Dateline Resources Announces a Material Expansion, Provides District-Scale Exposure
Dateline Resources announced a major milestone in its journey on Wednesday which significantly improved investor sentiment as reflected by the surge in the share price.
Dateline Resources Limited (ASX: DTR)
Dateline Resources Limited (ASX: DTR) surged 5.41% on Wednesday after it announced a major expansion of its Music Valley Heavy Rare Earth (HREE) Project in California.
The company confirmed that it has staked 969 new claims which cover about 19,380 acres and expands the total Music Valley project area to about 20,520 acres across Riverside and San Bernardino Counties.
The expanded land area now includes almost 9 kilometres of the highly prospective Pinto Gneiss geological unit which USGS geologists had earlier identified as hosting heavy rare earth mineralisation.
Exploration work has already started because airborne magnetic and radiometric surveys are about 65% complete while geological mapping and surface sampling have also begun.
These exploration programs are expected to help identify and prioritise drilling targets across the combined project area.
Datelineβs broader asset portfolio also includes the Colosseum Gold REE Project in California which hosts a JORC compliant mineral resource of about 27.1 million tonnes at 1.26 g/t gold for around 1.1 million ounces of gold.
Previous studies estimate that the Colosseum project has strong economics with a net present value of about US$550 million and an internal rate of return of around 61% which assumes a gold price of US$2,900 per ounce.
The project is located less than 10 kilometres from the Mountain Pass rare earth mine which highlights the strategic geological potential of the region.
The current market capitalisation is $1.45 billion and Investor interest in the company has increased sharply because the stock has surged about 24.22% in the past one month and about 76.67% year-to-date.
(Source: Company Announcements)
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