The Dateline Resources Ltd (ASX: DTR) share price has been placed on ice today.

This comes after the mineral exploration company's shares rocketed 33.64% to 14.7 cents during early morning trade.

Why are Dateline Resources shares frozen?

Investors will have to wait for a pending announcement by the company before Dateline Resources shares reopen for trading.

According to the release, the company is preparing to make an announcement in relation to a capital raising.

Management advised it needs the "necessary time to plan and secure commitments from sophisticated and professional investors."

As such, the requested trading halt will remain in place until Thursday 9 June or following the release of the announcement, whichever comes first.

A possible catalyst as to why Dateline Resources shares surged earlier today could be investor excitement regarding the company's drilling results.

Yesterday, Dateline Resources received the final assay results for drill hole CM22-05 at its Colosseum gold project in California.

The highlights included a strike of 100.6 metres at 4.16g per tonne of gold from a depth of 79.24 metres.

A quick look at Dateline Resources

Australian-based mineral exploration company, Dateline Resources is focused on gold mining and exploration activities in North America.

The company wholly owns the Gold Links and Green Mountain Projects in Colorado, United States.

Furthermore, the Colosseum Gold Mine in California was acquired last year.

The Colosseum Gold Mine is located in the Walker Lane Trend in East San Bernardino County.

So far, the asset has produced approximately 344,000 ounces of gold, with significant potential for further gold mineralisation.

Dataline Resources has also identified radiometric anomalies which could lead to rare earth mineralisation at the southern end.

About the Dateline Resources share price

Over the past 12 months, Dateline Resources shares have surged by 70% following a boom in gold prices.

Based on valuation grounds, the company has a market capitalisation of roughly $48.74 million, with approximately 443.06 million shares outstanding.

The post Why did the Dateline Resources share price just pop 34% then stop? appeared first on The Motley Fool Australia.

In morning trade, the mineral exploration company's shares rocketed as much as 150% higher to a multi-year high of 20.5 cents.

The Dateline Resources share price has since pulled back a touch but remains 71% higher at 14 cents at the time of writing.

Why is the Dateline Resources share price is rocketing higher?

Investors have been bidding the Dateline Resources share price higher following the release of an update on its Colosseum Gold Mine in California, United States.

According to the release, the company has completed a review of US Geological Service (USGS) data in conjunction with the acquisition of the Colosseum Gold Mine.

However, rather than finding gold, the data review highlights coincident potassium and thorium radiometric anomalies on the southern end of the Colosseum mining claims. These anomalies cover an area of ~800m x 500m.

The company notes that the anomalies are of particular interest to the company given their close proximity to the Mountain Pass Rare Earth Mine, which has a similar potassium and thorium anomaly as the Colosseum.

Mountain Pass, which is owned by US$6 billion MP Materials Corp, is the only US producer of light and heavy rare earth elements that are used predominantly in EV batteries and high temperature electric motors.

Dateline Resources' Managing Director, Stephen Baghdadi, commented: "Our focus is primarily on the gold potential at the Colosseum, however the USGS data provides a compelling case to incorporate rare earth element exploration into the upcoming field program at Colosseum."

"Fieldwork is required to determine the significance of this thorium and potassium radiometric anomaly. We are along strike ~8km to the north of Mountain Pass Rare Earth mine and have similar geology and radiometric signatures which is very encouraging," he added.

Following today's gain, the Dateline Resources share price is now up 180% since the start of the year.

The post Why the Dateline Resources (ASX:DTR) share price is rocketing 150% higher appeared first on The Motley Fool Australia.

Article correction: An earlier version of this article stated that the Dateline Resources share price movement was 4,066%. This figure was supplied by third-party data providers. The Dateline share price has now been corrected throughout the body of this article and the article title to reflect the share price change as provided by the ASX. 

The Dateline Resources Ltd (ASX: DTR) share price rocketed 38% higher today.

Below we take a look at what drove investor interest in the ASX gold explorer.

What did Dateline Resources report this morning?

Dateline Resources' share price is rocketing after the company reported promising interim results from its geological review of historic exploration data at its recently acquired Colosseum Gold Mine Project. Dateline announced its acquisition of Colosseum, located in the US state of California, in March this year.

According to the release, Colosseum produced around 344,000 ounces of gold between 1988 and 1993 from two open pits. Back then an ounce of gold was trading for US$350 per ounce, compared to today's US$1,907 per ounce. The site has not been explored in 25 years.

In the 1980s, BP Minerals defined a combined resource of 1.1 million ounces of gold down to an average depth of 850 feet (260 metres) below the surface, at 0.5 gram per tonne cut-off grade.

Dateline reports that gold is hosted in two "well defined and steeply dipping breccia pipes", both measuring around 800 feet by 400 feet. It said that data from BP Minerals confirms both breccia pipes continue for another 1,750 feet below the defined resource shell.

Along with detailed satellite imagery, the company said it has received more than 140 boxes of information on Colosseum from Barrick yet to be reviewed and digitised.

Commenting on the historical data, Dateline Resources Managing Director, Stephen Baghdadi said:

Based on the records, less than 400,000 ounces of gold was mined from a 1.1 million ounce resource which was drilled out by BP Minerals. The BP Minerals resource is defined down to 800ft in the East pipe and 900ft in the west pipe for an average of 850 feet.

We now know 2 deep diamond core holes were put down in 1972 in search of molybdenum. Both deep holes confirmed that the breccia pipes are still present at 2,600 feet below the surface, which is an average of 1,750ft below the bottom of the BP Minerals defined resource shell. This increases our confidence in the upside potential of the project.

Dateline Resources said it is continuing to digitise the historical data and will provide additional updates on its 2021 field program plans.

Dateline Resources share price snapshot

Dateline Resources shares have been all over the map this past year, with a 52-week share price range of 2.5 cents to 18 cents. The Dateline Resources share price is currently up 120% over 12 months.

By comparison the All Ordinaries Index (ASX: XAO) is up 24% in that same time.

The post Dateline Resources (ASX:DTR) share price rockets 38%. Here's why appeared first on The Motley Fool Australia.