- Dateline Resources (DTR) releases its first mineral resource estimate (MRE) for the Colosseum gold project in California, highlighting 813,000 ounces of gold
- Of the MRE, 32 per cent is classified as measured, 39 per cent as indicated, and 29 per cent as inferred
- Dateline created the MRE using data from 273 reverse circulation holes, 33 rotary/percussion holes, 31 diamond holes and 262 air trac holes
- The company says the resource remains open at depth, and Dateline believes significant potential exists below the MRE
- Dateline is up 13.4 per cent with shares trading at 11 cents at 11:00 am AEST.
Shares in Dateline Resources (DTR) have spiked in early trade after the company released a fresh mineral resource estimate (MRE) for its Colosseum gold project in California.
The company has delivered an MRE of 20.9 million tonnes at 1.2 grams per tonne (g/t) gold for 813,000 ounces of gold at Colosseum.
Of this MRE, 258,000 ounces at 1.2 g/t gold are classified as ‘measured’, 322,000 ounces at 1.2 g/t gold are classified as ‘indicated’, and 235,000 ounces at 1.3 g/t gold as ‘inferred’.
The MRE was created using data from 273 reverse circulation holes, 33 rotary/percussion holes, 31 diamond holes and 262 air trac holes. All up, data from 326 of the total 599 holes drilled in the area was used for the resource estimate.
Furthermore, the resource remains open at depth, and Dateline said it believed “significant” potential existed below the MRE.
“An 813,000-ounce mineral resource, of which over 70 per cent is in the measured and indicated category, is an excellent starting point for the Colosseum project,” Dateline Managing Director Stephen Baghdadi said.
“Significantly, the mineral resource estimate is open at depth, with further drilling being
planned to assess the depth potential of this breccia pipe deposit.
“The recent diamond drilling program validated our belief in the geology of the system, and we are extremely pleased to be delivering a mineral resource of this scale as our first estimate for the project.”
Dateline was up 13.4 per cent with shares trading at 11 cents at 11:00 am AEST.