Dateline Resources Withdraws Rights Issue and Updates on Colosseum Gold-REE Project
DATELINE RESOURCES LIMITED (DTR) Share Update July 2024 Friday 5th
Dateline Resources Announces Withdrawal of Rights Issue Amid Colosseum Gold-REE Project Update
Dateline Resources Limited (ASX: DTR) has announced the withdrawal of its Non-Renounceable Rights Issue, alongside an update on its Colosseum Gold-REE Project in California, USA.
Instant Summary:
- Withdrawal of Non-Renounceable Rights Issue announced on 12 June 2024.
- Colosseum Gold-REE Project boasts a JORC-2012 compliant Mineral Resource estimate of 27.1Mt @ 1.26g/t Au for 1.1Moz Au.
- Over 67% of the resource is classified as Measured & Indicated.
- Potential for rare earth elements (REE) similar to the nearby Mountain Pass mine.
- Mining studies are currently underway.
Withdrawal of Rights Issue
Dateline Resources Limited (ASX: DTR) has resolved to withdraw the Non-Renounceable Rights Issue that was announced on 12 June 2024. The company will return all subscribed funds to shareholders. Further information regarding the ongoing funding of the company is expected to be released on Monday, July 8, 2024.
Colosseum Gold-REE Project Update
Dateline Resources also provided an update on its Colosseum Gold-REE Project, located in California, USA. The project has a JORC-2012 compliant Mineral Resource estimate of 27.1Mt @ 1.26g/t Au for 1.1Moz Au. Of this total, 455koz @ 1.47/t Au (41%) are classified as Measured, 281koz @ 1.21g/t Au (26%) as Indicated, and 364koz @ 1.10g/t Au (33%) as Inferred. This significant resource highlights the potential of the Colosseum project.
The mineralization is open at depth, indicating further exploration potential. Additionally, the geology of the Colosseum project shows potential for rare earth elements (REE), similar to the nearby Mountain Pass mine, which is less than 10km north of the Colosseum site. Mining studies are currently underway to further explore and develop this potential.
Company Background
Dateline Resources Limited 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 project is located in the Walker Lane Trend in East San Bernardino County, California.
The withdrawal of the rights issue may initially cause some concern among investors, as it indicates a shift in the company's funding strategy. However, the update on the Colosseum Gold-REE Project is promising, with a significant gold resource and potential for rare earth elements. This could positively impact the company's stock in the long term, as mining studies progress and further exploration results are announced.
Investor Reaction:
Investors and analysts have shown mixed reactions to the withdrawal of the rights issue. Some are cautious about the company's funding strategy, while others are optimistic about the potential of the Colosseum Gold-REE Project. The significant gold resource and potential for rare earth elements are seen as strong positives for the company's future prospects.
Conclusion:
Investors should keep an eye on Dateline Resources' upcoming announcements, particularly regarding the ongoing funding strategy and further developments at the Colosseum Gold-REE Project. The project's significant gold resource and potential for rare earth elements make it a noteworthy opportunity in the mining sector.