Dateline is on the hunt for the final piece of the puzzle – a JV partner to take over extraction of 800,000oz of gold in Colorado. Pic via Getty Images.
Dateline seeking partner for Gold Links as its focus turns to larger Colosseum gold mine
Mining
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Dateline Resources has opened the door for a JV partner at its Gold Links mine in Colorado, narrowing its immediate focus on the 813,000oz Colosseum gold project in California.
The Stateside explorer and gold miner’s chairman Mark Johnson revealed at last week’s AGM that Dateline (ASX:DTR) was seeking a strategic partner to JV and take over operations at Gold Links, where it has been commissioning the 250t per day Lucky Strike Mill.
As of its last quarterly DTR had received around $2 million in proceeds from gold sale at Gold Links.
But it is eyeing a much bigger prize at the historic Colosseum mine, previously owned by the world’s second largest gold miner Barrick, which not only boasts the aforementioned 813,000oz gold bounty, but has also demonstrated potential for rare earths mineralisation through extensive mapping, sampling and a gravity survey.
There is significant potential for extension of that resource at depth in its breccia pipes, DTR says.
With Gold Links moved to care and maintenance to preserve the value of the operation, DTR has stated it is already in discussions with various groups on a JV deal and a package of debt with its USA-based bankers.
That would secure the future of the Gold Links operations without DTR having to make further capital contributions.
Interested parties
“There are several parties in the US that are interested in a JV at Gold Links, however this process will take time to work through,” Dateline managing director Stephen Baghdadi said.
“The decision to suspend mining operations was carefully considered by the Board and is consistent with our decision to focus the Company’s resources on the Colosseum project.
“Colosseum has drill ready REE targets and an existing robust 813,000oz mineral resource with obvious extensional potential, we see this project as being capable of delivering value for our shareholders.”
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.
