- Dateline Resources (DTR) completes its acquisition of the Colosseum Gold Mine and associated permits from LAC Minerals
- In mid-March, Dateline announced it would be acquiring the Californian project from LAC Minerals, a subsidiary of Barrick Gold
- All outstanding conditions have now been fulfilled and Dateline has provided US$770,000 (A$1.02 million) in reclamation bonds to replace the Barrick bonds
- Since announcing the acquisition, Dateline has reviewed a large portion of the historical data and compiled 386 holes and 35,532 assays into a modern electronic database
- Shares in Dateline Resources remain steady at 8.8 cents, as of 2:31 pm AEDT.
Dateline Resources (DTR) has completed its acquisition of the Colosseum Gold Mine and associated permits from LAC Minerals.
In mid-March, Dateline announced it would be acquiring the Colosseum Mine in San Bernardino County, California from LAC Minerals, a subsidiary of Barrick Gold.
The Colosseum Mine lies on the Walker Lane Trend, which hosts multiple substantial discoveries such as Equinox Gold’s 6.5-million-ounce Castle Gold Mine.
Between 1988 and 1993, Colosseum produced 344,000 ounces of gold at an estimated head grade of 2.5 grams of gold per tonne (g/t).
To acquire Colosseum, Dateline deposited US$500,000 (A$664,475) into an escrow account.
Additionally, the company will pay Barrick US$1.5 million (A$1.99 million) by the time it either completes a bankable feasibility study, begins site development for the extraction of ore or sells the properties.
All outstanding conditions have now been fulfilled and Dateline has provided US$770,000 (A$1.02 million) in reclamation bonds to replace the Barrick bonds.
Since first announcing the acquisition, Dateline has reviewed a large portion of the historical data and compiled 386 holes and 35,532 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,” Managing Director Stephen Baghdadi said.
Shares in Dateline Resources remain steady at 8.8 cents, as of 2:31 pm AEDT.