Dateline’s historic Colosseum gold mine gets better at depth, data shows
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Special Report: A review of historic data confirms that both gold-rich breccia pipes continue for another 530m below the historic resource at Colosseum, Dateline Resources (ASX:DTR) says.
Dateline made headlines in March with a string of transformative announcements.
That included picking up the historical Colosseum gold mine in California from major miner Barrick Gold Corporation.
Colosseum produced ~344,000 ounces of gold between 1988 and 1993.
The price of gold was below US$350/per ounce when production – and exploration — stopped at Colosseum, which remains ‘open’ at depth.
Dateline has been reviewing the various historic reports and data for the project.
Interim results of this review show that historic exploration – prior to the introduction of the JORC code — defined a combined resource of 1.1Moz gold down to an average depth of 260m below the surface, at 0.5g/t Au cut-off grade.
The gold is hosted in two well defined and steeply dipping breccia pipes measuring 245m by 120m, referred to as the ‘East’ and ‘West’ Pipes.
Old data confirms that both breccia pipes continue for another 530 metres below the defined resource shell:
Furthermore, mineralised grade in the West Pipe increases with depth, with highest grades of 4.4g/t gold being encountered in the deeper unmined portion of the pipe.
With a gold price 4-5 times higher than in 1992, there is significant potential to re-examine the remaining mineralisation below the open pits as well as explore for depth extensions, Dateline says.
“Based on the records, less than 400,000 ounces of gold was mined from a 1.1-million-ounce resource which was drilled out by BP,” managing director Stephen Baghdadi says.
“The BP resource is defined down to 800ft in the East pipe and 900ft in the West pipe for an average of 850ft.
“We now know two deep diamond core holes were put down in 1972 in search of molybdenum.
“Both deep holes confirmed that the breccia pipes are still present at 2,600ft below the surface, which is an average of 1,750ft below the bottom of the BP defined resource.”
This increases Dateline’s confidence in the upside potential of the project, Baghdadi says.
The company has received an additional 140+ boxes of info on Colosseum from Barrick.
“The company will continue to digitise the historical data and provide updates to the market on plans for a 2021 field program.”
This article was developed in collaboration with Dateline, 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.