Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

DATELINE RESOURCES LIMITED Capital/Financing Update 2024

May 15, 2024

64793_rns_2024-05-15_77e64d1d-2687-437e-8d45-1442a6e99397.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

ASX Release

==> picture [72 x 67] intentionally omitted <==

Colosseum Delivers More High Grade Gold Intercepts

DATELINE RESOURCES LIMITED

(ACN 149 105 653) ASX Code: DTR

Highlights

  • Results received from diamond and reverse circulation (RC) drilling within the south pit, comprising infill and extensional drilling

  • Final results from diamond drillhole CM24-16 received, increasing the intercept from 88m to 104.7m:

CAPITAL STRUCTURE

Share Price (15/05/24) $0.013 Shares on issue 1.45 billion Market Cap $18.9 million

  • 104.7m @ 3.65g/t Au from 77.23m

  • Incl. 12.2m @ 8.40g/t Au from 108.81m

  • 12.8m @ 2.18g/t Au from 208.17m

MAJOR SHAREHOLDERS

  • First results from the RC program have been received, with the following significant results:

  • RC24-003 25.9m @ 1.91g/t Au from 57.91m

    • Incl. 3.05m @ 3.05g/t Au from 57.91m
  • RC24-004 3.05m @ 1.92g/t Au from 86.86m

DIRECTORS & MANAGEMENT

Mark Johnson AO Chairman

Stephen Baghdadi Managing Director Greg Hall Non-Executive Director

Tony Ferguson Non-Executive Director

Bill Lannen Non-Executive Director

John Smith Company Secretary

CONTACT

John Smith Phone: +61 2 9375 2353 Postal Address: Level 29, 2 Chifley Square Sydney NSW 2000 Email: [email protected]

  - **3.05m @ 2.95g/t Au from 94.48m**
  • RC24-008 74.7m @ 4.27g/t Au from 77.72m

    • Incl. 27.4m @ 7.82g/t Au from 88.39m
  • Updated Mineral Resource Estimate (MRE) underway, with an expected release in early June to be followed by mining studies

Dateline Resources Limited ( Dateline or the Company ) is pleased to announce further significant gold values from drilling results at the Colosseum Gold Mine in California. The Company currently has a diamond and RC rig operating in the south pit undertaking infill and extensional drilling.

Diamond drillhole CM24-16 was first reported in April 2024, with assays returned for the upper portion of the hole (88m @ 4.18g/t Au). The hole was extended to ensure that it finished outside of the sedimentary breccia, with recent assays extending the intersection to 104.7m @ 3.65g/t Au.

The RC drill rig is focused on infill drilling and testing the margins of the existing Mineral Resource. Significant results received to date include 74.7m @ 4.27g/t Au and 25.9m @ 1.92g/t Au.

The Mineral Resource update is currently underway. Results from CM24-16 will be included in this update, however the RC results will be included in a subsequent update later in the year.

Commenting on the study, Managing Director, Stephen Baghdadi, stated:

“These drill hole results are further confirmation that the Colosseum project has delivered consistent gold grades in a wide zone.

“With the updated MRE expected in the next few weeks, we plan to move quickly to determining a mine plan to extract value for our shareholders.”

ASX Release 16 May 2024

Drilling Results

Following a scheduled break, the drill crews returned to site and continued drilling within the south pit at Colosseum. The aim of the diamond drilling program is to extend the mineralised zone at depth, below the existing Mineral Resource, whilst the RC program is undertaking infill work as well as better defining the margins of mineralisation.

The RC drilling intersected mineralisation within the sedimentary and felsite breccia units in RC24-003 and RC24-004. Both holes intersected mineralization in more sulphide rich zones containing pyrite, sphalerite, and/or galena >5%.

