Dateline draws a crowd with giant 100m at 4.16g/t gold hit at Colosseum
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Dateline has intersected a colossal 100m intercept grading 4.16g/t gold from a down-hole depth of 79.24m at its Colosseum project in California ahead of a maiden JORC resource estimate.
For some context, the result from hole CM22-05 is four times higher than the 100 gram metres (the intercept in metres multiplied by the grade) that is already considered to be an excellent result in gold drilling.
No wonder then that shares in Dateline Resources’ (ASX:DTR) were up more than 14% this morning to 12c.
“The drilling program at the Colosseum has proven that high grade mineralisation continues below the historic resource shell. The final assay results for hole CM22-05 are significantly better than we had expected and prove that gold is contained in several of the breccia lithologies,” managing director Stephen Baghadi said.
“100 metres of 4.16g/t gold is a great result and is amplified by the fact that the high-grade sedimentary breccia unit returned results that prove the continued grade at depth.
“Historic drill logs state that the sedimentary breccia unit is still present over 600m below the bottom of drill hole CM22-05 and is open at depth.”
Full results from the program, which include the deeper parts of CM22-05 that were drilled below the mineral resource block model, are still pending.
Dateline had acquired a significant volume of hardcopy data as part of the Colosseum acquisition in 2021. Colosseum operated in the late 80s-early 90s, producing 344,000 oz gold before closing due to a low gold price environment. Prior to mining, a resource of 1.1 million ounces had been defined, with Dateline attracted to the potential of the remnant resources that hadn’t been mined.
A review of this data collected by previous operators found it to be of a very high standard and it was loaded into a relational database for the first time, building the first 3D view of the mine.
The five-hole program totalling 605m was carried out to confirm this data, a task that it has since completed successfully.
This in turn provides confidence for the resource estimate to be completed.
While the result from CM22-05 is certainly impressive, earlier results such as the 10.67m intercept at 13.71g/t from just 18.29m in CM22-04 are also intriguing given that it came from an area where the company did not expect to see strong gold numbers.
This article was developed in collaboration with Dateline Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.