has since released the project.
DRAKE DIAMONDS
During the attempted acquisition of Pegasus Cementers, management was introduced to the potential for a land lottery property in a diamond-producing area in Canada. Drake decided to bring on a consultant who resided in the area named Melvin O’Neil. Mr. O’Neil said the Company could secure this property, and, if managed properly, could also acquire additional properties to be explored and potentially joint-ventured. At that time, management did not anticipate the negativity in the market place due to the fallout from another junior diamond mining company in the same area that failed. Unfortunately, Mr. O’Neil had a prior association with this failed company and the “guilt by association” resulted in much negative press directed at Drake and its management. The consequence of this was a loss of investor confidence and market capitalization, prompting Management to abruptly halt the project any eliminate the diamond division.
OIL AND GAS SPIN OFF
In mid December 2006, Drake management resolved to set up a subsidiary for the purpose of acquiring oil and gas projects with the plan to dividend some of the shares of the new subsidiary to Company shareholders. Although a record date was set to qualify beneficial shareholders, management opted in a late January 2007 announcement to wait and issue that dividend at a later date due to the opportunity to cancel shares and increase the planned dividend. Over 50M shares were finally canceled and returned to authorized capital. “Drake Oil and Gas” was incorporated in Nevada to issue the dividend through. Although management expanded its oil and gas advisory team during the summer months, no acquisitions were made. Following management changes in 2008 the Company opted to shift focus away from oil and gas—concentrating on gold mining and Georgia in particular.
NORTH STAR STRATEGIC MINERALS JOINT VENTURE
Through the introduction by a member of the Board of Directors, Drake signed a joint venture agreement for the Gold Star Property in Manitoba. Management was prepared to conduct strategic exploration and a prefeasibility study of the project. Due to its focus on the Jackpot Placer Project, plus a financial strain on the operating budget, the Company put the project on hold before eventually dropping it. Management decided that time and resources would be better used on Georgia, as the assays showed great potential for exploitation.
GEORGIA PROJECT (JOINT VENTURE WITH SOUTHERN MINING AND EXPLORATION)
Due to the release of the Jackpot Placer Project, Drake Management decided they would no longer base decisions on any data lacking independent studies. With this in mind, then-CEO Clayton Smith, and Mr. Marconette formed Southern Mining and Exploration in a private registration. Mr. Smith financed the due diligence on what prospector Jan Yarrington had previously identified as a significant gold resource. Over five months throughout the spring and summer of 2007, the merits of this area were reviewed resulting in a joint-venture agreement between SME and Drake— announced in August of that year. By the fourth quarter of 2007 Drake management felt it had done due investigation into the prospects and looked at a series of strong assay reports to justify moving forward with developmental plans on the target project.
The results of these essay reports were posted on the Drake website on April 21, 2008. Additional bulk samplings occurred during first and second quarter of 2008.
ATLIN PROSPECTS
While metal markets were reaching new heights, other precious metals had become of interest to Drake management during fourth quarter of 2007. Dave Zamida, CEO of BC Gold based out of Toronto, introduced the Atlin prospects to President John Marconette. With substantial information available from the Ministry of Mines in British Columbia, the prospects look good for the silver project despite hardships due to short mining seasons and its remote location.
AERO MINING TECHNOLOGY
After the Georgia project assays yielded such good results, it was a main priority for Drake to find equipment partners to help forward the plans in that area. To this end, Mr. Marconette brought in Mr. Ken Jayne from Aero to partner on the project. An agreement was made to exchange a royalty interest for the equipment, thus providing the required equipment for production. At that time equipment was slated for delivery to Georgia in the month of June 2008.
CONCLUSIONS
Our research into all past company actions, especially relating to the acquisition and subsequent release of projects, has yielded a clearer understanding of the Company as a whole, potential issues which must be avoided in the future, and a roadmap for executing the best opportunities going forward. It is apparent from reading the above that for every project secured and explored in the future, management must obtain proper information and conduct due diligence into the project’s feasibility and requirements to bring the project to fruition. It is critical that each project, from its inception, be evaluated thoroughly. This includes obtaining an in-depth understanding of the project dynamics, in the context of the Company’s defined objectives, and engaging a comprehensive research and due-diligence plan necessary to identify revenue-generating opportunities.
We feel this look to our past has been crucial in our understanding of the Company’s history and shaping our path to a more successful future. In this vein we have restructured several aspects of Drake’s core business and will announce these changes as they reach their respective stages of completion.
As part of our internal review new management has navigated the history of Drake Gold Resources through review of all press announcements and supporting corporate documentation dating back to the inception of the Company. We felt such a review was imperative as the Company has reached a transition point. New management has gained an understanding of historical performance and issues that may have impacted shareholder value. This review is to identify the issues and questions pertinent to existing shareholders and reveal the path to a brighter future.
The following is a basic outline of the information that new management has compiled, which is supported through contact with previous management and the corporate books.
DRAGOON PLACER PROJECT
During the month of March 2006, the Company signed a letter of intent for 1280 acres of potential placer grade land through Thunder Gulch Resources Ltd. Over $50k was invested into the due diligence of the project south of what is known as the Pierce Mountain. Although it was felt the project had merits, the Company at the time did not see it as economically viable and turned its focus to other mining projects. Management’s working relationship with Thunder Gulch, however, was left in good standing.
SPECIALTY ASSET SPIN OFF
In late March 2006 the Company had the opportunity to negotiate a spin-off of the former business’s assets. The previous company had patented processes and licenses that supported their business model and management wanted to find a way to benefit its shareholders with what was left of the historical model. Although negotiations were moving forward it was seen that the Company would have to output capital to pay down legal fees to free up the assets plus additional expenditures due to the legal and accounting of the spin-off. Thus, the endeavor was abandoned in favor of projects more relevant to the core business.
PEGASUS CEMENTERS
Since Drake was in its exploration stage, management was focused on possible strategic acquisitions that would establish assets and revenues for the Company, management identified Pegasus Cementers as a potential target due to its ability to grow quickly through the injection of capital finance. Management financed a trip to San Antonio to meet with the owners and associates to discuss the acquisition. In Early July, management announced that it had completed the acquisition agreement with Pegasus Cementers and would issue restricted stock for 100% of their stock to complete the transaction. The structure of the agreement relied on a discounted price based on a specific day on which the Company would issue the stock. Although shares were issued for the letter of intent to acquire, ultimately management backed out of the deal due to the large amount of shares at a low share price required to be issued (700M). Management felt this acquisition would not fit into Drake’s low-dilution, high-return business model.
JACKPOT PLACER PROJECT
The Jackpot Placer Project located in Quartzsite, Arizona was identified during midsummer 2006. The project was found through Parkinson Geological Services (PGS) headed by Craig Parkinson. Mr. Parkinson went on to broker the project between Dan Patch* (lessor), and Drake Gold Resources (lessee), completing the acquisition on July 13th 2006.
*(Mr. Patch was the prospector who founded the Copperstone project, one of the largest gold finds in Arizona.)
The Jackpot Placer Project was discussed with great enthusiasm based on data received from Mr. Patch which revealed high-concentration gold samples and geological reports and estimates by PGS. The lease holder, with whom the Company had partnered, independently decided to supply certain equipment to help expedite the mining plans. The lessor subsequently delivered some large machinery and started to stockpile material to run through additional equipment yet to be acquired. At that time management had solely relied on the counsel and advice of the lessor and geologist who had brokered the deal. According to documentation received by Drake management from Mr. Parkinson, estimates for approval of BLM permits were 2-3 weeks after submission.
After a reasonable amount of time, Drake management became concerned about the timeframe of acquiring permits and pushed for updates. Management discovered that the permit process was more detailed than originally outlined to Drake and that someone who could complete the full operations and permit plan for the BLM was needed. As a result of such misinformation from parties involved, the Company began to harbor doubts over the validity of the entire project. Company management quickly brought in a professional geological team, the Gault Group, based out of Colorado and Arizona, to provide an in-depth investigation into the project to determine if the Company should continue with its intended plans regarding the Jackpot Placer Project.
During this process, interim management stepped down, followed by the appointment of several new officers. In September 2007 the Company released the investigative findings through the Gault Group. The Gault Group report contradicted previous conclusions and expectations and the entire project was put on hold. To this end, no additional work has been done on the Jackpot Placer Project and management has since released the project.
DRAKE DIAMONDS
During the attempted acquisition of Pegasus Cementers, management was introduced to the potential for a land lottery property in a diamond-producing area in Canada. Drake decided to bring on a consultant who resided in the area named Melvin O’Neil. Mr. O’Neil said the Company could secure this property, and, if managed properly, could also acquire additional properties to be explored and potentially joint-ventured. At that time, management did not anticipate the negativity in the market place due to the fallout from another junior diamond mining company in the same area that failed. Unfortunately, Mr. O’Neil had a prior association with this failed company and the “guilt by association” resulted in much negative press directed at Drake and its management. The consequence of this was a loss of investor confidence and market capitalization, prompting Management to abruptly halt the project any eliminate the diamond division.
OIL AND GAS SPIN OFF
In mid December 2006, Drake management resolved to set up a subsidiary for the purpose of acquiring oil and gas projects with the plan to dividend some of the shares of the new subsidiary to Company shareholders. Although a record date was set to qualify beneficial shareholders, management opted in a late January 2007 announcement to wait and issue that dividend at a later date due to the opportunity to cancel shares and increase the planned dividend. Over 50M shares were finally canceled and returned to authorized capital. “Drake Oil and Gas” was incorporated in Nevada to issue the dividend through. Although management expanded its oil and gas advisory team during the summer months, no acquisitions were made. Following management changes in 2008 the Company opted to shift focus away from oil and gas—concentrating on gold mining and Georgia in particular.