Recent results include the following:

DIAMOND DRILLING

CM24-16 104.7m @ 3.65g/t Au from 77.23m

Incl. 12.2m @ 8.40g/t Au from 108.81m 12.8m @ 2.18g/t Au from 208.17m

RC DRILLING

RC24-003 25.9m @ 1.91g/t Au from 57.91m Incl. 3.05m @ 3.05g/t Au from 57.91m RC24-004 3.05m @ 1.92g/t Au from 86.86m

3.05m @ 2.95g/t Au from 94.48m

RC24-008 74.7m @ 4.27g/t Au from 77.72m

Incl. 27.4m @ 7.82g/t Au from 88.39m

==> picture [442 x 418] intentionally omitted <==

Figure 1: RC drilling results, looking southwest, showing modelled pipes using Leapfrog software

ASX Release 16 May 2024

==> picture [440 x 447] intentionally omitted <==

Figure 2: RC drilling results overlaid over block model (mined and remnant)

Mineral Resource Estimate

The Company has engaged H&SC Consultants Pty Ltd to update the Mineral Resource Estimate (MRE) for the Colosseum gold deposit. The existing MRE of 20.9Mt @ 1.2g/t Au for 813koz gold that was previously completed and announced to the market in July 2022, was based entirely on historical drilling undertaken by previous operators.

The updated MRE will include all of the diamond drilling undertaken by the Company since the project was acquired in 2021. The results for the recent RC drilling were received after the cut-off date for the MRE and will be incorporated into a further update later in 2024, which will also include any diamond and RC results completed during the next 4-6 months.

Mining Studies

The updated MRE, expected in June 2024, will be used as the basis for the Company to investigate the potential feasibility of re-commencing production at the Colosseum mine, using open pit mining methods, in accordance with the approved Plan Of Operation. The Company may also consider the feasibility of pursuing lower cost underground bulk mining techniques for the sections of the breccia pipe that have returned higher grade gold intercepts.

ASX Release 16 May 2024

This announcement has been authorised for release on ASX by the Company’s Board of Directors.

For more information: Stephen Baghdadi Andrew Rowell Managing Director White Noise Communications +61 2 9375 2353 +61 400 466 226 www.datelineresources.com.au [email protected]

Follow Dateline on Twitter: https://twitter.com/Dateline_DTR

About Dateline Resources Limited

Dateline Resources Limited (ASX: DTR) is an Australian publicly listed company focused on mining and exploration in North America. The Company owns 100% of the Colosseum Gold-REE Project in California.

The Colosseum Gold Mine is located in the Walker Lane Trend in East San Bernardino County, California. On July 6, 2022, the Company announced to the ASX that the Colosseum Gold mine has a JORC-2012 compliant Mineral Resource estimate of 20.9Mt @ 1.2g/t Au for 813,000oz. Of the total Mineral Resource, 258koz @ 1.2g/t Au (32%) are classified as Measured, 322koz @ 1.2g/t Au (39%) as Indicated and 235koz @ 1.3g/t Au (29%) as Inferred.

The Colosseum is located less than 10km north of the Mountain Rare Earth mine. Work has commenced on identifying the source of the mantle derived rocks that are associated with carbonatites and are located at Colosseum.

Forward-Looking Statements

This announcement may contain “forward-looking statements” concerning Dateline Resources that are subject to risks and uncertainties. Generally, the words “will”, “may”, “should”, “continue”, “believes”, “expects”, “intends”, “anticipates” or similar expressions identify forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Dateline Resources’ ability to control or estimate precisely, such as future market conditions, changes in regulatory environment and the behaviour of other market participants. Dateline Resources cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements. Dateline Resources assumes no obligation and does not undertake any obligation to update or revise publicly any of the forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except to the extent legally required.

