Company name: DATELINE RESOURCES LTD
Proceeds from the recent capital raise will place Dateline in a good position to generate greater shareholder value on further exploration and development of the company’s flagship 100% owned Colosseum Gold-REE project in California. Other factual information provided by the company has been summarised below:
- The Colosseum project is located 10km north of the Mountain Pass rare earth mine. Mountain Pass is the only operating rare earth mine in the USA and the company that owns it has a market capitalisation of A$3.5 billion. Colosseum sits in the same geological setting and is known to have the same geological features. Rare Earths exploration is very much on the agenda at Dateline, but the company has to date focused on expanding a known and tangible resource in the gold. The company believes its efforts have paid off and Dateline now has 1.1m oz of gold in the ground of which 736,000 are in the important measured and indicated category.
- 100% owned Colosseum Mine is gold rich as the company recently announced a significant increase in the Mineral Resource Estimate (MRE) for the Colosseum Gold Project, located in San Bernardino County, California. The updated MRE represents a 35%, or 288koz, increase in the total MRE since it was first reported in July 20221. Importantly, the Measured component of the MRE has increased by 77% in ounces to 455koz and 23% in grade to 1.47g/t Au. The company notes that the real importance about this increase is that the grade of the new discovery is significantly higher at 3 grams per tonne than the overall average grade. This could indicate that the grade is better at depth and Dateline intends to find out with more drilling.
- The company’s Rare Earth mine has completed a comprehensive mapping, sampling and gravity survey over the Colosseum claims and has located several REE baring outcrops targets that are ready to be drill tested. The United State Geological Survey (USGS) is a federal government agency and they have identified the Colosseum area as being in the right zone for a rare earth discovery, in fact they have completed analysis of the rocks at mountain pass and determined that they are indistinguishable from the rocks at the nearby mountain pass mine. Having a federal agency publish their findings will assist in making the case to obtain non-dilutive finding to advance the REE project at the Colosseum
- Dateline has recently executed a binding term sheet for the acquisition of an 80% interest in the Argos Strontium project. The market for strontium is growing and recent advances in space technology as well as ferrite magnets position the company well for any increases in demand. The Argos Strontium mine is the largest known strontium deposit in the USA and it was last mined by open pit methods by the Du Pont company in the 1950’s.
- Managing Director and CEO – Stephen Baghdadi, has extensive experience running public companies and kickstarting early-stage projects using both his own capital and accessing the public markets. Since 1993, Mr Baghdadi has acted as an executive director for numerous ASX-listed companies, including the Horizon group of companies, Afro-West, Alamain Investments, and Marino, and privately held controlling interests in manufacturing, software development and property concerns. he has completed several transactions in Australia, South East Asia, Europe and North America. He brings to the table the ability to identify an undervalued asset or opportunity that has the potential to yield high returns.
- Dateline’s highly experienced Board and Management Team, have extensive hands-on operational experience in exploration, mining and commercial production development in the US, Australia and around the world. Mark Johnson is the former Managing Director of Macquarie Bank and spent 36 years there from 1971 to 2007. Tony Ferguson is the former Managing Director of Rothschild Australia and former head of Macquarie Resources, Greg Hall is the former chief geologist of Placer Dome, a company that Barrick Gold purchased almost 15 years ago for 10 billion dollars and when the gold price was between $6-700 per ounce. Bill Lannen is a successful mining engineer and has established the successful mining contractor Mancala mining. Stephen Baghdadi is the CEO and MD, Stephen executes the company plans and ensured that the Colosseum project moves forward in accordance with the company agreed plans.
About the company DATELINE RESOURCES LIMITED (DTR) is an ASX-listed, focused on mining and exploration in North America. The Company owns 100% of the Colosseum Gold-REE Project in California. The 100% owned Colosseum Mine is located in the Walker Lane Trend in East San Bernardino County, California. On July 6, 2022, the Company announced to the ASX that the Colosseum Gold mine is JORC-2012 compliant Mineral Resource estimate of 20.9Mt @ 1.2g/t Au for 813,000oz. Of the total Mineral Resource, 258koz @1.2g/t Au (32%) are classified as Measured, 322koz @1.2g/t Au (39%) as Indicated and 235koz @1.3g/t Au (29%) as Inferred. The Colosseum is located less than 10km north of the Mountain Rare Earth mine. Work has commenced on identifying the source of the mantle derived rocks that are associated with carbonatites and are located at Colosseum. A comprehensive mapping, sampling and gravity survey has located several REE targets that are ready to be drill tested. Dateline has recently executed a binding term sheet for the acquisition of an 80% interest in the Argos Strontium project and is moving towards concluding formal due diligence and finalizing of legal documentation.
DISCLAIMER: ‘The information does not constitute personal financial advice. Consult your adviser or broker prior to making any investment decision.
For further information about this company, email – shareholder@pelshare.com.au
