The Fort Worth Press - Colosseum Gold Scoping Study Update: 208% Increase in Net Revenue and NPV of US$550 million

Table 1: Colosseum Gold Mine Scoping Study - Estimates of Inputs and Outcomes

Note: The following table should be read in conjunction with the cautionary statement below

*** The results presented in Table 1 are estimates only, based on an estimated level of accuracy of +/- 35%, as per the Cautionary Statement below**

Cautionary Statement

The Project Definition Study was undertaken to assess the viability of developing the Colosseum Gold Project by constructing an open cut mine ± underground mine and processing facility to produce gold doré.

It is a preliminary technical and economic study of the potential viability of the Colosseum Project. It is based on technical and economic assessments that are not sufficient to support the estimation of Ore Reserves. Further exploration and evaluation work and appropriate studies are required before Dateline will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case.

The Study is based on the material assumptions highlighted in the announcement "Colosseum Scoping Study Delivers Positive Outcomes," 23 October 2024. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved.

There is a low level of geological confidence associated with Inferred Mineral Resources, and there is no certainty that further exploration work will result in the determination of Indicated or Measured Mineral Resources or that the production target itself will be realized.

The Study is based on the June 2024 Mineral Resource Estimate, is based on low-level technical and economic assessments, and is insufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Study will be realized.

The Study has been completed to a level of accuracy of +/-35% in line with industry standard accuracy for this stage of development. The Company has reasonable grounds for disclosing a Production Target, given that in the first five years of production, 89% of the mill feed is scheduled from the Measured and Indicated Resource category, which exceeds the economic payback period for the Project by 1.75 years.

Approximately 55% of the Life of Mine Production Target is in the Measured Mineral Resource category, 26% is in the Indicated Mineral Resource category, and 19% is in the Inferred Mineral Resource category. There is a lower level of geological confidence associated with Inferred Mineral Resources, and while the Company considers all the material assumptions in this Study to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated will be achieved.

The Mineral Resources underpinning the production target in the Study have been prepared by a Competent Person in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code (2012)). The Competent Person's Statement is found in the Mineral Resources section of the Study. For full details of the Mineral Resource Estimate, please refer to Dateline's ASX Announcement dated 6 June 2024.

Dateline confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that Announcement continue to apply and have not materially changed.

Note that unless otherwise stated, all currency in this Announcement is US dollars.

About Dateline Resources Limited

Dateline Resources Limited (ASX: DTR) is an Australian publicly listed company focused on mining and exploration in North America. The Company owns 100% of the Colosseum Gold-REE Project in California.

The Colosseum Gold Mine is located in the Walker Lane Trend in East San Bernardino County, California. On 6 June 2024, the Company announced to the ASX that the Colosseum Gold Mine has a JORC-2012 compliant Mineral Resource estimate of 27.1Mt @ 1.26g/t Au for 1.1Moz. Of the total Mineral Resource, 455koz @ 1.47g/t Au (41%) are classified as Measured, 281koz @1.21g/t Au (26%) as Indicated, and 364koz @ 1.10g/t Au (33%) as Inferred.

The Colosseum is located less than 10km north of the Mountain Rare Earth mine. Work has commenced on identifying the source of the mantle-derived rocks that are associated with carbonatites and are located at Colosseum.

Scoping Study Authors & Competent Person Statements

This Scoping Study is as defined in Clause 38 of the JORC Code 2012. It refers to the Mineral Resource Estimate announced by Dateline Resources Limited (DTR) on 6 June 2024, but the Production Targets presented do not constitute Ore Reserves as defined in the JORC Code 2012.

Apart from the Mineral Resource Estimate, the PDS was completely compiled by Australian Mine Design and Development Pty Ltd (AMDAD) with information supplied by Dateline, generated by AMDAD, or publicly sourced.

The principal author of the report and supervisor of the work conducted by AMDAD is Mr. John Wyche BE(Min Hon) BComm FAusIMM CP. Mr. Wyche is a Fellow of the Australasian Institute of Mining and Metallurgy. He has 37 years of relevant experience in hard rock gold mining.

Mr. Wyche does not hold shares or any other form of equity in Dateline Resources Limited.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of applicable securities laws. These statements relate to future events or future performance and include, but are not limited to, statements regarding the potential of the Colosseum Project, the expected benefits of the OTCQB listing, the company's plans for future development, and the strategic importance of the project for U.S. critical minerals supply. Forward-looking statements are based on the company's current expectations, estimates, and projections, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. These risks and uncertainties include, but are not limited to: fluctuations in the prices of gold and rare earth elements; changes in regulatory requirements or permitting processes; geological or technical challenges in exploration and development; market conditions affecting the company's ability to raise capital; environmental or social factors impacting operations; risks associated with the OTCQB listing process or trading on a new market; environmental and permitting risks associated with operating in a national preserve; uncertainty regarding the delineation of a mineable rare earth elements resource; risks related to the company's ability to secure necessary funding for project development; and potential changes in government policies or priorities affecting the critical minerals sector. The company cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company does not undertake any obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Contact Information:

Stephen Baghdadi
Managing Director
+61 2 9375 2353
[email protected]

Andrew Rowell
White Noise Communications
+61 400 466 226
[email protected]

SOURCE: Dateline Resources Limited

View the original press release on ACCESS Newswire

T.Mason--TFWP