NORTH STAR STRATEGIC MINERALS JOINT VENTURE
Through the introduction by a member of the Board of Directors, Drake signed a joint venture agreement for the Gold Star Property in Manitoba. Management was prepared to conduct strategic exploration and a prefeasibility study of the project. Due to its focus on the Jackpot Placer Project, plus a financial strain on the operating budget, the Company put the project on hold before eventually dropping it. Management decided that time and resources would be better used on Georgia, as the assays showed great potential for exploitation.
GEORGIA PROJECT (JOINT VENTURE WITH SOUTHERN MINING AND EXPLORATION)
Due to the release of the Jackpot Placer Project, Drake Management decided they would no longer base decisions on any data lacking independent studies. With this in mind, then-CEO Clayton Smith, and Mr. Marconette formed Southern Mining and Exploration in a private registration. Mr. Smith financed the due diligence on what prospector Jan Yarrington had previously identified as a significant gold resource. Over five months throughout the spring and summer of 2007, the merits of this area were reviewed resulting in a joint-venture agreement between SME and Drake— announced in August of that year. By the fourth quarter of 2007 Drake management felt it had done due investigation into the prospects and looked at a series of strong assay reports to justify moving forward with developmental plans on the target project.
The results of these essay reports were posted on the Drake website on April 21, 2008. Additional bulk samplings occurred during first and second quarter of 2008.
ATLIN PROSPECTS
While metal markets were reaching new heights, other precious metals had become of interest to Drake management during fourth quarter of 2007. Dave Zamida, CEO of BC Gold based out of Toronto, introduced the Atlin prospects to President John Marconette. With substantial information available from the Ministry of Mines in British Columbia, the prospects look good for the silver project despite hardships due to short mining seasons and its remote location.
AERO MINING TECHNOLOGY
After the Georgia project assays yielded such good results, it was a main priority for Drake to find equipment partners to help forward the plans in that area. To this end, Mr. Marconette brought in Mr. Ken Jayne from Aero to partner on the project. An agreement was made to exchange a royalty interest for the equipment, thus providing the required equipment for production. At that time equipment was slated for delivery to Georgia in the month of June 2008.
CONCLUSIONS
Our research into all past company actions, especially relating to the acquisition and subsequent release of projects, has yielded a clearer understanding of the Company as a whole, potential issues which must be avoided in the future, and a roadmap for executing the best opportunities going forward. It is apparent from reading the above that for every project secured and explored in the future, management must obtain proper information and conduct due diligence into the project’s feasibility and requirements to bring the project to fruition. It is critical that each project, from its inception, be evaluated thoroughly. This includes obtaining an in-depth understanding of the project dynamics, in the context of the Company’s defined objectives, and engaging a comprehensive research and due-diligence plan necessary to identify revenue-generating opportunities.
We feel this look to our past has been crucial in our understanding of the Company’s history and shaping our path to a more successful future. In this vein we have restructured several aspects of Drake’s core business and will announce these changes as they reach their respective stages of completion.
Tuesday, June 17, 2008
CFO Thomas Conar Resigns
By: Drake Management
Drake Gold Resources Inc. Interim Chief Financial Officer Thomas Conar resigned from his position with the Company. He will cease all duties to the Company, effective immediately.
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Drake Gold Resources Inc. Interim Chief Financial Officer Thomas Conar resigned from his position with the Company. He will cease all duties to the Company, effective immediately.
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President John Marconette Resigns
By: Drake Management
President and Director John Marconette respectfully resigned from all activities and positions held with Drake Gold Resources Inc. His decision was motivated partly by health issues, but primarily in order to facilitate his desire to focus solely on mining operations. Mr. Marconette will continue to represent Drake’s Georgia interests through his involvement with Southern Mining (SME).
Read Disclaimer
President and Director John Marconette respectfully resigned from all activities and positions held with Drake Gold Resources Inc. His decision was motivated partly by health issues, but primarily in order to facilitate his desire to focus solely on mining operations. Mr. Marconette will continue to represent Drake’s Georgia interests through his involvement with Southern Mining (SME).
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Friday, June 6, 2008
Drake Management Institutes Internal Review To Improve Company Compliance Plan
Under suggestion of recent additions to the Board of Directors, Drake Gold Resources management team has initiated a comprehensive review of all material business actions and dealings. While previous Drake officers have done an exemplary job building the company, a commitment by management to ensure success compels the implementation of strategies, including those related to audit preparation and filings. In an effort to provide full compliance with all governmental and industry regulations, Drake management intends to conduct a comprehensive review of all company policies, transactions, agreements, and material decisions made by officers and management.
Chief Operating Officer, James Goularte states, "Currently Drake management maintains a policy of fiscal discipline and diligence in all company matters. In this light, we remain committed to performing a thorough internal review of our policies, actions, and material business to ensure full regulatory compliance and success in all future endeavors."
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Chief Operating Officer, James Goularte states, "Currently Drake management maintains a policy of fiscal discipline and diligence in all company matters. In this light, we remain committed to performing a thorough internal review of our policies, actions, and material business to ensure full regulatory compliance and success in all future endeavors."
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Friday, May 9, 2008
Eagle Mining JV Report
Drake Gold Announces Joint Venture with Turn-key Arizona Project and Releases Detailed Report
As management recently announced, Drake Gold has signed a joint-venture agreement with Eagle Mining for their Abigail and Donovan mining claims in Arizona. Eagle Mining has already completed multiple geological assays that show great potential for profitability. Eagle Mining has also secured necessary permits and currently possess a variety of processing equipment for the sites.
Drake Gold has written a detailed investigative report covering this Arizona project as a whole. The report includes the assays, permits, BLM data and a host of other information pertaining to the project. Please click on the link below to get a better understanding of Drake’s latest venture.
Read Eagle Mining Investigative Report
Read Disclaimer
As management recently announced, Drake Gold has signed a joint-venture agreement with Eagle Mining for their Abigail and Donovan mining claims in Arizona. Eagle Mining has already completed multiple geological assays that show great potential for profitability. Eagle Mining has also secured necessary permits and currently possess a variety of processing equipment for the sites.
Drake Gold has written a detailed investigative report covering this Arizona project as a whole. The report includes the assays, permits, BLM data and a host of other information pertaining to the project. Please click on the link below to get a better understanding of Drake’s latest venture.
Read Eagle Mining Investigative Report
Read Disclaimer
Thursday, April 24, 2008
Our Dove Explorer 500
By: Drake Management
As you all know, we at Drake are currently awaiting the shipment of our Explorer 500 from Dove Mining and Equipment. This machinery, secured with no up-front costs, is a mining powerhouse with a processing speed of up to 60 tons of solids an hour. To the left is a picture of the model we will be receiving in the coming weeks.
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See the Assembly of the Dove Superminer
By: Drake Management
As explained in a recent press release, President of AERO Mining Technologies, Ken Jayne, recently traveled to Thailand to visit Dove Mining and Equipment’s overseas facilities. Upon his return, we learned the estimated date of shipment for our Explorer 500. We also heard a lot about Mr. Jayne’s trip to Dove’s factories. Lucky for us, he shared some excellent pictures with us, including those posted below, showing the assembly of one of Dove’s most popular models, the Superminer.
Read Disclaimer
As explained in a recent press release, President of AERO Mining Technologies, Ken Jayne, recently traveled to Thailand to visit Dove Mining and Equipment’s overseas facilities. Upon his return, we learned the estimated date of shipment for our Explorer 500. We also heard a lot about Mr. Jayne’s trip to Dove’s factories. Lucky for us, he shared some excellent pictures with us, including those posted below, showing the assembly of one of Dove’s most popular models, the Superminer.
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Tuesday, April 22, 2008
Georgia Sampling Pictures
By: Drake Management
Drake has recently released some exciting assay results from recent samples collected by our President, John Marconette. Mr. Marconette gathered the hard rock samples from surface to a depth of 12 inches. These collections did not come from a single hard rock source, but reflect the fractured nature of much of the hard rock discovered on the property. Because these quartz deposits are fractured, moving the material with excavators in order to be processed should be relatively unhindered. No blasting will be required to process the fractured quartz; these deposits are thus rather accessible and while processing them will require crushing, they should pose minimum additional preparations.
The pictures below are of 5 of the recent samples and were taken by Mr. Marconette, providing insight into their size and condition.
Read Disclaimer
Drake has recently released some exciting assay results from recent samples collected by our President, John Marconette. Mr. Marconette gathered the hard rock samples from surface to a depth of 12 inches. These collections did not come from a single hard rock source, but reflect the fractured nature of much of the hard rock discovered on the property. Because these quartz deposits are fractured, moving the material with excavators in order to be processed should be relatively unhindered. No blasting will be required to process the fractured quartz; these deposits are thus rather accessible and while processing them will require crushing, they should pose minimum additional preparations.
The pictures below are of 5 of the recent samples and were taken by Mr. Marconette, providing insight into their size and condition.
