Drake Resources Ltd. Base metal, gold and silver exploration on 4 continents

Transcription

1 Base metal, gold and silver exploration on 4 continents

2 Exploration around and below one of the world s great orebodies Advanced zinc-copper copper project portfolio Base metal alliance with Zinifex Key landholding in 2 of the most important massive sulphide belts of Scandinavia Pipeline of projects and joint ventures on 4 continents

3 The -Zinifex Alliance Brings together s s project generation skills and experience, and Zinifex s s operational capabilities in mineral project development and mining Alliance leader is Chris Blain, who initiated and then managed the team that found Cannington Zinifex will sole fund these joint ventures for the first $400,000 per target DRK may contribute at 30% or 10% Alliance has been extended, and runs until December 2008

4 Alliance targeting high grade zinc and copper deposits High grade, very large, massive sulphide deposits: Broken Hill long section Broken Hill main lode: % Pb+Zn,, 150 g/t Ag Cannington: : % Pb, 4.4% Zn, 538 g/t Ag Falun: 2% Cu, 4% Zn, 3 g/t Au Zinkgruvan: : 12% Zn+Pb Deposit type neglected because of many years of declining metal prices

5 Alliance outcomes: Projects in Sweden and Australia

6 -Zinifex in Sweden Acquired strategic holdings in 2 major ore belts Falun Project - 5 licences Bersbo Project - 9 licences 6 other projects as JVs or held by the Alliance Pipeline of opportunities

7 Acquiring premier position in Falun belt World class Falun copper-zinc, plus number of other zinc and copper mines Key tenement contains Falun copper mine Mined since 700AD Considered to have created the oldest public company anywhere Largest copper mine in the world in 1600s Closed 1992

8 Falun mine New look at a historic mine Known remaining potential: Copper-gold mineralisation selectively mined Gold-bismuth deposit poorly defined Mineralised intersections not followed up Limited exploration away from the old mine Developing first digital 3D model Level plans Sections 1400 drill holes

9 Long section through the Falun mine Long section

10 Comparison of long sections of Rosebery, Tasmania with Falun Rosebery sulphide lenses Falun massive sulphide Falun extent of exploration

11 Existing Falun targets Along-strike and cross- strike extensions to Falun are poorly tested by drilling No modern exploration Untested magnetic targets Airborne EM survey underway to generate additional targets

12 Domängruvan Untested massive sulphides Domängruvan sulphide body Mined for pyrite in WW1 Workings and drilling to 20m depth Military reserve since then Unexplored Magnetic feature 400m long Several similar magnetic targets Samples from dumps Copper: % Zinc: %

13 Rogsån high grade Cu-Ag Same prospective host- rock package as Falun Last tested in 1962 Rogsån n 005: 1.2% Cu, 0.5% Zn, 30 g/t Ag, from 20.5m depth Rogsån n 006: 3.0% Cu, 0.7% Zn, 107g/t Ag, from 24.9m depth Copper boulder trains Geophysics and mapping

14 Bersbo 2 nd largest copper mine in Bergslagen Mine closed in 1900 Almost no past exploration Only 2 reported drill holes in the last century Effectively unexplored Samples from dumps gave % Cu % Zn Reported unmined parcel of ore with average grades of 20% Zn and 2% Cu

15 Bersbo: Potential mineral district Last mapping in 1890s Magnetics indicates that regional geology is incorrect Major NW-SE structural zone that controls edge of province Zinkgruvan in the same structural position Numerous magnetic targets ZFX-DRK JV controls 50 km of belt

16 Programme for the initial JV targets in Sweden Exploration underway Airborne magnetics completed Detailed geological and structural mapping completed Re-logging and sampling of past drill core 3D model of Falun mine 2400 line km VTEM airborne EM in May 2008 Bedrock drilling and geochemistry Drill targets in northern summer

17 SWEDEN a mining country More than 1000 years of mining history Major deposits Modern mining law Corporate tax rate of 28% Skilled workforce Exceptional infrastructure power, rail, road Fresh water Ranked best country in the world for mining investment in the last Resource Stocks survey

18 -Zinifex: Australia Building up pipeline of opportunities in Queensland Oak Park JV same geology as Cannington district New licence applications

19 Mt Carrington Epithermal gold-silver in NSW Gold resources Silver resources Targets 500,000oz gold 25 Moz silver Mt Au Ag ,000 oz Au 0.6 Moz Ag 4.4 Moz Ag 20,000 oz Au Estimates at 2002 metal prices Gold $350/oz Silver: $4.75/oz No zinc credits Option to Rex Minerals

20 : immediate programme Establish >20 joint ventures with Zinifex Zinifex sole funding first $400,000 exploration on each target Major airborne EM survey in Sweden Drill targets identified in current JV areas Continue to build Alliance portfolio in Australia, Sweden and Canada