Drake Resources confirms high-grade nickel at Granmuren

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THE DRILL SERGEANT: Drake Resources (ASX: DRK) has received laboratory analyses for a hole recently drilled at the company’s Granmuren copper-nickel discovery in central Sweden.

The hole intersected massive and disseminated sulphide mineralisation down to 250 metres vertical depth with results demonstrating the presence of higher grade nickel-copper mineralisation down dip from previously intersected mineralisation.

Intersections include:

–    7.8 metres at 1.14 per cent nickel, 0.20 per cent copper;

–    24.5m at 0.41 per cent nickel, 0.39 per cent copper, including 4.5m at 0.80 per cent nickel, 0.7 per cent copper;

–    21.2m at 0.4 per cent nickel, 0.51 per cent copper, including 5m at 0.6 per cent nickel, 0.90 per cent copper; and

–    24.5m at 0.33 per cent nickel, 0.33 per cent copper.

Drake explained mineralisation at Granmuren is associated with pyroxenitic ultramafic rocks and high magnesium mafic rocks.

The received drill intersections are interpreted as being near actual thickness.

 

Section through Holes TS006 and TS007 with intersections greater
than 0.1 per cent nickel and logged geology. Source: Company
announcement

 

“Granmuren continues to reveal encouraging results given the mineralisation is at potential open pit depths and at grades comparable to producing open pit nickel mines in Scandinavia,” Drake Resources chief executive officer Jason Stirbinskis said in the company’s announcement to the Australian Securities Exchange.
 
“These results demonstrate that the mineralisation continues for an additional 50 metres below hole TS006 and the potential for higher grade mineralisation within the Granmuren prospect.

“Our surveys are yet to define the base of this system.

“We expect the surface and downhole geophysics to be completed this month.

“The prospect’s excellent location near infrastructure including power, rail and port, in one of the lowest risk mining jurisdictions in the world, further enhances the potential of Granmuren to ultimately evolve into a low cost development opportunity.”