expected to be lodged with the Australian Securities and Investments Commission (ASIC) tomorrow. The capital raise is set to close on July 26, with new Dateline shares beginning their journey on the ASX from August 5.

Newly-raised funds are also expected to be used to reduce the company’s outstanding debt and for general working purposes.

The upcoming cash injection appears to be an instrumental development as Dateline looks to move Colosseum closer to production. Just last month, the company joined the coveted million-ounce club after unveiling an updated resource consisting of 27 million tonnes at a respectable 1.26 grams per tonne gold.

Importantly, some 67 per cent of the total resource at Colosseum now falls in the higher-confidence measured and indicated categories. More specifically, the project boasts more than 450,000 ounces of the precious yellow metal in the measured category at a serious grade of 1.47g/t gold.

In turn, management engaged independent mining consulting firm AMDAD to conduct mine planning studies and establish the optimal methods for bringing Colosseum to life. AMDAD will also review drilling options to determine the best way to grow the existing resource at the project.

According to Dateline, the gold mineralisation at Colosseum remains undefined both laterally and at depth. Curiously, the project is well-endowed with gold, but may also contain substantial rare earths mineralisation.

It sits on the same geological setting and less than 10km from the only United States rare earths mine of any scale, Mountain Pass, which is also regarded as one of the world’s highest-quality rare earths deposits. The company has already defined a string of drill-ready rare earths targets at Colosseum.

Dateline appears set for a major funding boost spearheaded by management’s immense financial backing. The cashed-up explorer will then press forward with its gold and rare earths hunt at Colosseum and continue its promising Californian adventure.

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