Competent Person Statement

Sample preparation and any exploration information in this announcement is based upon work reviewed by Mr Greg Hall who is a Chartered Professional of the Australasian Institute of Mining and Metallurgy (CP-IMM). Mr Hall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to quality as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Hall is a Non-Executive Director of Dateline Resources Limited and consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

ASX Release 16 May 2024

Appendix A – Drillhole Details

Hole ID Easting Northing Elevation Total Depth (m) Comment
CM23-14 11245 21173 5433 254.5 Completed
CM24-15 11245 21173 5433 301.3 Completed
CM24-16 10923 20740 5504 257.1 Completed
RC24-001 11179 21145 5435 74.7 Completed
RC24-008 11236 21168 5427 152.4 Completed
RC24-003 11312 21145 5414 91.4 Completed
RC24-004 11236 21168 5427 152.4 Completed
RC24-005 11312 21145 5414 91.4 Completed
RC24-006 11412 21112 5401 Underway

Appendix B – Drilling Intercepts

Hole ID **Type ** From(m) To(m) Width(m) Grade(g/t Au)
RC24-001 RC No significant intercepts
RC24-003 RC 38.10 39.62 1.52 5.29
57.91 83.82 25.91 1.91
Incl. 57.91 60.96 3.05 3.05
RC24-004 RC 3.05 4.57 1.52 3.42
86.86 89.91 3.05 1.92
94.48 97.53 3.05 2.95
RC24-005 RC No significant intercepts
RC24-008 RC 77.72 152.39 74.67 4.27
Incl. 88.39 115.82 27.43 7.82
CM24-16 DDH 77.23 181.96 104.72 3.65
Incl. 153.00 174.34 21.33 5.56
208.17 220.97 12.80 2.18

ASX Release 16 May 2024

JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (eg cut • As of 13/05/2024 the Colosseum Mine, Colosseum
techniques channels, random chips, or specific Rare Metals, INC. has completed 1,530 metres of
specialised industry standard measurement drilling in 3 core holes and 7 RC holes in 2024. All of
tools appropriate to the minerals under the drilling was done from surface with a diamond
investigation, such as down hole gamma drill rig and reverse circulation drill rig. Industry
sondes, or handheld XRF instruments, etc). standard core handling and chip sampling
These examples should not be taken as procedures were employed to ensure high quality
limiting the broad meaning of sampling. samples.
Include reference to measures taken to • Core/chip sample boundaries were defined by
ensure sample representivity and the changes in lithology, alteration, and mineralisation
appropriate calibration of any measurement noted in logging.
tools or systems used. • Collar to toe assays were taken and sent to labs for
Aspects of the determination of analysis.
mineralisation that are Material to the • Core was cut along the long axis leaving half for
Public Report. assay and half to be stored in cardboard core boxes.
In cases where ‘industry standard’ work has • RC samples were on a 5-foot (1.52 meter) interval
been done this would be relatively simple (eg through a cyclone and riffle splitter to leave a 1-2 kg
‘reverse circulation drilling was used to sample for assay and the rest separated for storage.
obtain 1 m samples from which 3 kg was • Samples from drill holes were sent to ALS Global and
pulverised to produce a 30 g charge for fire Paragon Geochemical in Reno, Nevada for sample
assay’). In other cases more explanation preparation and assay. Samples were dried,
may be required, such as where there is weighed, crushed and split to obtain 250 gm.
coarse gold that has inherent sampling Samples were placed in ring and puck grinder to
problems. Unusual commodities or produce 85% minus 75-micron pulp. This material
mineralisation types (eg submarine nodules) was blended on clean cloth and packaged in paper
may warrant disclosure of detailed pulp bags. Using a pulp balance, a 30-gm sample
information. was weighted out for traditional fire assay. Samples
were analyzed using standard fire assay for gold.
Over limits were analyzed via gravimetric analysis.
• All samples followed a strict Chain of Custody.
• Routine QAQC samples were inserted in the sample
runs at a rate of 20%, comprising Certified
Reference Materials from CDN Resource
Laboratories Ltd., and verified blank granitic
material.
• Surface sampling of dump material was taken at
random surrounding the Colosseum pits to test
approximate grades of dumps.
• Surface sampling within trenches at the Argos
property were taken approximately every 15 metres
across the trench to test strontium and barium
percentages within the celestite surface
expressions.
• Sampling practice is appropriate to the geology and
mineralisation of the deposit and complies with
industry best practice.
Drilling Drill type (eg core, reverse circulation, open- • The drilling program utilizes surface core drilling.
techniques hole hammer, rotary air blast, auger, • The core drilling is being conducted with an
Bangka, sonic, etc) and details (eg core Everdigm cat 4 drill with HQTT core tooling. Triple
diameter, triple or standard tube, depth of tubes were used for the for all holes to increase
diamond tails, face-sampling bit or other recoveries. The drilling has been completed by an

