Dateline Resources (ASX: DTR) has received the final assay results from a drill program at the Colosseum Gold Project in California, United States.
The assay results returned high grade hits including 100.6m at 4.16g/t gold from 79.24m.
More broadly speaking, the assay results returned gold grades between 4.2-13.8 g/t from depths between 80 to 159 metres.
Gold grades over 5 g/t are considered high grade, according to Undervalued Equity.
“The final assay results for hole CM22-05 are significantly better than we had expected and prove that gold is contained in several of the breccia lithologies,” commented Managing Director, Stephen Baghdadi.
"100 metres of 4.16g/t Au is a great result and is amplified by the fact that the high grade sedimentary breccia unit returned results that prove the continued grade at depth."
Dateline is targeting a JORC-2012 Mineral Resource estimate in the June quarter.
In parallel, the company is planning the next steps for the Colosseum project, including drilling beneath the Mineral Resource model.
Dateline believes that "significant potential exists below the current Mineral Resources estimate". The gold mineralisation has to-date formed a "pipe-like" structure and there is "excellent potential for this to continue at depth".
At the end of the March quarter, the company's cash balance was $3.3m.
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