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Dateline strengthens gold exploration budget
2 minute read
Dateline Resources Ltd’s (ASX:DTR) is in a strengthened financial position after a strong take-up of shortfall shares in its recent rights issue has the company’s, allowing the group to progress its strategy of establishing a high grade JORC Resource at its Gold Links Project in Colorado.
The take-up has brought the total raising to approximately $14.5 million, and management is confident that the remaining $700,000 worth of shares will also be placed.
The funds will be used to examine an exploration target ranging in size between 520,000 tonnes and 650,000 tonnes.
However, it’s the quality rather than the quantity that is of significance with grades potentially ranging between 13 grams per tonne gold and 17 grams per tonne gold, equating to a prospective resource of between 250,000 ounces and 300,000 ounces.
Historical mining adds confidence
The proposed project is more than just a shot in the dark with previous mining and exploration having established that gold links hosts extensive, shallow high grade mineralisation.
Dateline’s exploration program will be the first time that the targeted area has been exposed to a widespread systematic exploration campaign using modern techniques.
Executive Director Mr. Stephen Baghdadi said, “With the project now consolidated under a single ownership, with all the tenements on freehold land and a fully-funded exploration program set to go, we are on track to meet our goal of establishing a maiden JORC Resource in the December quarter of this year.”
Dateline will be undertaking a relatively simple cost-effective strategy by exploring for more gold directly below and in between where gold has previously been found.
While step-out drilling could identify mineralisation outside the core orebody, management’s decision to adopt a relatively low-cost measured strategy appears to be an astute approach at a transitional stage in the company’s history.