Drake Resources (ASX: DRK) has revealed new data on its Seimana gold project in Guinea that appears to show Avocet’s (LON: AVM) 3 million ounce Tri-K gold deposit extending into Drake permits.
Adding to the prospectivity of the area is Anglogold's (NYSE: AU) 10 million ounce Siguiri gold deposit, 75 kilometres to the northwest, and the 2.3 million ounce Koulekoun resource that lies 6 kilometres south.
As part of field work preparation on the recently granted Seimana Project, Drake completed a review and re-interpretation of data relevant to the area.
New data was recently made available through industry sponsored research, which has contributed to an enhanced understanding of mineralisation controls in the region.
Observations drawn from the review included the existence of a major Birrimian structure running through the centre of Drake's permits, which is also associated with artisanal gold workings.
Drake’s analysis also demonstrated greater rock type diversity than previously known in the area, including the existence of Birrimian intrusives that appear to predate mineralisation.
The distribution and extent of mapped artisanal workings on Drake’s ground suggest gold mineralisation covers a large area and analogies can be drawn, in mineralisation style and setting, with the Tri-K and Siguiri mineralisation.
Seimana is one of three high priority projects for Drake, the others being the Granmuren near surface nickel-copper sulphide project in Sweden and the Joma copper-zinc project in Norway.
Drake is capitalised at around $2 million.
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