Dateline cashes in Fiji copper to fast-track US gold-REE project
Dateline Resources is dialling up its US focus after offloading a non-core asset in Fiji in a deal worth up to $4.35 million. The decision to sell the company's Udu copper project will free up management time and pump cash into a fast-tracked drill program at its flagship Colosseum rare earths and gold project in California.
The strategic divestment hands full ownership of the Udu asset to Viva Metals - a private Australian outfit building a dominant position in Fiji's emerging mining sector.
Under the terms of the agreement, Dateline will receive $350,000 in cash within the next 45 days. It will also pick up $1 million worth of shares in Viva Metals, triggered when the buyer lands an ASX listing.
Adding to the initial payments, Dateline is in the running for several milestone payments and royalties worth upwards of $3M that keeps it in the game if Udu strikes it big. These payments include $750,000 on proving up a 150,000oz gold-equivalent JORC resource, $750,000 on the start of commercial production and a 1 per cent net smelter royalty, capped at $1.5M.
Management says the deal has ticked two major Udu-related boxes by monetising a non-core asset while also ensuring the project stays in the hands of a party committed to Fiji's long-term development.
Notably, the sale injects immediate capital into Dateline's Colosseum project in the United States. The revitalised gold mine is now also tipped to host rare earths similar to those at the globally significant Mountain Pass operation just 10 kilometres away.
Freshly armed with funds, Dateline can now accelerate its bankable feasibility study on the gold resource and press the button on a rare earth exploration blitz to be designed and managed by globally renowned consultants Dr Anthony Mariano and Tony Mariano.
Colosseum already hosts a JORC-compliant resource of 27.1 million tonnes at 1.26 grams per tonne (g/t) for 1.1 million ounces of gold with more than two-thirds of it in the measured and indicated categories.
The real kicker, however, is the prospect of rare earth element (REE) mineralisation that may lurk beneath Colosseum's golden layer and which is and now the focus of serious US government interest.
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