ASX Release 16 May 2024

Criteria JORC Code explanation Commentary
type, whether core is oriented and if so, by experienced diamond drilling core driller.
what method, etc).
Drill sample Method of recording and assessing core and • All drilling recoveries have been logged and
recovery chip sample recoveries and results assessed. notated each run based on 3.05-meter tooling.
Measures taken to maximise • To maximize sample recoveries, use of triple
sample recovery and ensure tube and long chain polymer muds were used
representative nature of the to increase recovery.
samples. • There has been no analysis between sample
Whether a relationship exists between recoveries and grade to date.
sample recovery and grade and whether
sample bias may have occurred due to
preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have • Core samples were geologically logged. Lithology,
been geologically and geotechnically veining, alteration, mineralisation, and weathering are
logged to a level of detail to support recorded in the appropriate tables of the drill hole
appropriate Mineral Resource database.
estimation, mining studies and • Each core box was photographed dry and wet, after
metallurgical studies. logging of unit and structures were notated on the
Whether logging is qualitative or core.
quantitative in nature. Core (or costean, • Core was cut along the long axis using a diamond saw,
channel, etc) photography. half-core was sampled, and half stored for reference.
The total length and percentage of the relevant • Geological logging of core samples is
intersections logged. qualitative and quantitative in nature.
Sub-sampling If core, whether cut or sawn and whether • All drill core samples were cut along the long axis. The
techniques and quarter, half or all core taken. left side when looking down hole was sampled.
sample If non-core, whether riffled, tube Samples were placed in a heavy-duty poly sample bag.
preparation sampled, rotary split, etc and whether Each core sample placed in heavy duty poly sample
sampled wet or dry. bag, noted interval width in sample book, with a
For all sample types, the nature, sample tag with the corresponding sample number
quality and appropriateness of the placed in the bag with the other tag stapled to the top
sample preparation technique. of the bag. Sample bags were stapled along the top.
Quality control procedures adopted for all Samples were sent by freight to ALS Global, or Paragon
sub-sampling stages to maximise Geochemical in Reno, Nevada.
representivity of samples. • Routine QAQC samples were inserted at a 20% rate
Measures taken to ensure that the sampling is into the sample batches and comprised Certified
representative of the in situ material collected, Reference Materials (CRMs) from CDN Resource
including for instance results for field Laboratories Ltd. and verified blank granitic material.
duplicate/second-half sampling. • Rock samples sent to ALS Laboratories and Paragon
Whether sample sizes are appropriate to the Geochemical were dried, weighed, crushed, and
grain size of the material being sampled. split, with a split pulverized to better than 85%
passing 75 microns. Samples were analyzed for trace
elements using 4-acid digestion. Additionally, rocks
samples were analyzed by standard 30gm fire assay
for gold and silver.
• Sample size assessment was not conducted but used
sampling size which is typical for gold deposits.
Quality of The nature, quality and appropriateness of • Samples were assayed by industry standard
assay data the assaying and laboratory procedures used methods by ALS Global Laboratories, and Paragon
and and whether the technique is considered Geochemical, in Reno, Nevada.
laboratory partial or total. • Fire assays for gold were completed using
For geophysical tools, spectrometers, industry standard fire assay methodology.

