UPDATE: Dateline Resources has just confirmed the discovery of six new, potentially gold-rich breccia pipes at its Colosseum project in California. This exciting development has already led to a surge in the company’s share price, which reached a new high of 24 cents amid heavy trading, marking a staggering 3900 percent increase since April’s low of 0.006 cents.
The implications of this announcement are significant. With the new targets identified through advanced geophysical surveys, Dateline is primed for what could be one of the most impactful drilling campaigns in its history. The company’s managing director, Stephen Baghdadi, stated, “The convergence of geochemistry, gravity, and MT resistivity data has given us confidence in six new priority gold targets within 1.5 kilometers of the Colosseum mineral resource.”
This latest development comes as Dateline Resources integrates findings from a 3D magnetotelluric (MT) survey with previous gravity study data. The analysis revealed a strong correlation between low-resistivity zones and the existing gold resources, hinting at multiple new targets. Historically, the Colosseum has already produced 344,000 ounces of gold and defined a 1.1 million-ounce JORC resource.
Among the newly identified targets, Target 5 is particularly noteworthy, stretching approximately 500 meters by 300 meters and plunging to an astonishing 900 meters. Management believes this anomaly could represent a significant breccia body rich in gold. Target 6 is also generating interest, with its “bullseye” anomaly exhibiting similar characteristics to 700 meters depth.
Targets 2 and 3, located east of the North Pit, have also shown promising signs with distinct gravity lows, indicating a potentially connected system at depth. Meanwhile, Target 4 is expected to yield early ounces due to its near-surface location, while Target 1 shows strong correlations with gold-bearing dykes.
Colosseum is already recognized as a robust asset, boasting an estimated net present value of US$550 million (approximately A$850 million) and a swift 19-month payback period at a gold price of US$2,900 (A$4,450) per ounce. With the project’s gold endowment still open at depth, the newly discovered targets could lead to a serious upgrade in these projections.
Dateline Resources currently has two drilling rigs on-site and plans to commence drilling on these new targets within weeks. This proactive approach could set the stage for significant discoveries that elevate Colosseum’s profile among North America’s most compelling gold and rare earths projects.
Adding to the excitement, the Colosseum site is located less than 10 kilometers from the renowned Mountain Pass rare earth mine, suggesting further potential for exploration. Dateline plans to run its rare earths program alongside its gold exploration, offering investors a dual opportunity for value creation.
As the situation develops, all eyes will be on Dateline Resources. If the newly discovered anomalies yield results as anticipated, the company could be on the brink of unveiling a vastly larger gold system than previously imagined. Stay tuned for updates on this rapidly evolving story.
