Dateline raises $4.1 million to accelerate US gold projects
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Dateline has secured a solid $4.1 million via a placement at $0.09 per share to ramp up activities at its Gold Links and Colosseum mines in the US.
The company’s managing director Stephen Baghdadi, and non-executive director Tony Ferguson have also committed to apply for $208,000 and $100,000 worth of shares (respectively) subject to shareholder approval.
This latest news comes on the back of a big price spike last week after the company uncovered coincident thorium and potassium radiometric anomalies at Colosseum similar to the nearby Mountain Pass rare earth mine.
To put this in context, Mountain Pass is just 8km to the south and is the only US producer of light and heavy rare earths.
Dateline Resources (ASX:DTR) plans to use the placement funds to complete an extensive core drilling program at Colosseum as well as soil sampling to evaluate its rare earths potential.
“We are pleased with the level of support from new and existing shareholders as we progress our strategy of becoming a US gold producer,” Baghdadi said.
“With underground development and drilling currently underway at Gold Links in Colorado and planning advanced for our first field program at Colosseum in California, we are looking forward to a productive six months.
“With a cash balance in excess of $10.5 million post placement, we now have the flexibility to accelerate the Colosseum field program as we continue to advance the development of our Colorado assets towards a decision to mine at Gold Links by the end.”
The company began 4,000 metres of diamond core drilling targeting the West and 2150 veins at its Gold Links project in Colorado on Tuesday.
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.