Read Disclaimer
Monday, April 21, 2008
Drake Gold Announces New Assay Results
By: Drake Management
The management team at Drake Gold is thrilled to announce the latest laboratory analysis of samples taken from our Georgia gold mining site. As we have explained in previous public statements, members of Drake management recently traveled to Georgia on two separate occasions for the purpose of gathering further samples from the property. During each of these trips gold was visibly seen in pans from samples processed on site. Toward the end of February, Drake management was on-site, collecting strictly soil samples. The main objective of these collections was to lend added insight into the true location of the primary gold source on the property. As previously mentioned, these samples were sent to ALS Chemex labs in Sparks, NV. Due to errors made by the laboratory, these samples unfortunately took nearly a month to be processed. While waiting for the completion of these results, another set of samples collected at the same time were sent to Texas to another independent laboratory, Southern Spectrographic Laboratory, which had completed assays for Drake to our satisfaction in the past. The purpose of these samples was to determine the gold parts per million in the trenches thus reflecting the values at different depths. The samples were left unconcentrated and unadulterated for the purpose of a reading for trace gold. Though many of these samples at first glance do not reflect an impressive presence of gold in the soil, the fact that the 33 samples sent to Als Chemex (weighing roughly one pound each) showed trace gold. This we view as impressive.
Upon receipt of these analyses President John Marconette examined the results and determined the probable location of the gold source. The results ultimately lent credibility to Drake management’s suspicions that the strongest concentrations of gold lay to the north of the property. Supporting this theory of the gold’s location, Mr. Marconette took additional samples near these locations. The placer samples returned a significant showing of gold during Drake management’s following trip to the Georgia site. In this area, Mr. Marconette predominantly gathered hard rock samples hoping to find greater concentrations of gold, revealing a more accurate determination of the source of gold. This strategy proved fruitful, as the final set of samples from the site demonstrated substantially higher levels of gold than before. As named in Drake’s most recent press release and tabulated below, this assay showed gold concentrations as high as 2.51 ounces per ton. Of the 18 samples collected on this most recent excursion to the Georgia property, 16 showed gold with 13 of those samples demonstrating concentrations greater than .25 ounces per ton and 4 of those 13 reflecting concentrations of over an ounce per ton.
These findings are significant and represent the culmination of extensive and concerted efforts to locate Drake’s target zone on site. Our work to garner an accurate picture of the lay of the land and the location of gold reserves on the property began in the spring of 2007, when management first began collecting samples for assay. This first set of samples were gathered from a wide parcel of the property in order to get a sense of the land as a whole before tightening our focus on a specific area on site. As shown in the table below, Hazen Research in Colorado conducted these samples in April 2007. The results were promising, with alluvial concentrations as high as .571 ounces per ton. This analysis provided enough assurance of the strong presence of gold for Drake to move forward with our plans for the property.
Using the first assay results to lead us toward the gold source, Drake management returned to Georgia and gathered additional samples in order to gather further information needed to tighten our focus on the property.We sent the 18 collected samples to ALS Chemex in Sparks, Nevada for analysis. As you can see from the table below, the resulting analysis was also favorable, with gold concentrations 10 parts per million or higher.
As described above and tabulated below, the third set of samples taken from the property may not demonstrate the most robust alluvial concentrations from the site, but the analysis of these parcels of soil lent significant aide to our efforts to accurately place gold reserves on the property. These samples were purely soil collections and thus not the most accurate reflection of potential on site. They did, however, point us in the right direction of the true target area. Using the information from these assays, Mr. Marconette identified the probable location of the gold and on management’s most recent trip to Georgia gathered a set of samples that we have already shown to be impressive. We are immensely excited by the return of this assay and are propelled by these findings to press on and expand plans for our Georgia operation. While we had previously focused primarily on extracting alluvial gold, we are now encouraged to develop our plans to include hard rock. Though we will begin processing the placer deposits, Drake hopes to soon after begin core sampling, determining an accurate estimate of gold reserves present on the property and eventually extracting these deposits in order to fully maximize the mining potential of this site. These processes will be conducted under the guide lines of standards of disclosure for mineral projects, National Instrument 43-101.
In review, Drake has been able to secure all 5 sets of samples and can now determine the average grades as well as probable resources and output. Upon discovery of this higher concentration we can now focus our operational plan and permits on this area of our property. These assays will additionally increase the average grade throughout this property and help shape the Georgia Reserve Report management is preparing for release.
Read Disclaimer
The management team at Drake Gold is thrilled to announce the latest laboratory analysis of samples taken from our Georgia gold mining site. As we have explained in previous public statements, members of Drake management recently traveled to Georgia on two separate occasions for the purpose of gathering further samples from the property. During each of these trips gold was visibly seen in pans from samples processed on site. Toward the end of February, Drake management was on-site, collecting strictly soil samples. The main objective of these collections was to lend added insight into the true location of the primary gold source on the property. As previously mentioned, these samples were sent to ALS Chemex labs in Sparks, NV. Due to errors made by the laboratory, these samples unfortunately took nearly a month to be processed. While waiting for the completion of these results, another set of samples collected at the same time were sent to Texas to another independent laboratory, Southern Spectrographic Laboratory, which had completed assays for Drake to our satisfaction in the past. The purpose of these samples was to determine the gold parts per million in the trenches thus reflecting the values at different depths. The samples were left unconcentrated and unadulterated for the purpose of a reading for trace gold. Though many of these samples at first glance do not reflect an impressive presence of gold in the soil, the fact that the 33 samples sent to Als Chemex (weighing roughly one pound each) showed trace gold. This we view as impressive.
Upon receipt of these analyses President John Marconette examined the results and determined the probable location of the gold source. The results ultimately lent credibility to Drake management’s suspicions that the strongest concentrations of gold lay to the north of the property. Supporting this theory of the gold’s location, Mr. Marconette took additional samples near these locations. The placer samples returned a significant showing of gold during Drake management’s following trip to the Georgia site. In this area, Mr. Marconette predominantly gathered hard rock samples hoping to find greater concentrations of gold, revealing a more accurate determination of the source of gold. This strategy proved fruitful, as the final set of samples from the site demonstrated substantially higher levels of gold than before. As named in Drake’s most recent press release and tabulated below, this assay showed gold concentrations as high as 2.51 ounces per ton. Of the 18 samples collected on this most recent excursion to the Georgia property, 16 showed gold with 13 of those samples demonstrating concentrations greater than .25 ounces per ton and 4 of those 13 reflecting concentrations of over an ounce per ton.
These findings are significant and represent the culmination of extensive and concerted efforts to locate Drake’s target zone on site. Our work to garner an accurate picture of the lay of the land and the location of gold reserves on the property began in the spring of 2007, when management first began collecting samples for assay. This first set of samples were gathered from a wide parcel of the property in order to get a sense of the land as a whole before tightening our focus on a specific area on site. As shown in the table below, Hazen Research in Colorado conducted these samples in April 2007. The results were promising, with alluvial concentrations as high as .571 ounces per ton. This analysis provided enough assurance of the strong presence of gold for Drake to move forward with our plans for the property.
Using the first assay results to lead us toward the gold source, Drake management returned to Georgia and gathered additional samples in order to gather further information needed to tighten our focus on the property.We sent the 18 collected samples to ALS Chemex in Sparks, Nevada for analysis. As you can see from the table below, the resulting analysis was also favorable, with gold concentrations 10 parts per million or higher.
As described above and tabulated below, the third set of samples taken from the property may not demonstrate the most robust alluvial concentrations from the site, but the analysis of these parcels of soil lent significant aide to our efforts to accurately place gold reserves on the property. These samples were purely soil collections and thus not the most accurate reflection of potential on site. They did, however, point us in the right direction of the true target area. Using the information from these assays, Mr. Marconette identified the probable location of the gold and on management’s most recent trip to Georgia gathered a set of samples that we have already shown to be impressive. We are immensely excited by the return of this assay and are propelled by these findings to press on and expand plans for our Georgia operation. While we had previously focused primarily on extracting alluvial gold, we are now encouraged to develop our plans to include hard rock. Though we will begin processing the placer deposits, Drake hopes to soon after begin core sampling, determining an accurate estimate of gold reserves present on the property and eventually extracting these deposits in order to fully maximize the mining potential of this site. These processes will be conducted under the guide lines of standards of disclosure for mineral projects, National Instrument 43-101.
In review, Drake has been able to secure all 5 sets of samples and can now determine the average grades as well as probable resources and output. Upon discovery of this higher concentration we can now focus our operational plan and permits on this area of our property. These assays will additionally increase the average grade throughout this property and help shape the Georgia Reserve Report management is preparing for release.
Read Disclaimer
Summary of Assays for Drake's Georgia Operation
By: Drake Management
1st Assay Results:
Hazen Research, Inc.
Samples Taken 4/9/07
Samples were collected by Jan Yarrington over a five mile section including the Georgia property and some of the surrounding area. As stated on Drake’s November 30, 2007 announcement, "Assay results (below) indicate a viable gold resource at the surface and indicate a significant gold resource at depth. The hard-rock assay values are of particular interest: maximum 0.571 ounces of gold per ton or $340 per ton. The placer gold values are even more concentrated, approaching 1 ounce per ton consistently (combination of DG-20 and DG-15). Typically, when exploring for gold, one has to rely on placer gravels to lead to an area of high concentration in the hard rock. The samples assayed at the Georgia property, however, have shown significant gold concentrations in the hard rock as well as the placer."
"To put these sample concentrations into perspective, the cut-off grade for open-pit gold mines is 0.01 ounces of gold per ton. The Georgia samples have concentrations in the hard rock that are 50 times that of low grade ore."
