A year ago, the US Geological Survey (USGS) confirmed Colosseum is a chip off the same geological block as Mountain Pass and said it shares zircon geochemistry and mineralisation “indistinguishable” from the fabled high-grade rare earths mine.
While past operators overlooked the rare earths-rich outcrops, Dateline was encouraged in 2022 to take a fresh look after earlier USGS work showed strong thorium and uranium signals across the leases.
The company brought in the world-renowned Marianos, who found multiple alkaline igneous outcrops spread over nearly a mile, which points to a potentially large carbonatite system below. Lab tests confirmed rare earths such as neodymium in the rocks, which prompted Dateline to ramp up its rare earths exploration push.
Dateline Resources managing director Stephen Baghdadi said: “The commencement of drilling preparations at Colosseum marks the start of an exciting new chapter for Dateline. We have the world’s foremost rare earth experts guiding our exploration, and we’ve received clear confirmation from the US government that we can pursue these development and funding opportunities fully.”
As a priority, a diamond drilling program will target gravity anomalies that marry up with the fenite and trachyte dykes picked up at surface, which could hold the key to unearthing carbonatite bodies potentially rich in high-value REE.
Dateline has locked onto one strong prospect 1km south of the Colosseum pit, which stretches 1.6km in a promising north-northwest line. The company’s 3D modelling has revealed a dense body several hundred metres underground, matching the density of carbonatite ore at Mountain Pass.
Extra targets defined immediately north of the gold pit – where more gravity highs appear to link up with outcropping fenitised rocks – will also get plenty of drill bit attention.
Federal backing for Colosseum followed quickly after President Trump touted the project as a symbol of US resource independence in a weekly update on his Truth Social network.
The US Interior Department has now formally approved exploration and mining at the site after upholding the validity of the company’s historic mining leases. The department declared the site critical to cutting America’s reliance on “foreign adversaries like China” for materials essential to national defence and clean energy.
Washington is also throwing its wallet at the sector. New executive orders have activated the Defence Production Act and mobilised funding agencies, such as the Development Finance Corporation, the Export-Import Bank and the Pentagon, to bankroll domestic rare earth supply chains. Consequently, a range of loans, equity co-investments and offtake guarantees are all potentially on the table for the company.
Dateline says detailed drill planning will wrap up within weeks, with tenders for drilling contracts to follow. Results from the program’s first phase could be a game-changer – not just for the company, but for the entire US strategy to secure its rare earths supply.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
