Dateline Resources (ASX:DTR) aquired the the Music Valley heavy rare earth elements project in California, comprising 57 claims over 1,140 acres, and it plans to undertake mapping, geochemistry, and geophysics work to define drill targets, according to a Friday Australian bourse filing.

The US Geological Survey's rock chip results reported 6.69% grade of total rare earth oxides to 15.04% grade of total rare earth oxides in the region, including high yttrium and dysprosium grades.

As part of the acquisition, Dateline completed a $1 million strategic equity investment in Fermi Critical Minerals. On completion of Fermi's $4 million capital raise, Dateline will own four million shares out of a total of around 45 million shares on issue.

Its shares jumped 9% in recent trading on Friday.