Drake Gold Resources, Inc. (DKGR) announced that they have entered into a joint venture with the Texas-based Eagle Mining. The agreement is for two projects located in Mohave county Arizona, Abigail and Donovan, which total at 300 acres. Both projects show stunning evidence of a high concentration of gold that have been reported in geological essays completed by Southern Spectrographic Laboratory, Inc. The company’s stock rose 32.26% on Thursday.
Under the agreement Drake will hold 47% of the net proceeds in exchange for Drake furnishing additional dry-processing equipment and jointly covering daily operational expenses. The management and operation side will still be under Eagle, as well as maintaining permits and associated fees.
This agreement came after the company signed a distribution joint-venture with AERO Mining Technologies. There is a great relationship between AERO and Drake that has created opportunities for both companies. A full report of the joint venture is expected to be released next week, and will include historical data, BLM permits, equipment details, and plans of expansion.
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