DTREF Long term hold on this ,, there is so much more to this mine once you start reading on it ,,,, The Colosseum gold mine is located at the southern section of the Walker Lane Trend about 80km southwest of Las Vegas.
The Walker Lane Trend hosts numerous substantial discoveries, including the 1.7 million ounce Mother Lode Deposit and the 6.5 million ounce Castle Mountain gold mine. The Colosseum mine lies within the old Clark Mountain mining district, which has produced silver, gold, copper, lead, tungsten and fluorite at various times over the last 120 years, while gold was first produced in the district in the 1930s.By July 1990, Colosseum Inc, a subsidiary of Lac Minerals, had produced more than 170,000 ounces of gold from the operation, but Lac ceased mining in July 1992 after four and a half years of operation, although milling of stockpiled ore continued until mine closure in May 1993.
The gold price was below US$350 (A$525)/per ounce when the Colosseum mine stopped production 1993.
In 1994, Barrick Gold made a successful takeover bid for LAC and Barrick held the Colosseum project for almost two decades with little work being done, believing then that only 300,000 ounces were left in reserves and the operation was too small to pursue.
Dateline acquired the Colosseum mine from Barrick in 2021, when Barrick was rationalising its non-core assets and promptly committed to the project’s first modern exploration and development program, reviewing all available exploration and production data and compiling a new digital database for both exploration planning and mineral resource modelling.
Dateline also set about redefining the resource and bringing it up to a 2012 JORC standard of 813,000 ounces in 2022, after which additional drilling earlier this year lifted the global resource estimate to 1.1 million ounces. 736,000 of those ounces lie in the combined measured and indicated category at a grade of 1.26g/t gold.
Plant throughput is averaged at 1.8 million tonnes per year and recovery is gauged at 92 per cent, yielding a net gold production of 635,000 ounces.
Total CAPEX for the project came in at US$195 (A$292) million, however pre-production CAPEX is only US$138 (A$207) million and a further US$15m (AUD$25m) in working capital is needed.
The project’s future would appear to be assured – particularly in light of the current seemingly irrepressible gold price.
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