(MENAFN - ProactiveInvestors - Australia) Drake Resources (ASX: DRK) has entered into subscription agreements to place 12.375 million shares at 0.06 to raise 742,500 from institutional and sophisticated investors.
The placement is within the company's 15% capacity, and will be allocated to progress the company's projects.
Drake is currently active at the Granmuren copper-nickel discovery in Sweden, with the company to diamond drill test a strong conductor during December.
The new target is an intense conductor identified to the north east of the currently drilled section, and was identified from down hole and surface electromagnetic surveys completed to test for off hole conductors below the drilled mineralisation.
If related to nickel mineralisation it may represent potentially thicker basal accumulation of sulphides, or a potential feeder zone to the known mineralisation.
Importantly for the prospectivity of the area, the target is in a known nickel-copper system.
West African exposure
Drake also has West African exposure, and in recent months has discovered gold mineralisation in all of its targets, including:
- Broad gold zones in excess of 70 metre width defined at Tasiast South, Mauritania;
- Gold mineralisation confirmed - Hendrix Shear Prospect, Mauritania; and
- Strong gold anomalies reported - Seimana Gold Project, Guinea.