Dateline Resources (ASX:DTR) to acquire 80pc stake in Argos strontium project, USA

• Dateline Resources (DTR) to acquire an 80 per cent stake in the Argos strontium project in California from Western Strontium
• The project holds the largest known strontium deposit in North America
• Argos is located just 100 kilometres from DTR’s flagship Colosseum gold and rare earths project
• Dateline hopes to begin its exploration program in the second half of 2023 at Argos, once approvals are granted
• Dateline shares are up 7.41 per cent to 2.9 cents at 12:53 pm AEST

Dateline Resources (DTR) is set to acquire an 80 per cent interest in the Argos strontium project in California from Western Strontium.

The project holds the largest known strontium deposit in North America and is located just 100 kilometres from DTR’s flagship Colosseum exploration project seeking gold and rare earths.

“The acquisition of an 80 per cent stake in the Argos strontium project is complementary to the Colosseum mine,” DTR Manning Director Stephen Baghdadi said.

“Major US carmakers, including Tesla, as well as EV magnet manufacturers, including Hitachi, are diversifying their production of permanent magnets for EV motors due to increasing costs, limited future supply and a concentration of REE processing and magnet production in China.

“Lower cost, high-performance ferrite magnets contain strontium carbonate, and these will present an attractive solution to fulfilling growing global EV demand”.

Dateline reported that there were no active strontium mines currently in the US.

The Argos project comprises four different mining claims across an area of 75 acres in size.

As part of due diligence, the company collected a number of rock chip samples from outcrops at Cady Mountains. The results are still being fully processed.

Dateline aims to begin its exploration program in the second half of 2023, once approvals are granted.

DTR shares were up 7.41 per cent to 2.9 cents at 12:53 pm AEST.