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