Historic Jacobsbakken mine precinct in Scandinavia

Drake discovers exciting new magnetic signature in Sweden

At face value, Drake Resources’ recently discovered Scandinavian magnetic anomaly appears to tick all the right boxes and could potentially turn out to be the region’s next significant nickel discovery.

For starters it was discovered by a ground EM survey conducted in an area that was previously identified by a Swedish Government airborne magnetic survey.

The previous survey identified a 1.4km piece of ground that exhibited strong magnetic signatures and the company’s latest ground EM survey neatly overlays the previous survey giving Drake more certainty that something magnetic is lurking beneath.

Importantly, the anomaly is only 50km from Drake’s high profile Granmuren nickel discovery with the geological structure closely resembling that at Granmuren.

Granmuren is a “Voisey Bay” style discovery named after the historic Canadian nickel precinct that first gave voice to the theory that nickel discoveries with similar geological structures to Voisey Bay generally occur in clusters with multiple discoveries occurring in the immediate vicinity.

In addition, the Uvbergsgruven small open pit occurs over the target area which was mined for sulphides as far back as the 1600’s but has never been subjected to modern exploration techniques. 

Drake’s CEO, Jason Stirbinskis said “At this stage the conductor could have several explanations but the fact that it appears to be in the right units with historic anomalous Ni/Cu surface results and positive airborne magnetic results is an encouraging start. The next steps are likely to involve a surface gravity and magnetic survey”.

Positive ground EM surveys have been capturing the imagination of public markets for a long time but have become even more prominent following on from spectacular successes enjoyed by companies such as Sirius Resources in areas like the Fraser Range in Western Australia.

Drake Resources will now move to undertake a relatively low cost surface gravity and magnetic survey to sure up the target area for drilling. 

Add your comment

BNIQ sponsored byLPC cresa

Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 28/02/18

1 year TSR5 year TSR
7thAzure Minerals1808%-28%
18thDrake Resources900%-72%
548thDeep Yellow-19%-23%
594thAlicanto Minerals-27%-8%
711 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

$11k Bought
$15k Bought
$24k Bought
Total value as at the date of the transaction
Source: Morningstar


169th↑Drake Resources$309k
172nd↑Kore Potash$295k
173rd↑Alicanto Minerals$292k
175th↓Azure Minerals$272k
176th↑Deep Yellow$267k
503 listed resources companies ranked by revenue.
Source: Morningstar

BNiQ Disclaimer