Read Full 1st Assay Results
SAMPLE.......................GOLD OZ/TON
D212-1.................................0.106
D212-2.................................0.230
D212-3.................................0.566
D212-4.................................0.012
D212-5.................................0.014
D212-6.................................0.018
D212-7.................................0.571
2nd Assay Results
ALS Chemex
Samples Taken 9/6/07
With the advisement of Drake management, Jan Yarrington again collected samples, targeting areas that showed promise in the previous assay. As stated on Drake’s November 30, 2007 announcement, “Samples reported by Dr. McLemore processed by ALS Chemex had a maximum record of 10 grams per ton so that trace elements would be evaluated. Four of the samples, both hard rock and placer, again came in over 10 grams per ton. The exact amount over is undetermined due to the process.”
Read Full 2nd Assay Results
SAMPLE ..........GOLD PARTS PER MILLION
A-A-D.................................0.017
A-1+1..................................0.014
B-1-B................................>0.005
B-1-B-2...............................3.890
B4-10..................................0.015
JBBC ................................>0.005
F-1-C.................................>0.005
F-1-VEIN..........................>0.005
HC-4....................................0.007
A-1+3 CON.........................5.200
AA-1+3 CON......................0.285
A-1+3-U CON .................<10.00
CP-1..................................<10.00
E-1.......................................0.063
T-1 CON ..........................<10.00
T-1-B CON.......................<10.00
KHI.....................................2.330
3rd Assay Results Part 1:
ALS Chemex
Samples Taken 2/28/08
Samples were taken by Thomas Conar, Clayton Smith and Jan Yarrington. These collections represent purely soil samples. Quoted from the March 11, 2008 announcement, “Drake's management mining plan called for independent analyses from two different labs to ensure accuracy of sampling. As indicated on the Company's blog and in past press updates, Drake management identified its initial target area in Georgia and did depth sampling, digging seven trenches and sampling from each zone to determine the gold resources.”
Read Full 3rd Assay Results Part 1
SAMPLE.............GOLD PARTS PER MILLION
JB H(1) S(1)........................0.006
JB H(1) S(2)........................0.004
JB H(1) S(3)........................0.006
JB H(1) S(4)........................0.002
JB H(1) S(5)........................0.005
JB H(2) S(1)........................0.006
JB H(2) S(2)........................0.006
JB H(2) S(3)........................0.004
JB H(2) S(4)........................0.004
JB H(2) S(5)........................0.004
JB H(3) S(1)........................0.005
JB H(3) S(2)........................0.003
JB H(3) S(3)........................0.01
JB H(3) S(4)........................0.005
JB H(3) S(5)........................0.003
JB H(4) S(1)........................0.01
JB H(4) S(2)........................0.006
JB H(4) S(3)........................0.007
JB H(4) S(4)........................0.013
JB H(4) S(5)........................0.007
NE of Buchanan..................0.006
HP (I) NE F Bucknoan......0.002
RI 01/30/08 Sample (1)..0.004
V-MC-H(1) S(1).................0.002
V-MC-H(1) S(2).................0.006
V-MC-H(2) S(1).................0.003
V-MC-H(2) S(2).................0.003
V-MC-H(3) S(1).................0.003
V-MC-H(3) S(2).................0.005
Concentrate vs. S(2)..........0.004
No Description #1..............0.002
No Description #2..............0.004
JB HA(1) Sample 5..............0.002
3rd Assay Results Part 2:
Southern Spectrographic Laboratory, Inc.
Samples Taken 2/28/08
Samples, taken at the same time as the samples from Part 1, Soil and hard rock, were sent to Texas due to the unfortunate delay in results from Nevada where the first batch was sent. These clearly show the variation in concentration of the hard rock. As stated in the March 11, 2008 press announcement, “With the help of both ALS Chemex in Sparks, Nevada and Southern Spectrographic Laboratory in Irving, Texas, Drake was able to process 42 samples in total. The majority (35 out of 42) of the samples all showed gold values from unconcentrated grab samples with a maximum placer sample of .47 ounces per ton and a hard rock sample running as high as 4.23 ounces per ton.”
Read Full 3rd Assay Results Part 2
SAMPLES............................GOLD OZ/TON
Iron Ore ..................................<0.03
Quartes ...................................<0.03
J-B Hole 3...............................<0.03
4 J-B Hole 4 Concentrate.....<0.03
NE Creek B1 Black Sand.......<0.03
Norm Farm Field .................<0.03
B3 NE Creek ..........................<0.03
B3 Hard Rock Crush ...............0.47
B1&B2 NE of Vein ...................4.23
4th Assay Results:
Southern Spectrographic Laboratory, Inc.
Samples Taken 3/17/08 to 3/21/08
Following review of the third set of assays, President John Marconette was significantly encouraged to travel on-site and collect further samplings of the hard rock. Mr. Marconette personally oversaw the on-site sampling in March. The eighteen samples were sent to Southern Spectrographic Laboratory, Inc. for analysis, from which the assay data referenced derived. While past collections had focused primarily on soil sampling, Mr. Marconette decided to more closely examine the hard rock grades on the property, thus leading to these exciting discoveries.
Read Full 4th Assay Results
SAMPLE .........................GOLD OZ/TON
Upper Vally NW ....................1.74
Lower Valley ..........................2.51
N Hill Lower 2 .......................0.23
N Hill Lower 1 .......................0.78
Hole 1 ......................................0.22
W Hill Behind H.A2..............0.32
Crush Valley Ore Creek........0.41
Hole 3 .....................................0.38
N Hill Side Property.............0.015
N Hill Valley Power Line.....0.11
N Center Hill .........................0.011
Creek Screen .......................<0.01
Drive Way ..............................0.39
Big Rock Next to House.......0.66
W Hill Behind H.A1............<0.01
Hole 1 .....................................1.00
Behind House ........................1.13
Big Quartz’s ...........................0.45
Read Disclaimer
1st Assay Results:
Hazen Research, Inc.
Samples Taken 4/9/07
Samples were collected by Jan Yarrington over a five mile section including the Georgia property and some of the surrounding area. As stated on Drake’s November 30, 2007 announcement, "Assay results (below) indicate a viable gold resource at the surface and indicate a significant gold resource at depth. The hard-rock assay values are of particular interest: maximum 0.571 ounces of gold per ton or $340 per ton. The placer gold values are even more concentrated, approaching 1 ounce per ton consistently (combination of DG-20 and DG-15). Typically, when exploring for gold, one has to rely on placer gravels to lead to an area of high concentration in the hard rock. The samples assayed at the Georgia property, however, have shown significant gold concentrations in the hard rock as well as the placer."
"To put these sample concentrations into perspective, the cut-off grade for open-pit gold mines is 0.01 ounces of gold per ton. The Georgia samples have concentrations in the hard rock that are 50 times that of low grade ore."
Read Full 1st Assay Results
SAMPLE.......................GOLD OZ/TON
D212-1.................................0.106
D212-2.................................0.230
D212-3.................................0.566
D212-4.................................0.012
D212-5.................................0.014
D212-6.................................0.018
D212-7.................................0.571
2nd Assay Results
ALS Chemex
Samples Taken 9/6/07
With the advisement of Drake management, Jan Yarrington again collected samples, targeting areas that showed promise in the previous assay. As stated on Drake’s November 30, 2007 announcement, “Samples reported by Dr. McLemore processed by ALS Chemex had a maximum record of 10 grams per ton so that trace elements would be evaluated. Four of the samples, both hard rock and placer, again came in over 10 grams per ton. The exact amount over is undetermined due to the process.”
Read Full 2nd Assay Results
SAMPLE ..........GOLD PARTS PER MILLION
A-A-D.................................0.017
A-1+1..................................0.014
B-1-B................................>0.005
B-1-B-2...............................3.890
B4-10..................................0.015
JBBC ................................>0.005
F-1-C.................................>0.005
F-1-VEIN..........................>0.005
HC-4....................................0.007
A-1+3 CON.........................5.200
AA-1+3 CON......................0.285
A-1+3-U CON .................<10.00
CP-1..................................<10.00
E-1.......................................0.063
T-1 CON ..........................<10.00
T-1-B CON.......................<10.00
KHI.....................................2.330
3rd Assay Results Part 1:
ALS Chemex
Samples Taken 2/28/08
Samples were taken by Thomas Conar, Clayton Smith and Jan Yarrington. These collections represent purely soil samples. Quoted from the March 11, 2008 announcement, “Drake's management mining plan called for independent analyses from two different labs to ensure accuracy of sampling. As indicated on the Company's blog and in past press updates, Drake management identified its initial target area in Georgia and did depth sampling, digging seven trenches and sampling from each zone to determine the gold resources.”
Read Full 3rd Assay Results Part 1
SAMPLE.............GOLD PARTS PER MILLION
JB H(1) S(1)........................0.006
JB H(1) S(2)........................0.004
JB H(1) S(3)........................0.006
JB H(1) S(4)........................0.002
JB H(1) S(5)........................0.005
JB H(2) S(1)........................0.006
JB H(2) S(2)........................0.006
JB H(2) S(3)........................0.004
JB H(2) S(4)........................0.004
JB H(2) S(5)........................0.004
JB H(3) S(1)........................0.005
JB H(3) S(2)........................0.003
JB H(3) S(3)........................0.01
JB H(3) S(4)........................0.005
JB H(3) S(5)........................0.003
JB H(4) S(1)........................0.01
JB H(4) S(2)........................0.006
JB H(4) S(3)........................0.007
JB H(4) S(4)........................0.013
JB H(4) S(5)........................0.007
NE of Buchanan..................0.006
HP (I) NE F Bucknoan......0.002
RI 01/30/08 Sample (1)..0.004
V-MC-H(1) S(1).................0.002
V-MC-H(1) S(2).................0.006
V-MC-H(2) S(1).................0.003
V-MC-H(2) S(2).................0.003
V-MC-H(3) S(1).................0.003
V-MC-H(3) S(2).................0.005
Concentrate vs. S(2)..........0.004
No Description #1..............0.002
No Description #2..............0.004
JB HA(1) Sample 5..............0.002
3rd Assay Results Part 2:
Southern Spectrographic Laboratory, Inc.
