Drake's debut album, 'Thank Me Later,' is still making a dent on the music charts, following its June 15 release, but the Young Money rapper says that he already has plans to drop a new mixtape.

During his first annual OVO Festival in Toronto on August 1, Drake told MTV News that the new project was already near completion. "Me and 40 working on it," Drake said. "I got you. I think I got a great body of work with that tape. I'm gonna do it like I do all my other tapes. I'm gonna make a night out of it. Just make sure you're on the 'net that night downloading, and it's yours. I feel the people deserve it."

The Toronto emcee also emphasized that the mixtape would feature predominantly R&B jams instead of hip-hop songs. "It's hard for me to put out free rap albums these days," he said. "So the best I can do is switch genres and put something out for free. It'll be yours very soon."

Last weekend, during Drake's OVO Festival-- which represents his nickname, October's Very Own -- the 23-year-old rapper brought special guests Eminem, Jay-Z, Jeezy, Rick Ross, Bun B, Fabolous and Francis and the Lights to the stage.