Dateline lions ready to roar with 813,000oz resource estimate at Californian Colosseum gold project
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Dateline Resources has released a mineral resource estimate for its Californian Colosseum project of 20.9Mt at 1.2g/t gold for 813,000oz.
Of the total mineral resource, 258,000oz at 1.2g/t (32%) are classified as measured, 322,000oz at1.2g/t (39%) as indicated and 235,000oz at 1.3g/t (29%) as inferred.
“An 813,000 ounce mineral resource of which over 70% is in the measured and indicated category is an excellent starting point for the Colosseum Project,” Dateline Resources (ASX:DTR) MD Stephen Baghdadi says.
“The recent diamond drilling program validated our belief in the geology of the system, and we are extremely pleased to be delivering a mineral resource of this scale as our first estimate for the Project.”
This estimate for the Colosseum Gold Mine was based on information compiled by the previous operators in the decade prior to 1993, where later stages of mining focused on expanding the existing reserves to feed the mill, not exploration drilling at depth.
Mining was completed down to the 5800ft and the current estimate was calculated down to the 4900ft, with only five holes drilled below that level – including two very deep holes drilled to ~3,000 ft that confirmed the breccia pipes are still present at the end of the hole.
The company believes that significant potential exists below the mineral resource estimate.
“Significantly, the mineral resource estimate is open at depth, with further drilling being planned to assess the depth potential of this breccia pipe deposit,” Baghdadi says.
Dateline is preparing plans to drill beneath the resource model using a directional diamond rig to minimise surface disturbance and allow for multiple deviated drillholes to be completed from the same collar position.
This article was developed in collaboration with Dateline Resources Limited, 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.