Tuesday, 22nd April 2008 (939 views)

Geological assay results from the Georgia gold project have confirmed the "exceptional promise" of the site and returned higher gold grades than initially expected, the company developing the property has said.

Drake Gold Resources said 16 of the 18 samples taken from the Georgia property returned "significant" gold values, while four of the holes contained gold mineralisation graded at or above 31 grams per ton (g/t).

Key results from the sampling include values of 78.06 g/t gold from the Lower Valley zone, 54.12 g/t gold from Upper Valley NW and 35.14 g/t gold from the Behind House zone.

Additional returns were graded at 31.10 g/t gold from Hole One, 24.26 g/t gold from the N Hill Lower One zone and 20.52 g/t gold from the area designated as Big Rock Next To House.

Commenting on the results, Drake Gold president John Marconette said: "We are eager to move forward with operations to more accurately determine the extent of gold reserves on the property."

Drake Gold Resources is an early stage mining and energy company with projects in a number of North American locations.

 

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