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DATELINE RESOURCES LIMITED — Interim / Quarterly Report 2014
Apr 29, 2014
64793_rns_2014-04-29_b5d944ba-a4f7-4e79-9545-d2c167f74405.pdf
Interim / Quarterly Report
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Dateline Resources Limited Level 4, 20 Loftus Street Sydney NSW 2000 T: +61 2 8231 6640 F: +61 2 8231 6487 www.datelineresources.com.au [email protected]
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Dateline Resources Limited
(ACN 149 105 653 )
ASX Code: DTR
Investment Highlights
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Australian, ASX listed, copper exploration and development company focussed on Fiji.
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A number of near surface exploration targets, similar in nature to the resource.
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Field exploration and a 3D IP program has identified a porphyry copper target at Nagasauva.
QUARTERLY ACTIVITIES REPORT As at 31[st] March 2014
Dateline Resources Limited (“the Company” or “Dateline”) is pleased to present its Activities Report for the Quarter ended 31[st] March, 2014
Highlights during the Quarter
- 100% owned project portfolio.
Capital Structure
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61.3 million ordinary shares
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8 million unlisted options
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50.47% capital held by Directors and Management
Directors & Management
Udu Project Fiji
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Additional porphyry copper exploration targets identified in regional magnetics data.
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Applications submitted for 8,868 hectares of additional exploration licenses.
Mark Johnson AO
Chairman
- Drilling programs placed on hold due to budgetary constraints.
Steve Gemell
Non-Executive Director
George Niumataiwalu
Non-Executive Director
John Smith
Company Secretary
Stewart Capp Exploration Manager
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----- Start of picture text ----- Contact:John Smith----- End of picture text -----
Phone: +61 2 8231 6640 Fax: +61 2 8231 6487 Postal Address: P.O. Box 553 South Hurstville NSW 2221
Udu Project Fiji
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Quarterly Activities Report as at 31[st] March 2014
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Udu Project Update
Dateline’s strategy and work program for the Udu Project has two key objectives:
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To identify and drill test targets within the vicinity of the historic Udu mine with the aim of establishing a sufficient resource base to justify a pre-feasibility study on a medium sized project, and
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Build on the company’s regional geological database and assess the extent of the porphyry copper systems which appear to underlie the shallower VMS/epithermal mineralisation.
During the quarter the company completed additional processing of the regional aero-magnetics data in order to identify additional porphyry copper exploration targets with similar magnetic properties to the Nagasauva exploration target.
Targets with affinities to the Nagasauva Porphyry Copper exploration target were identified (Figure 1), both within and adjacent to the company’s current tenure, which prompted applications to be made for two areas totalling an 8,868 hectares to the east and west of the current tenements (Figure 2).
Work programmes have been developed and budgeted to test exploration targets generated by the 3DIP survey.
Lone Wolf Project WA
There has been no activity at the Lone Wolf project during the quarter; divestment of the project has been initiated.
Corporate
Financial conditions are extremely difficult for pre-development base metal exploration companies like Dateline, and likely to remain so until there is a more positive view of copper and zinc prices. Until circumstances change, the Company will put the shallow and mine deep drilling programs on hold. Resource estimation will be completed in the June'14 quarter, but is not considered a near term priority.
The combination of ground work, IP and other data has indicated possible extensive porphyry occurrence on the company’s tenements. The board has taken the view that the most economical use of limited financial resources over the next several months is to conduct advanced geochemical and supporting work aimed at further delineation of the porphyry occurrences and to pursue regional exploration for additional porphyry copper exploration targets. The work will focus on soil geochemistry and mapping, with a view to attracting an appropriate partner to continue the work.
Due to the prevailing soft market conditions for junior exploration companies the company has instituted stringent budgetary restraints. These cost reductions have coincided with the Fiji wet season, so momentum has not been lost. Dateline expects to announce capital raising plans in May 2014 to provide the capital needed to continue exploration activity.
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Quarterly Activities Report as at 31[st] March 2014
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Figure 1: Reprocessed aero-magnetics data and porphyry copper exploration targets
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Figure 2: Tenement Applications location plan – CX814 andCX815
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Quarterly Activities Report as at 31[st] March 2014
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Tenement Schedule
| nement Schedule | |||
|---|---|---|---|
| Project | Number | Ownership | Location |
| Udu | SPL1387 | 100% | Fiji |
| Udu | SPL1396 | 100% | Fiji |
| Udu | SPL1494 | 100% | Fiji |
| Udu | CX814 | Application 100% | Fiji |
| Udu | CX815 | Application 100% | Fiji |
| Lone Wolf | P37/8113 | 100% | WA |
| Lone Wolf | P37/8114 | 100% | WA |
| Lone Wolf | P37/8187 | 100% | WA |
About Dateline Resources Limited:
Dateline Resources Limited is an Australian-based mineral exploration company with exploration projects in Australia and the Republic of Fiji.
The Company plans to focus on exploration and development of the Udu Project and pursue base metals opportunities in Australia and the South Pacific.
For more information, visit .www.datelineresources.com.au
John Smith Company Secretary Ph : +61 2 8231 6640 Fax +61 2 8231 6487 Email : [email protected]
Competent Person Statement
The information in this report that relates to exploration results and mineral resources for the Udu Project is based on information compiled by or work carried out under the supervision of Mr Stewart Capp. Mr Capp is a fulltime employee of Matai Holdings (Fiji) Ltd, a subsidiary of Dateline Resources, Mr. Capp has sufficient experience which is relevant to the styles of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr Capp is a member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Capp consents to the inclusion in this report of the information, in the form and context in which it appears.
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