ASX Release 16 May 2024

Criteria JORC Code explanation Commentary
tests handheld XRF instruments, etc, the parameters • External certified standards and blank material
used in determining the analysis including were added to the sample submission.
instrument make and model, reading times,
calibrations factors applied and their
derivation, etc.
Nature of quality control procedures adopted
(eg standards, blanks, duplicates, external
laboratory checks) and whether acceptable
levels of accuracy (ie lack of bias) and
precision have been established.
Verification of The verification of significant intersections • Sampling, documentation, and sample submittal were
sampling and by either independent or alternative under the guidance and care of Graham Craig, GIT
assaying company personnel. (Association of Professional Engineers and Geoscientists
The use of twinned holes. of Manitoba).
Documentation of primary data, • Drilling, sample, and assay data is currently stored
data entry procedures, data in MX Deposit, a secured data management
verification, data storage (physical system through Seequent.
and electronic) protocols. • Intercept lengths and grades calculated using no
Discuss any adjustment to assay data. more than three consecutive <0.2 g/t Au as the
cutoff for cumulative grade intervals.
Location of Accuracy and quality of surveys used to locate • All drill hole collars are surveyed using differential GPS
data points drill holes (collar and down-hole surveys), survey equipment. The positions are accurate to within
trenches, mine workings and other locations 10 cm x-y and height (z) to +/- 20 cm.
used in Mineral Resource estimation. • The holes are surveyed in UTM WGS 84 coordinate
Specification of the grid system used. system.
Quality and adequacy of topographic • Down hole surveys will be done using a Reflex EZ-
control. TRAC magnetic downhole survey tool on all diamond
drill holes. With collars surveyed using Reflex TN-14
Azi-Aligner.
• Sample locations were surveyed using UTM WGS 84
coordinate system.
Data spacing Data spacing for reporting of Exploration • The spacing and location of data is currently 5-15
and Results. meter spacing according to previous Mineral
distribution Whether the data spacing, and distribution is Resource estimation completed by Barbara Carroll,
sufficient to establish the degree of geological CPG (American Institute of Professional Geologists)
and grade continuity appropriate for the of GeoGRAFX Consulting, LLC.
Mineral Resource and Ore Reserve estimation • No sample compositing has been applied at this time.
procedure(s) and classifications applied.
Whether sample compositing has been applied.
Orientation of Whether the orientation of sampling achieves • Drill holes are planned to be drilled along strike due to
data in relation unbiased sampling of possible structures and limited areas available to drill from. Definition of
to geological the extent to which this is known, considering structure location is the principal goal.
structure the deposit type. • Sample orientation is deemed to be
If the relationship between the drilling representative for reporting purposes.
orientation and the orientation of key • No bias is considered to have been introduced
mineralised structures is considered to have by the existing sampling orientation.
introduced a sampling bias, this should be
assessed and reported if material.
Sample The measures taken to ensure sample security. • All samples were taken and maintained under the
security constant care of Colosseum Rare Metals, INC.
personnel. Samples were delivered to laboratories
by a licensed transportation company.

ASX Release 16 May 2024

Criteria JORC Code explanation Commentary
Audits or The results of any audits or reviews of sampling • Drill hole sampling techniques and QAQC
reviews techniques and data. procedures have been developed and reviewed by
Dale Sketchley, M.Sc., P. Geo. of Acuity Geoscience
Ltd., Graham Craig, GIT.
• The QAQC program has demonstrated its ability to
catch errors.
• A QAQC review will be completed for this program.
• Mineral resource estimations and JORC 2022 completed
by Barbara Carroll, CPG.