Samples Taken 2/28/08
Samples, taken at the same time as the samples from Part 1, Soil and hard rock, were sent to Texas due to the unfortunate delay in results from Nevada where the first batch was sent. These clearly show the variation in concentration of the hard rock. As stated in the March 11, 2008 press announcement, “With the help of both ALS Chemex in Sparks, Nevada and Southern Spectrographic Laboratory in Irving, Texas, Drake was able to process 42 samples in total. The majority (35 out of 42) of the samples all showed gold values from unconcentrated grab samples with a maximum placer sample of .47 ounces per ton and a hard rock sample running as high as 4.23 ounces per ton.”
Read Full 3rd Assay Results Part 2
SAMPLES............................GOLD OZ/TON
Iron Ore ..................................<0.03
Quartes ...................................<0.03
J-B Hole 3...............................<0.03
4 J-B Hole 4 Concentrate.....<0.03
NE Creek B1 Black Sand.......<0.03
Norm Farm Field .................<0.03
B3 NE Creek ..........................<0.03
B3 Hard Rock Crush ...............0.47
B1&B2 NE of Vein ...................4.23
4th Assay Results:
Southern Spectrographic Laboratory, Inc.
Samples Taken 3/17/08 to 3/21/08
Following review of the third set of assays, President John Marconette was significantly encouraged to travel on-site and collect further samplings of the hard rock. Mr. Marconette personally oversaw the on-site sampling in March. The eighteen samples were sent to Southern Spectrographic Laboratory, Inc. for analysis, from which the assay data referenced derived. While past collections had focused primarily on soil sampling, Mr. Marconette decided to more closely examine the hard rock grades on the property, thus leading to these exciting discoveries.
Read Full 4th Assay Results
SAMPLE .........................GOLD OZ/TON
Upper Vally NW ....................1.74
Lower Valley ..........................2.51
N Hill Lower 2 .......................0.23
N Hill Lower 1 .......................0.78
Hole 1 ......................................0.22
W Hill Behind H.A2..............0.32
Crush Valley Ore Creek........0.41
Hole 3 .....................................0.38
N Hill Side Property.............0.015
N Hill Valley Power Line.....0.11
N Center Hill .........................0.011
Creek Screen .......................<0.01
Drive Way ..............................0.39
Big Rock Next to House.......0.66
W Hill Behind H.A1............<0.01
Hole 1 .....................................1.00
Behind House ........................1.13
Big Quartz’s ...........................0.45
Read Disclaimer
Thursday, April 17, 2008
Drake Gold Resources Announces Engagement of Harbin Engineering P.C.
By: Drake Management
Harbin Engineering is assisting Drake management in its efforts to rezone the property to allow mining activities. As explained in previous updates, this requires the filing of certain paperwork in person at the county zoning offices, for which Harbin’s close proximity to the Georgia operation will prove invaluable. Harbin is also securing the requisite property and topographic surveys as needed for permitting and engineering design of any mining facilities on site. Additionally, Harbin has been working closely with Drake management in the preparation of applications, forms, reports, plans, etc. as required by the Georgia Environmental Protection Division (EPD) for obtaining a mining permit, as well as an erosion and sediment control permit. The firm will also assist in the preparation of all permit paperwork required by the National Pollution Discharge and Elimination System (NPDES) with regards to stormwater activities. Harbin will also prepare detailed engineering plans for mining infrastructure which may include the construction of roads, buildings, landscaping, lined ponds, and utility support to facilitate mining activities. Drake and Harbin Engineering have outlined a general scope of the necessary work to be completed by the firm. Harbin will be on retainer to consult and aid with any issues that may arise throughout this process.
Harbin Engineering will be responsible for the following:
Assistance with rezoning of subject property to allow mining activities; assistance in securing the required property and topographic surveys necessary for environmental permitting and engineering design of mining facilities; preparation of applications, forms, reports, plans, etc. required by the Georgia Environmental Protection Division (EPD) for obtaining a mining permit, erosion and sediment control permit, and a National Pollution Discharge and Elimination System (NPDES) permit for stormwater activities; preparation of detailed engineering plans for mining infrastructure which may include roads, buildings, landscaping, lined ponds, utility support, etc. in order to facilitate mining activities, assistance in securing a contract with a licensed well driller for a process water well, and provide general consulting assistance on other engineering activities as needed for mining operations.
Read Disclaimer
Harbin Engineering is assisting Drake management in its efforts to rezone the property to allow mining activities. As explained in previous updates, this requires the filing of certain paperwork in person at the county zoning offices, for which Harbin’s close proximity to the Georgia operation will prove invaluable. Harbin is also securing the requisite property and topographic surveys as needed for permitting and engineering design of any mining facilities on site. Additionally, Harbin has been working closely with Drake management in the preparation of applications, forms, reports, plans, etc. as required by the Georgia Environmental Protection Division (EPD) for obtaining a mining permit, as well as an erosion and sediment control permit. The firm will also assist in the preparation of all permit paperwork required by the National Pollution Discharge and Elimination System (NPDES) with regards to stormwater activities. Harbin will also prepare detailed engineering plans for mining infrastructure which may include the construction of roads, buildings, landscaping, lined ponds, and utility support to facilitate mining activities. Drake and Harbin Engineering have outlined a general scope of the necessary work to be completed by the firm. Harbin will be on retainer to consult and aid with any issues that may arise throughout this process.
Harbin Engineering will be responsible for the following:
Assistance with rezoning of subject property to allow mining activities; assistance in securing the required property and topographic surveys necessary for environmental permitting and engineering design of mining facilities; preparation of applications, forms, reports, plans, etc. required by the Georgia Environmental Protection Division (EPD) for obtaining a mining permit, erosion and sediment control permit, and a National Pollution Discharge and Elimination System (NPDES) permit for stormwater activities; preparation of detailed engineering plans for mining infrastructure which may include roads, buildings, landscaping, lined ponds, utility support, etc. in order to facilitate mining activities, assistance in securing a contract with a licensed well driller for a process water well, and provide general consulting assistance on other engineering activities as needed for mining operations.
Read Disclaimer
Thursday, April 3, 2008
Drake Gold Announces Renewed Directional Focus
By: Drake Management
Following our organizational restructuring with Drake’s new management, we are sharpening our focus on the mining of minerals and precious metals. Although we formerly pursued interests in oil and natural gas, we have decided at this time such pursuits are distractions from our core gold-mining business. As a result, the board has ceased expending time and resources in the oil/natural gas sector.
With the great influx of opportunities from our relationship with AERO Mining Tech as distributors of Dove Mining equipment, and our efforts to move into full-scale production on our Georgia mining claim, our time and attention must be channeled effectively in order to maximize success.
One immediate objective is the coordination of our Dove Explorer 500 arrival with the completion of all required mining permits. We are pleased to report a recent surge of interest in our Dove Mining equipment distribution arm. As mentioned in previous updates, our ongoing relationship with AERO has opened up several new opportunities for potential joint ventures and future projects.
With such important considerations requiring our attention, tightening our focus solely on mining will maximize our efforts for success as a producing mining company and a leader in the distribution of mining equipment.
Katherine Jones, VP of Operations, has this to say: “Mr. Marconette’s decision to secure the relationship with one of the world’s largest mining manufacturers has opened up an invaluable source of opportunity for Drake. We are currently reviewing equipment contacts with established mining companies and exploring joint-venture opportunities with turnkey operations.”
Read Disclaimer
Following our organizational restructuring with Drake’s new management, we are sharpening our focus on the mining of minerals and precious metals. Although we formerly pursued interests in oil and natural gas, we have decided at this time such pursuits are distractions from our core gold-mining business. As a result, the board has ceased expending time and resources in the oil/natural gas sector.
With the great influx of opportunities from our relationship with AERO Mining Tech as distributors of Dove Mining equipment, and our efforts to move into full-scale production on our Georgia mining claim, our time and attention must be channeled effectively in order to maximize success.
One immediate objective is the coordination of our Dove Explorer 500 arrival with the completion of all required mining permits. We are pleased to report a recent surge of interest in our Dove Mining equipment distribution arm. As mentioned in previous updates, our ongoing relationship with AERO has opened up several new opportunities for potential joint ventures and future projects.
With such important considerations requiring our attention, tightening our focus solely on mining will maximize our efforts for success as a producing mining company and a leader in the distribution of mining equipment.
Katherine Jones, VP of Operations, has this to say: “Mr. Marconette’s decision to secure the relationship with one of the world’s largest mining manufacturers has opened up an invaluable source of opportunity for Drake. We are currently reviewing equipment contacts with established mining companies and exploring joint-venture opportunities with turnkey operations.”
Read Disclaimer
Friday, March 28, 2008
New Georgia Location!
