Dateline Resources is homing in on what could be the deeper heart of its Colosseum gold and rare earths project in California after a suite of new geophysical surveys lit up the ground beneath the old pits. With gravity, magnetics, radiometrics and earlier IP data now converging, the company is about to put the theory to the test with diamond rigs.
Dateline Resources has wrapped up a key infill geophysics program at its wholly owned Colosseum gold and rare earths project in California, USA, setting the stage for a near-term diamond core drilling blitz.
The recent work has followed on from the company’s induced polarisation (IP) survey last December and included a high-resolution ground gravity survey comprising 543 stations on a 100m × 100m grid, sufficient to deliver detailed rock-density mapping over the central project area.
The review also included magnetic and radiometric surveying at a 50m line spacing across an area of about 8.6 square kilometres, providing fine-scale magnetic and radiometric data.
The infill geophysical surveys were aimed at improving resolution over deeper chargeability and conductivity features that had been flagged by previous IP and magneto-telluric (MT) geophysical runs.
Those features were initially interpreted as structurally controlled and possibly linked to gold mineralisation or rare earth–bearing carbonatite intrusions. The setting is considered analogous to the nearby massive Mountain Pass mine, located roughly 10 kilometres to the south and operated by MP Materials.
With the latest program now wrapped up, Dateline’s full suite of geophysical data – including the new gravity, magnetics and radiometrics survey along with its earlier IP and MT surveys - is now being integrated and interpreted by Mitre Geophysics.
Dateline says the new data are all about sharpening the geological picture by tightening up the shape and continuity of the deposit at depth. Just as importantly, the team is working to tie those deep geophysical signals back to what is seen at surface in the geology, structures, geochemistry and alteration.
Dateline Resources managing director Stephen Baghdadi said: “The data continues to support the presence of a large mineral system, with deep structural and sulphide-hosted features interpreted as mineralising plumbing extending beyond the known near surface ore zones.”
The ultimate prize is a shortlist of high-conviction drill targets, defined where multiple datasets stack up in the same place and light up the most compelling zones for the next round of drilling.
Dateline’s integrated approach is shifting Colosseum from broad target definition to precise, high-confidence drill testing. The strategy is designed to keep spending tight while chasing both the project’s established gold potential and its emerging rare earths upside.
Management says the diamond drill rigs are scheduled to roll onto site next week and is planning to run the drilling program in parallel with the ongoing data integration and interpretation, allowing the rigs to test top-priority targets as they firm up the data.
Colosseum already hosts a pretty impressive resource of 27.1 million tonnes averaging 1.26 grams per tonne (g/t) gold for 1.1 million ounces of gold, of which 41 per cent sits in the highest measured category, 26 per cent lies in the indicated category and the remaining 33 per cent is inferred.
The resource underpins the ongoing bankable feasibility study into restarting the historic open-pit operation. The project sits within the highly prospective Walker Lane geological trend in California’s San Bernardino County.
In May last year, Dateline announced updated economics for the Colosseum gold project, indicating it would generate a net present value of US$550 million (A$783M) and an internal rate of return of 61 per cent at a conservative gold price of US$2900 (A$4130) per ounce.
With the gold price currently 72 per cent higher than the one used in the original economics study, at around US$4990 (A$7100) per ounce, the 2025 numbers are likely to be considerably improved upon.
Dateline’s new geophysical push adds another layer of de-risking ahead of deeper drilling that could expand its resource and confirm rare earths sources to boot.
With the diamond drill rigs inbound and data converging on one or more priority targets, Colosseum is lining up its potential near-term catalysts in what is becoming increasingly apparent as a tier-one mineral jurisdiction.
Further updates are expected as interpretation wraps up and the next round of drilling kicks off.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
