Diablo Resources (ASX: DBO) has already commenced exploration activities at the new Phoenix copper project it has recently acquired in south-western USA.
The program of mapping and sampling aims to deliver drill targets the company anticipates testing throughout 2025.
The exploration activities will be supported by a $576,800 placement to professional, experienced and sophisticated investors at $0.018 per share with a free unlisted option attached for every two shares.
Diablo identified and then staked the Phoenix project after a lengthy investigation by the company’s experienced team.
“We are thrilled to have identified the Lisbon Valley and Phoenix as a high-value, near-mine copper project with known high-grade copper and numerous other high-priority targets to explore,” chief executive officer Lyle Thorne said.
“Previous exploration appears limited within the project and the company will immediately apply its local expertise together with modern exploration techniques to investigate a number of quality targets.”
The staked claim blocks are located along strike to the north-west and south-east of the company’s Lisbon Valley copper mine on the Utah-Colorado border.
The Diablo team identified the area as hosting copper mineralisation on strike extensions and within similar geological settings to those being mined at Lisbon Valley.
Diablo has located sediment-hosted copper mineralisation within the project, which consists of 292 unpatented lode claims covering 5,840 acres in two separate areas—the CC and Stateline claim blocks.
Both claim blocks contain copper mineralisation hosted on or near known strike extensions of fertile, north-west-trending, copper-bearing structures in the Lisbon Valley.
Diablo has identified outcropping copper mineralisation and historical workings within the CC claim block, while preliminary mapping has located copper oxide mineralisation in altered sandstone in the Stateline prospect area.
The CC claim block contains the historical Philadelphia prospect dating to the early 1900s, developed by six shafts, three adits and several shallow prospect pits exploring a north-east-trending mineralised fault zone over 750 metres.
In addition to the Philadelphia prospect, a 1981 report highlighted a 4.5km zone along the eastern bounding fault that abuts the down-thrown Dakota sandstones to the west.
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