By: Drake Management
Drake Gold Resources is excited to announce the establishment of a new office location in Georgia. In order to effectively complete the permitting process of our Georgia mining operation, we are establishing an Atlanta-based office for necessary meetings with local/state officials and organizations, regarding plans to move our operation to full production. We believe a local address will aid our permitting efforts, helping us gain further ground in this process and increasing our accessibility to officials, organizations, and local landowners. The office is virtual, providing us with meeting rooms and fractional office space. All calls to our Georgia phone number will be routed to Drake team members regardless of their location.
The acquisition of this office will serve as a strategic base of operations as our endeavors in Georgia grow. Chief Operating Officer James Goularte agrees, remarking: “With our new office location, combined with other exciting developments, Drake is moving closer to the day when it will be a salient name within the mining and mining-equipment distribution industries.”
Please feel free to contact us at:
Drake Gold Resources Inc.
260 Peachtree Street NW
Suite 2200
Atlanta, GA 30303
Phone: (404) 563-7049
Fax: (678) 731-1650
Email: MGT@DrakeGold.com
Read Disclaimer
Drake Gold Resources is excited to announce the establishment of a new office location in Georgia. In order to effectively complete the permitting process of our Georgia mining operation, we are establishing an Atlanta-based office for necessary meetings with local/state officials and organizations, regarding plans to move our operation to full production. We believe a local address will aid our permitting efforts, helping us gain further ground in this process and increasing our accessibility to officials, organizations, and local landowners. The office is virtual, providing us with meeting rooms and fractional office space. All calls to our Georgia phone number will be routed to Drake team members regardless of their location.
The acquisition of this office will serve as a strategic base of operations as our endeavors in Georgia grow. Chief Operating Officer James Goularte agrees, remarking: “With our new office location, combined with other exciting developments, Drake is moving closer to the day when it will be a salient name within the mining and mining-equipment distribution industries.”
Please feel free to contact us at:
Drake Gold Resources Inc.
260 Peachtree Street NW
Suite 2200
Atlanta, GA 30303
Phone: (404) 563-7049
Fax: (678) 731-1650
Email: MGT@DrakeGold.com
Read Disclaimer
Monday, March 24, 2008
Drake Announces Management Restructuring
by: Drake Management
Drake Gold Resources announces the resignation of its Chairman, Board Director and General Manager, Clayton Smith. Two years ago, when Mr. Smith took over Drake as the interim CEO, the company had over 1000 share holders, but was decidedly failing. His leadership gave a new hope and direction to Drake. Recognizing the changing economic climate and the vast potential of the natural resource industry, Mr. Smith developed Drake’s business plan to focus on the mining of precious metals. To this end he played an important part in Drake’s mining operation in Georgia, which is in the process of moving forward to production in the coming months.
During his two years of involvement with the company, Mr. Smith increased the shareholder base to over 2000 investors and personally financed the company’s working capital needs. He managed to decrease the authorized shares from 1.4billion to 950million. He canceled all preferred stock and canceled over 120million common shares, bringing the current number of shares lower than when he initially took over the company. Throughout this time, Mr. Smith was able to safeguard the company structure from any dilution, never issuing free trading shares or accepting dilutive financing offers.
Prior to his work with Drake, Mr. Smith worked in Investor Relations, but was frustrated by his lack of control over the follow through of company executives. He chose a path where shareholders would benefit from his personal efforts and he could escape those that conduct business as a means to only benefit themselves. Having a large personal stake in the company, Mr. Smith targeted Drake Gold Resources and implemented a plan of action to create a true and solid investment that would provide long term benefits for all parties involved, a rare commodity in our small cap markets. Upon reaching this turning point in the company, Mr. Smith feels efficacy as interim management has reached its peak. Though he is stepping down from his official role with Drake, he will remain available to the board if needed for his expertise on an advisory basis, regardless of any future endeavor.
We are immensely grateful for Mr. Smith’s consistent efforts and the progress Drake has experienced under his tenure. Because of his incredibly hard work and dedication to forging a path of success for Drake Gold Resources, the company is on the brink of advancing from an exploration company to junior producer. With Drake at this turning point, we have accepted Mr. Smith’s resignation and brought in the necessary operatives to hasten this transformative process and bring in the expertise needed to bring our company to the next level. In this spirit, we are thrilled to announce the addition of a new COO, James Goularte and a VP of Operations and General Manager, Katherine Jones. Mr. Goularte and Ms. Jones will join President John Marconette and CFO Thomas Conar in continuing to implement Mr. Smith’s development plan, ensuring sustained growth and progress in the future. We, the board, would like to thank Mr. Smith for his vigilant efforts to bring Drake Gold Resources Inc. to our current operational level. His diligence and dedication has laid a well structured and solid base upon which we will continue to build.
Read Disclaimer
Drake Gold Resources announces the resignation of its Chairman, Board Director and General Manager, Clayton Smith. Two years ago, when Mr. Smith took over Drake as the interim CEO, the company had over 1000 share holders, but was decidedly failing. His leadership gave a new hope and direction to Drake. Recognizing the changing economic climate and the vast potential of the natural resource industry, Mr. Smith developed Drake’s business plan to focus on the mining of precious metals. To this end he played an important part in Drake’s mining operation in Georgia, which is in the process of moving forward to production in the coming months.
During his two years of involvement with the company, Mr. Smith increased the shareholder base to over 2000 investors and personally financed the company’s working capital needs. He managed to decrease the authorized shares from 1.4billion to 950million. He canceled all preferred stock and canceled over 120million common shares, bringing the current number of shares lower than when he initially took over the company. Throughout this time, Mr. Smith was able to safeguard the company structure from any dilution, never issuing free trading shares or accepting dilutive financing offers.
Prior to his work with Drake, Mr. Smith worked in Investor Relations, but was frustrated by his lack of control over the follow through of company executives. He chose a path where shareholders would benefit from his personal efforts and he could escape those that conduct business as a means to only benefit themselves. Having a large personal stake in the company, Mr. Smith targeted Drake Gold Resources and implemented a plan of action to create a true and solid investment that would provide long term benefits for all parties involved, a rare commodity in our small cap markets. Upon reaching this turning point in the company, Mr. Smith feels efficacy as interim management has reached its peak. Though he is stepping down from his official role with Drake, he will remain available to the board if needed for his expertise on an advisory basis, regardless of any future endeavor.
We are immensely grateful for Mr. Smith’s consistent efforts and the progress Drake has experienced under his tenure. Because of his incredibly hard work and dedication to forging a path of success for Drake Gold Resources, the company is on the brink of advancing from an exploration company to junior producer. With Drake at this turning point, we have accepted Mr. Smith’s resignation and brought in the necessary operatives to hasten this transformative process and bring in the expertise needed to bring our company to the next level. In this spirit, we are thrilled to announce the addition of a new COO, James Goularte and a VP of Operations and General Manager, Katherine Jones. Mr. Goularte and Ms. Jones will join President John Marconette and CFO Thomas Conar in continuing to implement Mr. Smith’s development plan, ensuring sustained growth and progress in the future. We, the board, would like to thank Mr. Smith for his vigilant efforts to bring Drake Gold Resources Inc. to our current operational level. His diligence and dedication has laid a well structured and solid base upon which we will continue to build.
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Wednesday, March 19, 2008
Georgia Permitting Update
Our previous management update has caused some confusion concerning our efforts to move toward production on our Georgia mining operation. Our full intent is to secure necessary permits in order to mine our Georgia claims. We have been in regular contact with the proper local and state departments to begin the permitting process.
As part of our ongoing preparations for our Georgia mining claim, Drake Gold has discussed at length the permitting process and procedures with several representatives from the Environmental Protection Division (EPD) in Georgia. Over recent months, since the beginning of our preproduction efforts, they have been a helpful resource for us, explaining the required steps toward acquiring all necessary permits for our surface mining endeavors.
We have learned through our dealings with the EPD we will need to apply for several permits from various branches of the EPD, as well as county offices. For example, the Land Protection Branch of the EPD requires a permit for all surface-mining projects, as well as a Surface Mining Land Use Plan, the process of which we have already begun. Also, the Water Protection Branch requires permitting for projects affecting storm water and related water withdrawal. We will need to secure the proper permits for the storm water and have been assured by the EPD that a water-withdrawal permit is only necessary when drawing 100,000 or more gallons of water per day. Because our mining equipment allows us to recycle the water used, we do not foresee the water-withdrawal permit a pressing matter at this time. In the event our future daily water requirements are to exceed 100,000 gallons per day, the necessary permit will be filed for in a timely fashion as to not impede production. As a direct result of recent hard-rock samples, we will be filing for a permit from the Air Protection Branch of the EPD. This particular permit is required when dust or particles rise into the surrounding air. Because we will be processing slurry with our machine, it is unlikely this will be an issue. However, we believe it would be prudent to secure this permit anyway in the remote chance it may be needed in the future.
Another crucial step in securing the necessary permitting for our mining operation is the rezoning of our acreage for commercial mining purposes. Due to the thorough guidelines of the county zoning board, this paperwork needs to be filed in person at their office. In the coming weeks, as we move through the permitting process and get near production capability, our management team will make additional trips to Georgia to make any necessary changes/revisions in person with state and county officials. In-person meetings speed up the permit-application review process and can help us iron out any wrinkles with our ultimate plans for the property. We plan to work closely with county and state representatives regarding form applications other matters.
