Dateline Resources’ (ASX:DTR) share price had increased 36.36% to $0.015 as of 1pm AEDT today (13 February), amid receiving wide ‘high-grade’ gold assays from the Colosseum Gold Project in the US.
The $17.28 million market capitalisation company reports assays returned from diamond drillhole CM23-14 intersected 70.1m @ 6.53 grams per tonne (g/t) gold (Au), including 25.9m @ 15.31g/t Au.
Managing Director Stephen Baghdadi says the wide intersection in hole CM23-14 includes a ‘higher grade’ zone, which is consistent with other drillholes that have been completed.
“The results from drillhole CM23-14 have increased the size of the sedimentary breccia unit and the higher grade mineralised envelope within that unit. It has also increased our confidence in the current geologic model for the Colosseum deposit.”
Dateline has ordered a multi-element geochemical analysis on drillhole CM23-14 in an effort to gain more of an insight into the chemical markers of the ‘high-grade’ sections of the breccia pipes.
To date, Dateline has completed 254m out of 310m in hole CM24-15, which is intended to test below hole CM23-14 for continuation of the ‘high-grade’ gold mineralisation, while also testing for any southeast extensions of the sedimentary breccia body at depth.
Baghdadi says: “This drillhole is almost complete and sections of the drill core have been sent to the lab for priority processing.”
Results from hole CM23-15 are expected in March 2024.
Dateline Resources is a mineral explorer focused on mining and exploration in North America.
The Colosseum Gold Mine lies in the Walker Lane Trend in East San Bernardino County, California.
As of 31 December 2023, the company had $1.650 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Dateline Resources