Dateline Resources (ASX:DTR) has received a US$500,000 first-stage payment of the Gold Links transaction, which will be used towards its California projects in the US.
The company, which has a $17.99 million market capitalisation, says the next stages of payments include $1.45 million in 3 instalments beginning on 6 October 2023, and $2 million upon the production of the first ounce of gold from the Lucky Strike mill.
This announcement follows after the company entered into an agreement to sell its interest in privately held Gunnison Gold, the vehicle that owns the Gold Links mine and associated assets in Colorado.
Commenting on the payment, Dateline Resources Managing Director Stephen Baghdadi says: “Dateline has shifted its strategic focus to California where we have accelerated exploration at the Colosseum Gold-REE Project, as well as acquiring an 80% interest in the Argos Strontium deposit.
“Dateline has shifted its strategic focus to California where we have accelerated exploration at the Colosseum Gold-REE Project…”
Funds received from the Gold Links transaction will be used to fund the company’s California projects. Gold drilling at Colosseum has demonstrated grades well in excess of the current mineral resource, with the new drilling to be incorporated into a new estimate later in 2023.
We will also be utilising the rig at Colosseum to undertake the first pass test of the rare earth potential of the project.”
Dateline Resources is an ASX-listed mining and exploration company, located in North America. The company wholly owns the Colosseum Gold-REE Project in California.
As of 30 June 2023, the company had $2.383 million cash and cash equivalents at hand, according to its latest quarterly report published on 27 July 2023.
Images: Dateline Resources
