SYDNEY, AUSTRALIA: Dateline Resources Limited (ASX:DTR), a gold and rare earth elements explorer, has announced that it has signed a binding term sheet with Western Strontium to acquire an 80% interest in the Argos Strontium Project, located in San Bernardino County, California.

The Argos deposit is the largest known strontium deposit in North America, with a historical resource estimate of 1.2 million tons of strontium carbonate at an average grade of 36%.

Strontium is a key component of permanent ferrite magnets, which are widely used in various industries, such as automotive, electronics, renewable energy and medical devices. Strontium-based ferrite magnets have recently attracted attention as a potential low-cost alternative to neodymium-based magnets for electric vehicle (EV) motors, as they offer high performance, stability and recyclability .

The Argos deposit was discovered in 1939 and was mined by the DuPont Company until 1959, producing high-grade strontium carbonate for use in glass, ceramics and pyrotechnics. The project has been dormant since then, with no modern exploration or development work undertaken. Dateline plans to conduct additional exploration work to test the lateral and vertical extent of the deposit, as well as to update the resource estimate to comply with the JORC Code.

Dateline’s CEO, Mr. Stephen Baghdadi, said: “We are very excited to secure this strategic opportunity to acquire a majority stake in the Argos Strontium Project, which complements our existing portfolio of gold and rare earths projects in California. We believe that strontium has a bright future as a critical mineral for the EV industry, and we look forward to unlocking the full potential of this historic deposit.”

The acquisition is subject to customary conditions, including due diligence, regulatory approvals and execution of a definitive agreement. Dateline expects to complete the transaction by the end of Q3 2023.

Cohiba Minerals to acquire Canadian lithium and rare earth projects

Australian Strategic Materials and Noveon Magnetics partner to supply rare earth magnets