ASX Release 16 May 2024

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral Type, reference name/number, location and • The Colosseum Mine project is located in T17N R13E
tenement and ownership including agreements or material Sec 10, 11, 14, 15, 22, 23 SB&M.
land tenure
status
issues with third parties such as joint
ventures, partnerships, overriding royalties,
native title interests, historical sites,
wilderness or national park and
environmental settings.
• All tenements are 100% owned by Dateline
Resources Limited or a wholly owned subsidiary
and there exist production-based royalties as
previously disclosed to ASX.
The security of the tenure held at the time of
reporting along with any known impediments
to obtaining a licence to operate in the area.
Exploration Acknowledgment and appraisal of exploration by • Historical work has been completed by various mining
done by other other parties. companies since 1972.
parties Draco Mines (1972-1974)
Placer Amex (1975-1976)
Draco Mines (1980)
Amselco (1982-1984
Dallhold Resources/Bond Gold (1986-1989
Lac Minerals (1989-1994)
• All the companies were reputable, well-known
mining/exploration companies that followed the
accepted industry standard protocols of the time.
• Review of this work was completed by GeoGRAFX
Consulting, LLC in 2022.
• All previous work undertaken by others is non-JORC
compliant.
Geology Deposit type, geological setting and style of • The Colosseum mine is hosted by Cretaceous aged
mineralisation. breccia-pipe. The pipe contains aphanitic Cretaceous
rhyolite flows, Pre-Cambrian granitic basement
material, and Cambrian-Devonian dolomite clasts
replaced by sulphide mineralisation.
• The gold mineralisation occurs in brecciated felsite
and sediment clast replaced by sulphides.
• The Argos mine is a flat, shallow-dipping
sedimentary strontium deposit hosted in celestite.
The celestite bed is overlain by various surface
sediments with volcanics, primarily mafic volcanics,
on the footwall. The mine was previously trenched
along two trenches running approximately east to
west at 1-3 metres in depth. There was one
underground access mined historically that accessed
from within the celestite layer to approximately 12
metres deep with limited east/west development at
the bottom.
Drill hole A summary of all information material to the • See Table 1 within this report for details of the
Information understanding of the exploration results drill holes and sample locations.
including a tabulation of the following
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level –
elevation above sea level in metres) of
the drill hole collar

ASX Release 16 May 2024

Criteria JORC Code explanation Commentary
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
If the exclusion of this information is justified on
the basis that the information is not Material,
and this exclusion does not detract from
the understanding of the report, the Competent
Person should clearly explain why this is the
case.
Data In reporting Exploration Results, weighting • Drill hole intersections are reported above a
aggregation averaging techniques, maximum and/or lower exploration cut-off grade of 0.1 g/T Au
methods minimum grade truncations (eg cutting of high and no upper cut off grade has been applied.
grades) and cut-off grades are usually Material
and should be stated.
Where aggregate intercepts incorporate short
lengths of high-grade results and longer
lengths of low grade results, the procedure
used for such aggregation should be stated and
some typical examples of such aggregations
should be shown in detail.
The assumptions used for any reporting of
metal equivalent values should be clearly
stated.
Relationship These relationships are particularly • Drill holes are orientated along
between important in the reporting of Exploration apparent strike of the breccia pipe
mineralisation Results. due to limited drill pad locations.
widths and If the geometry of the mineralisation with • Interception angles of the mineralised
intercept respect to the drill hole angle is known, its structures are estimated using core
lengths nature should be reported. drilling intercepts and existing 3D
If it is not known and only the down hole lengths models of the pipe orientation.
are reported, there should be a clear statement
to this effect (eg ‘down hole length, true width
not known’).
Diagrams Appropriate maps and sections (with scales) • Supporting figures have been included within the
and tabulations of intercepts should be body of this release.
included for any significant discovery being
reported These should include, but not be
limited to a plan view of drill hole collar
locations and appropriate sectional views.
Balanced Where comprehensive reporting of all • Representative reporting of both low and high grades
reporting Exploration Results is not practicable, and/or widths have been reported.
representative reporting of both low and
high grades and/or widths should be
practiced avoiding misleading reporting of
Exploration Results.
Other Other exploration data, if meaningful and
substantive material, should be reported including (but not
exploration limited to): geological observations; geophysical
data survey results; geochemical survey results; bulk
samples – size and method of treatment;
metallurgical test results; bulk density,
groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.

ASX Release 16 May 2024

Criteria JORC Code explanation Commentary
Further work The nature and scale of planned further • At Colosseum, future work will include expanded
work (eg tests for lateral extensions or drilling between the North and South pits, mapping,
depth extensions or large-scale step-out and sampling of open pit benches; as well as infill
drilling). and expanded surface soil geochemistry, geological
Diagrams clearly highlighting the areas of mapping, and geophysics.
possible extensions, including the main
geological interpretations and future drilling
areas, provided this information is not
commercially sensitive.