Asset sale and options cash fund Dateline US gold project study
Dateline Resources has locked in the cash it needs to complete a bankable feasibility study (BFS) on the gold deposit at its flagship Californian Colosseum gold and rare earths project in a move that will be pivotal step in the conversion of its 1.1-million-ounce resource into a revenue-generating mine.
The ASX-listed explorer says it is sitting on a bank balance of $1.95 million, which will soon be boosted to around $2.3 million when the company pockets part of the proceeds from the sale of its non-core Udu copper asset in Fiji. That deal alone will tip in an additional $350,000 into a pot already earmarked to advance Colosseum.
The company says the current cash balance also includes about $1.1 million that has flowed in from existing shareholders exercising their options, with more likely to convert, judging by an uptick in investor enquiries.
'With these recent cash inflows, we are now funded to complete the BFS at Colosseum.'
Dateline Resources managing director Stephen Baghdadi
With 2.3M in the bank and more cash on the way, Dateline says the influx will see it fully fund the BFS at Colosseum without going back to the market.
A key part of the study has already kicked off, with drill core shipped to Kappes, Cassiday & Associates in Nevada for metallurgical testing. Meanwhile, mine engineering work is being spearheaded by Australian consultancy AMDAD. The results from both teams will feed into a full-scale assessment of project economics later this year.
Dateline Resources managing director Stephen Baghdadi said: 'With these recent cash inflows, we are now funded to complete the BFS at Colosseum. The progress to date has been excellent, and we are confident of maintaining the BFS schedule as we work to unlock Colosseum's full potential.'
Colosseum sits in California's highly-prospective Walker Lane Trend, not far from the famed Mountain Pass rare earths mine. Colosseum already hosts a healthy JORC resource of 27.1 million tonnes at 1.26 grams per tonne gold for 1.1 million ounces, with more than two-thirds of that sitting in the measured and indicated categories.
In parallel with the study, Dateline is zeroing in on the project's significant rare earths potential, thanks to geological similarities with the nearby Mountain Pass mine - the only rare earths mine of its kind in the U.S.
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