Dateline Resources (ASX:DTR) has published its JORC estimate for the California-based Colosseum gold project.
All in all, the company is sitting on 813,000 ounces of gold with the lion’s share of that estimate placed in high-confidence for production.
Dateline’s geos further predict this estimate to be conservative.
The company is confident gold extends underground further below the current depth of operations on which the resource is based.
The implication is that early gold sales from its Colorado mine (more on that below) will likely award the company funds to continue digging downwards and upgrade the mineral resource at a future date.
Dateline’s acquisition of the Colosseum project in 2021 saw it obtain a high volume of hardcopy geological data, which underpins the published estimate.
Due to regulations surrounding the 2012 JORC code, the company had to do fresh drilling to confirm historical data.
That process went off without a hitch, and having satisfied the regulators, Dateline confirmed mineralisation identified by players in the past.
Dateline’s Managing Director, Stephen Baghdadi, notes Colosseum is in its early days.
“An 813,000 ounce resource…is an excellent starting point for the Colosseum project,” Baghdadi said.
“Significantly, the resource is open at depth with further drilling being planned to assess the depth potential of this deposit.”
“The recent diamond drilling program validated our belief in the geology of the system, and we are extremely pleased.”
Earlier this year, Dateline sold $1.5m of gold concentrate to international commodities player IXM from its separate mine in Colorado.
That gold concentrate went on to a smelter in Korea, and the company expects to receive the money from IXM between now and late August.
A second delivery of concentrate to IXM is also set to go off this month, meaning the company is not depending on future success in its current cash position.
Get the latest news and media direct to your inbox