Following the dateline from exploration to resource definition
Dateline Resources Ltd (ASX:DTR) released its quarterly result on Wednesday, highlighting the progress that it has made at the Gold Links Project in Colorado.
This project is comprised of several contiguous historic gold mines that have been consolidated by the company.
Gold Links has historically produced up to 150,000 ounces of high-grade gold which featured bonanza grades of up to 493 g/t gold and in particular, records indicate crude ore shipments up to 287 g/t gold from the Gold Links ‘2150’ vein.
Mineralisation can be traced on surface and underground for almost six kilometres from the northern to the southern sections of the project.
While a resource is yet to be defined, well-documented records indicate that there are large areas that remain untested at surface and little to no exploration has been done below the valley floor.
Dateline also owns the Lucky Strike and Mineral Hill permitted gold properties and has recommissioned a gold processing plant located at the Lucky Strike Mine.
Gold Links and the Lucky Strike are located approximately 50 kilometres apart.
8000 metres of drilling at Gold Links
In the June quarter the company commenced an 8,000 metre drilling program at the northern section of the Gold Links Project.
The drilling program is intended to prove the down-dip extension of both the Sacramento and 2150 veins.
The drill program has so far been expanded from 41 to 45 holes as a result of testing further along the strike of the Sacramento vein.
In what appears to be an astute move given the presence of high-grade mineralisation at depth, management decided to acquire a multi-purpose drill rig capable of both reverse circulation (RC) and diamond core drilling, with the latter providing access to deeper sections of the orebody.
Some of the shallower holes have been completed in full by RC drilling.
Much anticipated assay results from 60 samples
Stages one and two of the three stage Sacramento drilling program have been completed for a total of 16 holes.
The company is awaiting the return of assay results for 60+ samples which are expected back by August 9, and at that stage they will be digitized and presented to the market.
Drilling has commenced on the 2150 vein where the holes planned are longer than the holes drilled at Sacramento.
Consequently, substantial news flow is imminent, potentially providing share price momentum in the second half of 2019.
As well as exploration results, in May executive director Stephen Baghdadi said, “With the project now consolidated under a single ownership, 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.”
That would indeed be a market moving development.