Drake Resources intersects high-grade gold at Falun Project

Shares in Drake Resources (ASX: DRK) spiked 12% after the company announced the completion of the first deeper hole at the Falun Project demonstrated that strong gold-copper mineralisation existed in the Eastern Gold-Copper Zone to at least 230 metres below surface.
The Falun project, located in Sweden, forms part of the Bergslagen Joint Venture between Drake, Royal Falcon Mining and Golden Rim Resources (ASX: GMR).
During the afternoon trade, shares in Drake rose 2.5c, or 12.8%, to 22c.
Drake reported an intersection of 11.6 m at 61.2 g/t gold, 1.2% copper and 0.09% bismuth last October in Hole 06-09 at 40 metres below surface. Multiple new gold-copper-bismuth intercepts were obtained in Hole 13-09 between 150 m and the end of the hole at 288 m.
Selected gold-rich intercepts include: 0.65 m at 10.6 g/t gold and 0.43% copper from 244 m; and 10.6 m at 8.6 g/t gold, 0.5% copper and 0.2% bismuth from 270.4 m, including 2.2 m at 36.6 g/t gold and 0.7% bismuth.
A number of intersections of visible gold have been observed at 152m, 174m, 193 m, 218 m and 280 m downhole in Hole 13-09. These observations validate the initial premise that the zone between 100 and 250 m vertically below the surface was under-explored in previous drilling.
The presence of visible gold over 130 metres down-hole demonstrates the presence of a broad mineralised system at these levels.
Assays were received for the remainder of Hole 12-09, and several new copper-gold intercepts were obtained. The results confirm the presence of mineralisation from surface to 121 metres down hole in Hole 12-09 and that the copper-gold mineralisation is over 110 m wide on this drill section through the Eastern Gold-Copper Zone.
Drake is testing a semi-vertical gold-copper shoot linking high grade gold near-surface with past gold workings at 350 metres depth. The assays in Hole 13-09 confirm the presence of mineralisation at a further level in the system.
Drilling commencing this week will test the 350 metre level, where gold was mined in 1987-88 prior to mine closure. Ore extracted in this trial gold mining campaign is reported to have averaged 8 g/t gold.
Three holes remain to be completed in this programme in the Eastern Copper-Gold Zone, including the deep hole described above, plus three further holes into the Western Copper-Gold Zone.  http://www.proactiveinvestors.com.au/companies/news/4255/drake-resources-intersects-high-grade-gold-at-falun-project-4255.html