Recent lab analysis of samples have opened up the need for an expanded plan of operations. While we had intended to focus solely on the placer grades, the recent discovery of substantial gold quantities in the hard rock have prompted us to broaden our intentions in Georgia so as to fully exploit our initial target zone. We expect no delays as a result of this recent development, as our permitting needs remain the same. We are anxiously awaiting the arrival of the Explorer 500 from Dove Mining Equipment. To our knowledge this will be the first Explorer unit to arrive in the USA and will allow Drake the opportunity to showcase this equipment in its role as an official distributor of Dove Mining Equipment.
As part of our ongoing preparations for our Georgia mining claim, Drake Gold has discussed at length the permitting process and procedures with several representatives from the Environmental Protection Division (EPD) in Georgia. Over recent months, since the beginning of our preproduction efforts, they have been a helpful resource for us, explaining the required steps toward acquiring all necessary permits for our surface mining endeavors.
We have learned through our dealings with the EPD we will need to apply for several permits from various branches of the EPD, as well as county offices. For example, the Land Protection Branch of the EPD requires a permit for all surface-mining projects, as well as a Surface Mining Land Use Plan, the process of which we have already begun. Also, the Water Protection Branch requires permitting for projects affecting storm water and related water withdrawal. We will need to secure the proper permits for the storm water and have been assured by the EPD that a water-withdrawal permit is only necessary when drawing 100,000 or more gallons of water per day. Because our mining equipment allows us to recycle the water used, we do not foresee the water-withdrawal permit a pressing matter at this time. In the event our future daily water requirements are to exceed 100,000 gallons per day, the necessary permit will be filed for in a timely fashion as to not impede production. As a direct result of recent hard-rock samples, we will be filing for a permit from the Air Protection Branch of the EPD. This particular permit is required when dust or particles rise into the surrounding air. Because we will be processing slurry with our machine, it is unlikely this will be an issue. However, we believe it would be prudent to secure this permit anyway in the remote chance it may be needed in the future.
Another crucial step in securing the necessary permitting for our mining operation is the rezoning of our acreage for commercial mining purposes. Due to the thorough guidelines of the county zoning board, this paperwork needs to be filed in person at their office. In the coming weeks, as we move through the permitting process and get near production capability, our management team will make additional trips to Georgia to make any necessary changes/revisions in person with state and county officials. In-person meetings speed up the permit-application review process and can help us iron out any wrinkles with our ultimate plans for the property. We plan to work closely with county and state representatives regarding form applications other matters.
Recent lab analysis of samples have opened up the need for an expanded plan of operations. While we had intended to focus solely on the placer grades, the recent discovery of substantial gold quantities in the hard rock have prompted us to broaden our intentions in Georgia so as to fully exploit our initial target zone. We expect no delays as a result of this recent development, as our permitting needs remain the same. We are anxiously awaiting the arrival of the Explorer 500 from Dove Mining Equipment. To our knowledge this will be the first Explorer unit to arrive in the USA and will allow Drake the opportunity to showcase this equipment in its role as an official distributor of Dove Mining Equipment.
Monday, March 17, 2008
Drake Announces Exciting Sampling Results
The final analysis on our last batch of samples from our Georgia pre-production mining site have finally come in and they are exciting. As we have already mentioned, during Drake's last trip to our Georgia operation, our team gathered an array of samples from the site. After the identification of our initial target area, our team conducted depth sampling from seven trenches on the property. In an effort to ensure accuracy, Drake submitted these samples for independent analysis from two separate labs, ALS Chemex and Southern Spectrographic Laboratory.
Both laboratories discovered gold in the vast majority of the samples and showed a maximum placer sample of nearly a half ounce per ton. Also, in our first attempt to test the hard rock of the site, laboratory analysis revealed as much as 4.23 ounces per ton. This revelation has prompted our management team to reconsider its past focus on placer grades alone. We are currently exploring our options to bring in some crushing machinery to fully exploit this initial target zone.
Read the full press release from Drake Gold Resources here:
Drake Gold Resources Announces Successful Sampling of Target Property in Georgia
Both laboratories discovered gold in the vast majority of the samples and showed a maximum placer sample of nearly a half ounce per ton. Also, in our first attempt to test the hard rock of the site, laboratory analysis revealed as much as 4.23 ounces per ton. This revelation has prompted our management team to reconsider its past focus on placer grades alone. We are currently exploring our options to bring in some crushing machinery to fully exploit this initial target zone.
Read the full press release from Drake Gold Resources here:
Drake Gold Resources Announces Successful Sampling of Target Property in Georgia
Thursday, March 13, 2008
Searching for Gold Showings
Down in Georgia, our team also did some basic panning in the creek beds looking for showings of gold. As you can see from several pictures below, even simple panning methods displayed significant sources of gold. Their findings were rather promising, as gold in the on-site streams are a clear indication that gold will be found in the pay dirt areas as well.
Thursday, March 6, 2008
ALS Laboratory Letter
As announced previously, our management team made the journey down to our Georgia mining operation site late last month. While on site, they further explored the on-site streams and took 7 trench samplings down to the bedrock. After discovering substantial gold in the on-site streams, we were confident that these samples from the pay dirt would yield promising results. The samples were carefully bagged, labeled, photographed and prepared for shipment. They were sent to ALS Chemex in Nevada for testing. ALS Chemex had completed our previous assays to our satisfaction and we expected efficient and accurate work from them.
Anxious to learn the outcome, we placed a rush on the analysis of these samples and expected to receive the results in fairly short order. Unfortunately, due to an error at the lab, our samples were overlooked and the analysis was not completed. After diligently following up with the labs in both Nevada and British Columbia, we have received a letter of apology from Sonyia Jhooty in the Client Services department of ALS Chemex with her guarantee that the lab will finish their final analysis by March 2nd. She also mentioned that the lab in Reno is reviewing their standard operating procedures to ensure that such a mistake is not repeated in the future. We’ve posted Ms. Jhooty’s letter below and we will announce the labs results once they are received next month. Plese click on the link below to review.
ALS Laboratory Letter
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Anxious to learn the outcome, we placed a rush on the analysis of these samples and expected to receive the results in fairly short order. Unfortunately, due to an error at the lab, our samples were overlooked and the analysis was not completed. After diligently following up with the labs in both Nevada and British Columbia, we have received a letter of apology from Sonyia Jhooty in the Client Services department of ALS Chemex with her guarantee that the lab will finish their final analysis by March 2nd. She also mentioned that the lab in Reno is reviewing their standard operating procedures to ensure that such a mistake is not repeated in the future. We’ve posted Ms. Jhooty’s letter below and we will announce the labs results once they are received next month. Plese click on the link below to review.
ALS Laboratory Letter
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Wednesday, March 5, 2008
Sampling Prospects of One On-Site Trench
Down in Georgia, Jan Yarrington discusses the history of the land and the minerals present on site. He explains the rich potential present in the samples taken from one section of the site.
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Inspecting the Geology and Rocks
While samples of the pay dirt were carefully gathered, bagged, photographed and prepared for shipment to the lab, our management team also made sure to meticulously inspect the surrounding geology and rocks on site. Here’s some of what they found.
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Georgia Sampling
As promised, here are some more pictures of Drake Gold’s trip down to Georgia. These show our guys collecting the samples and preparing them for shipment to the lab. They carefully labeled everything, took pictures and organized everything before they were sent out.
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Monday, March 3, 2008
Digging Trenches in Georgia
As previously mentioned, some members of Drake Gold’s management team took the long trek down to Georgia to get better acquainted with the site, do a little digging and gather some more samples for lab analysis. Over the next few days, we’ll be posting pictures from the trip, explaining the work that was done down there and sharing the results.
As any of you familiar with mining knows, the first step in gathering samples is digging! With a fairly small backhoe, our team dug up a few trenches and collected several sets of samples, which are currently undergoing analysis at the lab.
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As any of you familiar with mining knows, the first step in gathering samples is digging! With a fairly small backhoe, our team dug up a few trenches and collected several sets of samples, which are currently undergoing analysis at the lab.
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Thursday, February 28, 2008
Update on Sample Analysis from ALS Chemex Laboratories
As announced previously, our management team made the journey down to our Georgia mining operation site late last month. While on site, they further explored the on-site streams and took 7 trench samplings down to the bedrock. After discovering substantial gold in the on-site streams, we were confident that these samples from the pay dirt would yield promising results. The samples were carefully bagged, labeled, photographed and prepared for shipment. They were sent to ALS Chemex in Nevada for testing. ALS Chemex had completed our previous assays to our satisfaction and we expected efficient and accurate work from them.
Anxious to learn the outcome, we placed a rush on the analysis of these samples and expected to receive the results in fairly short order. Unfortunately, due to an error at the lab, our samples were overlooked and the analysis was not completed. After diligently following up with the labs in both Nevada and British Columbia, we have received a letter of apology from Sonyia Jhooty in the Client Services department of ALS Chemex with her guarantee that the lab will finish their final analysis by March 2nd. She also mentioned that the lab in Reno is reviewing their standard operating procedures to ensure that such a mistake is not repeated in the future. We’ve posted Ms. Jhooty’s letter below and we will announce the labs results once they are received next month.
http://www.drakegold.com/docs/DKGR-Letter-from-ALS-Chemex-02-28-08.pdf
Anxious to learn the outcome, we placed a rush on the analysis of these samples and expected to receive the results in fairly short order. Unfortunately, due to an error at the lab, our samples were overlooked and the analysis was not completed. After diligently following up with the labs in both Nevada and British Columbia, we have received a letter of apology from Sonyia Jhooty in the Client Services department of ALS Chemex with her guarantee that the lab will finish their final analysis by March 2nd. She also mentioned that the lab in Reno is reviewing their standard operating procedures to ensure that such a mistake is not repeated in the future. We’ve posted Ms. Jhooty’s letter below and we will announce the labs results once they are received next month.
http://www.drakegold.com/docs/DKGR-Letter-from-ALS-Chemex-02-28-08.pdf
Wednesday, February 27, 2008
A Trek Down to Georgia
A few weeks ago, Drake Gold’s management took a trip down to our Georgia mining project. Though we’ve been in the preproduction phase for some time now, this was our nearest production visit, as Clayton Smith, our Chairman, got his hands dirty in the Georgia soil. After a few days with rolled up sleeves, muddied boots and sweaty brows, we discovered that our claim appears to be richer in gold than first expected. Clayton’s hard work in the South helped to identify our initial target once production is underway. This target zone comprises approximately 10 acres at the bottom of 2 ridges. We have also learned that the local streams are rich with gold, which is a clear indication that placer and alluvial grades will be strong in the pay dirt areas as well.
