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.
Showing posts with label Projects. Show all posts
Showing posts with label Projects. Show all posts
Monday, August 25, 2008
Wednesday, August 13, 2008
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.
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 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
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
Wednesday, March 5, 2008
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.
Read Disclaimer
Read Disclaimer
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.
Read Disclaimer
Read Disclaimer
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.
Read Disclaimer
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.
Read Disclaimer
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
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