Fellow folk star Beverley Martyn reveals the tapes are in "pristine" condition, despite being recorded 46 years ago, reported The Independent.
The tracks, including versions of Fruit Tree and Cello Song, were made months before the 1969 release of Drake's debut album Five Leaves Left.
"He was young, he sounds full of fun, he sounds light and his guitar playing is absolutely excellent. It really shows that he didn't need to have this whole layer cake of strings," Martyn said.
The memorabilia will go under the hammer at London auction house Ted Owen and Company on July 31.
News of the auction emerges three months after Martyn shared another of Drake's unheard compositions, a duet between the pals, titled Restless Jane. It was included on her album The Turtle And The Phoenix.
Drake was just 26 when he committed suicide in 1974.