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By James Pearson
Dateline Resources has picked out the hottest new gold prospects at its Colosseum project in California, after a detailed independent review of 3D geophysical studies ranked six breccia pipe targets by their strength and depth.
The work, led by respected geophysicist Dr Kate Selway from Vox Geophysics, used magneto-telluric (MT) and gravity data to pinpoint low-density, low-resistivity zones typical of the known gold-bearing breccia pipes at Colosseum.
An independent review of new targets using magneto-telluric (MT) and gravity data at Dateline Resources’ 1.1 million ounce Colosseum gold project in California has highlighted Target I as the most robust prospect, with proximity to the South and North pipes (in black).
The study has resulted in a refined exploration map showing where Dateline’s next round of drilling will most likely strike gold.
‘This independent review not only boosts our confidence in the targets’ geological significance but also helps sharpen our drill prioritisation.’
Dateline Resources managing director Stephen Baghdadi
Dubbed “the most robust target” by Dr Selway, Target 1 sits right beside the South Pit and has all the hallmarks of another gold-rich breccia pipe waiting to be cracked open.
The anomaly shows a clean overlap of gravity and resistivity lows plunging several hundred metres deep and appears to be a textbook signature of the mineralised systems already delivering ounces at Colosseum.
Target 5 follows closely behind and stands out for its size. Covering nearly 500 by 300 metres, the anomaly hosts the most extensive conductive zone in the entire survey, stretching to about 900 metres below surface. Its strength and depth suggest a large structure that could significantly expand the projects inventory if proven up and it now ranks as one of the company’s top drill priorities.
Target 6 completes the top trio, as a tight, circular “bullseye” anomaly roughly 300 metres in diameter sitting just south of the current resource. The gravity and resistivity lows, which continue down to about 700 metres, line up perfectly in a textbook sign that the breccia pipe is brimming with gold potential, according to Dr Selway.
The remaining targets are no slouches either, showing promising hints of mineralisation. Each displays the same tell-tale gravity lows and resistivity signatures that point to more breccia pipe systems lurking below – smaller perhaps, but still well worth a look.
Dateline Resources managing director Stephen Baghdadi said: “This independent review not only boosts our confidence in the targets’ geological significance but also helps sharpen our drill prioritisation.”
Dateline says the next move is simple and could be a game-changer. After fine-tuning its targets with an induced polarisation survey, the company plans to let the drill rigs do the talking. Two are already on site, with a third about to fire up.
The plan is to hit the best gold and rare earth targets at the same time – a savvy move given Colosseum’s enviable address is just 10 kilometres from the world-class Mountain Pass rare earth mine. It’s a one-two punch aimed at unlocking more ounces of gold while tapping into the project’s growing critical minerals potential.
Colosseum hosts a current JORC-compliant resource of 27.1 million tonnes at 1.26 grams per tonne gold for 1.1 million ounces, with more than two-thirds sitting in the measured and indicated category.
A bankable feasibility study is underway, supported by strong project economics including a net present value (NPV) of US$550 (A$830) million and an internal rate of return of 61 per cent – and that was done at a now very much outdated gold price of US$2900 (A$4380) an ounce. As gold continues to hit almost daily new highs – recently touching US$4379 (A$6765) per ounce – the numbers are only likely to keep growing.
With the new geophysical data in hand and the rigs about to target the most promising anomalies, Dateline appears to be closing in on a potential expansion of its Californian gold inventory – one that could elevate Colosseum from a 1-million-ounce deposit to something far larger.
Standby for some rare earths action too…
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
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Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: www.smh.com.au
