Diablo Resources Limited (ASX:DBO) has announced significant progress regarding its initial scout drilling program at the Phoenix Copper Project, which is wholly owned by the company. Located in Utah, approximately 70 kilometers southwest of Moab, the project is near the operational Lisbon Valley Copper Mine (LVCC), which produces around 740 million pounds of copper. The Phoenix site is situated within the Lisbon Valley Mining District, known for its abundant mineral resources.
The latest assay results from this maiden drilling initiative have confirmed shallow copper oxide mineralization at the Philadelphia Prospect. These findings indicate that the mineralization is open in all directions, suggesting substantial potential for further discoveries.
Promising assay results from scout drilling
The assay results reveal impressive figures indicative of the site’s copper mineral potential. Among the highlights is a result of 10.5 meters at 1.02% copper, which includes a notable interval of 1.5 meters at 3.99% copper from a depth of 36.5 meters in drill hole PHIL25-10. An additional significant intersect was recorded at 1.5 meters at 1.33% copper from a depth of 32 meters within the same drill hole.
Geological context and future exploration
The mineralization observed at the Phoenix Project is closely associated with the Philadelphia Fault, a geologically significant feature in the region. Diablo Resources is also awaiting results from recent soil sampling targeting the southwestern extension of this fault, which could offer further insights into the area’s mineral potential.
As the company seeks to build on this initial success, follow-up drilling is expected to commence in mid-November. This next phase will include drilling at the Fair Dinkum prospect, strategically located along strike from known copper deposits within the Lisbon Valley, including the Flying Diamond and Lone Wolf deposits. The company’s proactive exploration approach underscores its commitment to maximizing the potential of the Phoenix project.
Insights from company leadership
In light of these encouraging results, CEO Lyle Thorne expressed optimism regarding the maiden scout drill program’s findings. He stated, “Our initial drilling at Phoenix has revealed some exciting results at the Philadelphia Prospect, where we have intersected a shallow mineralized copper zone in our northernmost drill hole. This zone appears to be open in all directions and at depth, suggesting significant exploration potential.”
Thorne also emphasized the upcoming drilling operations at the Fair Dinkum prospect, highlighting its strategic significance as it aligns with known copper deposits. “We are eager to expand our exploration efforts and see what additional resources may be uncovered,” he added.
Concurrent exploration at other projects
Alongside developments at Phoenix, Diablo Resources is advancing exploration at the recently acquired Star Range Silver-Antimony Project in Utah. Surface sampling and geological mapping are currently in progress, and the company has scheduled an airborne magnetic survey for November. By pursuing exploration on multiple fronts, Diablo aims to provide a steady stream of news and updates for its investors.
With drilling activities and exploration efforts progressing concurrently across both projects, stakeholders can expect a consistent flow of information that may influence the company’s valuation in the near future. By effectively leveraging its assets, Diablo Resources is positioned to capitalize on the increasing demand for copper and other valuable minerals.