The market capitalisation of ASX-listed Dateline Resources has surpassed the significant milestone of $2 billion following a surge in its share price to 59 cents per share. This remarkable jump represents an astounding return of 14,700 percent since April 2023. This impressive growth comes on the heels of the company’s announcement regarding a comprehensive drilling initiative at its Colosseum gold and rare earths project in California.
Dateline Resources has engaged Major Drilling to spearhead the exploration efforts, utilising a state-of-the-art Schramm T-45WWS reverse circulation rig. A second rig is anticipated to arrive shortly, further amplifying the drilling campaign. The Colosseum project currently boasts a gold resource of 27.1 million tonnes, grading 1.26 grams per tonne, translating to approximately 1.1 million ounces of gold, with over two-thirds of this resource classified in the measured and indicated categories.
The excitement surrounding the project is palpable, with Dateline aiming to explore high-priority gold-bearing breccia pipes identified through recent geophysical surveys. Managing Director Stephen Baghdadi stated, “This is an exciting phase for Dateline as we ramp up a major drill program at Colosseum to accelerate our bankable feasibility study and bring us closer to production.”
With the drilling programme underway, the company hopes to extend mineralisation beyond the existing resource. Several structures are now being targeted for grade and continuity testing. Notably, the exploration strategy includes a focus on potential rare earths discoveries situated just north of the gold resource. The same magneto-telluric (MT) geophysical survey that identified these targets has highlighted deep anomalies near mapped fenite dykes, which are considered highly prospective for rare earths.
Anomaly 2200N, in particular, has shown promising signs, lighting up from a depth of 1,000 meters to near the surface, suggesting a carbonatite-hosted deposit similar to MP Materials’ renowned Mountain Pass rare earths mine, located just 10 kilometres away. The drilling campaign will incorporate a blend of infill, verification, and step-out holes to refine the existing gold resource and gather crucial geotechnical data needed for mine design as part of a vital bankable feasibility study.
Core samples from Dateline’s diamond drilling rig are expected to enhance resource modelling and assess rock mechanics. As the first batches of drill samples head to the lab for analysis, results are anticipated soon. Additionally, Dateline is preparing for an induced polarisation survey to identify near-surface sulphide-rich zones that may have been overlooked in earlier surveys, which could reveal new targets for both gold and rare earths.
With drilling operations accelerating and high-value targets in sight, the flow of news from Dateline’s exploration programme is expected to remain robust as the company moves towards feasibility, development, and eventual production. As the landscape shifts, stakeholders and investors will be keenly watching Dateline’s progress in this promising venture.
