Dateline Resources Limited (ASX:DTR) Advances Colosseum Project with Mining Rights Confirmation
Mining Rights Confirmation
The Department of the Interior confirmed Dateline Resources Limited’s (ASX:DTR) rights to mine gold and explore rare earth elements at the Colosseum Project in California. The confirmation under the existing Plan of Operations allows continued development and incorporation of REE exploration into the company’s work programme.
Project Details
The Colosseum Project holds a JORC-2012 compliant Mineral Resource of 27.1Mt at 1.26g/t Au, totaling 1.1Moz Au. Over 67% of the resource is classified in the Measured and Indicated categories. Mining studies are underway, and geological assessments suggest the potential for REE-bearing ore similar to the nearby Mountain Pass mine.
Financial and Operational Outlook
A scoping study released in August 2024 outlined an over eight-year mine life with an average production of 75koz gold per annum. The study projected a US$235 million investment and an IRR of 31% based on a gold price of US$2,200 per ounce, which is approximately $800 higher than the current gold price.
Executive Comments
Stephen Baghdadi, Managing Director, stated, “The Department of the Interior’s public support and confirmation of our rights provide a strong foundation for moving the Colosseum Project forward. We are pleased that the United States Government continues to recognise the strategic importance of domestic mineral development. With a defined gold resource and newly prioritised rare earth exploration.”
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