Dateline ready to entertain after completing purchase of historic Colosseum Gold Mine
Dateline Resources is ready to get to work at the historic Colosseum gold mine in the USA after completing its acquisition.
Given the California gold mine produced some 344,000oz of gold in just five years for BP Minerals back in the early ‘90s, the purchase looks to have come at a great price.
Dateline Resources (ASX:DTR) will pay US$770,000 to replace the reclamation bonds of previous owner LAC Minerals, a subsidiary of Canadian gold giant Barrick, and a further US$1.5 million on the completion of a BFS or the start of site development.
The mine is located in the Walker Lane trend in East San Bernardino County, around 15km from the Nevada border and 75km southwest of Las Vegas.
That same trend boasts Corvus Gold’s 1.7Moz Mother Lode deposit, the 6.5Moz Castle Mountain Gold Mine owned by Equinox Gold around 50km to the southeast of Colosseum, and the Mountain Pass rare earths mine, America’s only source of the critical minerals.
Dateline shares spiked in July when the company revealed the rare earths potential on its own ground, which sits just 10km from the operations of US$6 billion capped MP Materials.
The ownership of the historic project has left plenty of good exploration data for Dateline to assess.
Since announcing the Colosseum acquisition in March 2021, Dateline has reviewed a significant volume and has compiled 386 drillholes and 35,352 assays into a modern electronic database.
“With the settlement now completed, we are working to complete the Colosseum data compilation and finalise plans for a field program aimed at verifying and better understanding aspects of the previous work conducted at site,” Dateline managing director Stephen Baghdadi said.
Dateline also owns the Lucky Strike Mill and Gold Links mine (150,000oz of historic production) in Colorado, where underground development and drilling began earlier this year. A decision to mine is expected this quarter.
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.