Keep watching this blog, as I’ll be posting pictures from this seminal trip! For now, check out the video below of Jan Yarrington explaining the process of searching for Gold in the creek beds.
Read Disclaimer
Keep watching this blog, as I’ll be posting pictures from this seminal trip! For now, check out the video below of Jan Yarrington explaining the process of searching for Gold in the creek beds.
Read Disclaimer
Welcome to the Drake Blog
We at Drake Gold Resources are extremely excited to unveil the newest addition to our website, the Drake Blog. Over the coming months, this site will be the best place to find new information about our latest projects, our newest acquisitions, the most up-to-date news regarding Drake Gold Resources, what we’re doing, what we’re thinking and where we’re going. We hope to make this blog a dynamic, informative and interesting forum for investors, potential investors, and those just interested in our company to gather information and discuss all the latest developments with Drake Gold.
We hope this blog will serve as an insight into how we do things here at Drake. We strive to be innovative and forward thinking in the way that we pick new projects and choose companies with whom we partner. We believe that diversity is the key to survival and success in today’s economic climate. For this reason, we have interests in a wide array of aspects of the natural resource industry. Currently we have identified and begun exploration on several mining projects across North America. We have signed joint venture agreements for the mining of minerals such as gold and silver and a world leader in surface mining technologies, to just name a few. We work extremely hard to keep focused and to stay fresh as we move forward and we hope you will use this blog as a means for checking in and staying up to date!
Read Disclaimer
We hope this blog will serve as an insight into how we do things here at Drake. We strive to be innovative and forward thinking in the way that we pick new projects and choose companies with whom we partner. We believe that diversity is the key to survival and success in today’s economic climate. For this reason, we have interests in a wide array of aspects of the natural resource industry. Currently we have identified and begun exploration on several mining projects across North America. We have signed joint venture agreements for the mining of minerals such as gold and silver and a world leader in surface mining technologies, to just name a few. We work extremely hard to keep focused and to stay fresh as we move forward and we hope you will use this blog as a means for checking in and staying up to date!
Read Disclaimer
Friday, January 25, 2008
Drake Management On-Site Georgia Preproduction Update
During our management’s final preproduction trip to our Georgia mining operation site, an initial target has been identified covering an area of approximately 10 acres. The target zone lies at the bottom of 2 ridges where gold has accumulated for untold millennia. After careful review of the property, we have learned that the on-site streams are very rich with gold. This fact is most exciting as it serves as a clear indication that the placer and alluvial grades are strong in the pay dirt areas as well.
The initial two sets of samples were taken from surface levels surrounding the creek within our target area. Samples reported from the Gault Group processed by Hazen Research came back consistently at .566 and .571 ounces per ton. Samples reported by Dr. McLemore processed by ALS Chemex had a maximum record of 10 grams per ton enabling trace elements to be evaluated. Four of the samples again, both hard rock and placer, came in over 10 grams per ton. (Please reference the press announcement on November 30th 2007.)
http://www.drakegold.com/default.asp?Page=PressRelease_42
During this trip, we took 7 trench samplings down to the bedrock. The resulting samples are expected to yield a considerably stronger concentration than the previous two sets, which on their own were highly compelling already. Further exploration has revealed that pay dirt is in the zone from 3-7 feet from the surface with a depth of at least 10 feet, which means that the bedrock depths measure between 13 and 20 feet from the surface—a distance which is both substantial and yet easily reachable by our equipment.
Following these exciting findings, our primary goal is to move this process forward to full production. Our initial step is to set up our processing plant and begin recovering gold as soon as possible. Further, we must work to get any additional equipment on-site in order to speed up production and maximize capacity. Fortunately, due to Georgia’s permitting process being reliant on the sale of minerals rather than the production of them, we can begin production immediately and concurrently with the permitting process, thus eliminating any unnecessary delays.
While the devastating drought in Georgia has been a concern of ours, recent exploration into the area has dispelled our worries and proven that our site is particularly well-suited for our needs. We should have no problems supplying our processing plant with the necessary water for full production capabilities. We already have estimates for the placement of a water well and understand the particulars of the permitting process for such wells that will aid in making our transition into full production a relatively smooth one. Again, Georgia’s permitting process proves simple, allowing us to operate commercial wells producing 100,000 gallons or less without securing a permit. Between the completion of one such well and the recycling of our tailing ponds, water required for ore processing will be in sufficient supply. Additionally, the estimated time frame of well installation to completion runs between 4 to 6 weeks from the day of booking, ensuring a speedy transition time toward full production.
In addition to the supply of water available from a proposed on-site well, further exploration of the site tells us that water levels should rest within 10 feet of the surface. This close proximity to additional water works perfectly to plan. Throughout production, our processing plant will be loaded with the water, sand and mud mix via use of a dredging unit throughout the mined areas, as we bring up pay dirt (dirt, gravel, quartz, white and black sand) into the processing unit. This action will provide an additional steady source of water and help create slurry in advance of processing which will further aid in the ease of production.
We are happy to report the necessary elements of this operation are coming together smoothly, and following a moderately easy transition, this site should be under production.
As per the letter of intent previous released from the largest concrete company in Georgia, we have delivered multiple samples directly to them. They have shown an eager interest in these samples. Plans to take them to the source in coming weeks will assure that we have a buyer for gravel and sands left over from production.
Please reference the initial Georgia Geological Investigation report that was released at the end of last year. It has all the historical and geological information about Georgia Gold and all of our initial results.
http://www.drakegold.com/docs/DKGR-Georgia-Gold-Report-11-30-07.pdf
The initial two sets of samples were taken from surface levels surrounding the creek within our target area. Samples reported from the Gault Group processed by Hazen Research came back consistently at .566 and .571 ounces per ton. Samples reported by Dr. McLemore processed by ALS Chemex had a maximum record of 10 grams per ton enabling trace elements to be evaluated. Four of the samples again, both hard rock and placer, came in over 10 grams per ton. (Please reference the press announcement on November 30th 2007.)
http://www.drakegold.com/default.asp?Page=PressRelease_42
During this trip, we took 7 trench samplings down to the bedrock. The resulting samples are expected to yield a considerably stronger concentration than the previous two sets, which on their own were highly compelling already. Further exploration has revealed that pay dirt is in the zone from 3-7 feet from the surface with a depth of at least 10 feet, which means that the bedrock depths measure between 13 and 20 feet from the surface—a distance which is both substantial and yet easily reachable by our equipment.
Following these exciting findings, our primary goal is to move this process forward to full production. Our initial step is to set up our processing plant and begin recovering gold as soon as possible. Further, we must work to get any additional equipment on-site in order to speed up production and maximize capacity. Fortunately, due to Georgia’s permitting process being reliant on the sale of minerals rather than the production of them, we can begin production immediately and concurrently with the permitting process, thus eliminating any unnecessary delays.
While the devastating drought in Georgia has been a concern of ours, recent exploration into the area has dispelled our worries and proven that our site is particularly well-suited for our needs. We should have no problems supplying our processing plant with the necessary water for full production capabilities. We already have estimates for the placement of a water well and understand the particulars of the permitting process for such wells that will aid in making our transition into full production a relatively smooth one. Again, Georgia’s permitting process proves simple, allowing us to operate commercial wells producing 100,000 gallons or less without securing a permit. Between the completion of one such well and the recycling of our tailing ponds, water required for ore processing will be in sufficient supply. Additionally, the estimated time frame of well installation to completion runs between 4 to 6 weeks from the day of booking, ensuring a speedy transition time toward full production.
In addition to the supply of water available from a proposed on-site well, further exploration of the site tells us that water levels should rest within 10 feet of the surface. This close proximity to additional water works perfectly to plan. Throughout production, our processing plant will be loaded with the water, sand and mud mix via use of a dredging unit throughout the mined areas, as we bring up pay dirt (dirt, gravel, quartz, white and black sand) into the processing unit. This action will provide an additional steady source of water and help create slurry in advance of processing which will further aid in the ease of production.
We are happy to report the necessary elements of this operation are coming together smoothly, and following a moderately easy transition, this site should be under production.
As per the letter of intent previous released from the largest concrete company in Georgia, we have delivered multiple samples directly to them. They have shown an eager interest in these samples. Plans to take them to the source in coming weeks will assure that we have a buyer for gravel and sands left over from production.
Please reference the initial Georgia Geological Investigation report that was released at the end of last year. It has all the historical and geological information about Georgia Gold and all of our initial results.
http://www.drakegold.com/docs/DKGR-Georgia-Gold-Report-11-30-07.pdf
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