- $1m has been raised to further exploration across Diablo’s US projects
- Drillholes have been completed at Devils Canyon and King Solomon, with results pending
- Both projects lie across historic and active trends with highly-prospective gold mineralisation
- Diablo is actively looking at project opportunities
Treasure hunter Diablo Resources will raise $1m to finalise maiden drilling at its exciting King Solomon and Devil’s Canyon gold projects in the US.
Drilling kicked off earlier this month at Devils Canyon in Nevada, a historic project surrounded by Tier-1 historic and active gold mines along the prolific 195Moz Carlin trend.
The ground sits 20km west of Kinross Gold’s Bald Mountain gold mine, which produced 215,000oz in 2022 at $US972/oz, and 40km north of Barrick Gold’s Ruby Hill gold mine.
And yet this is the first time the project has been drilled since the late 1980’s, when several shallow RC holes returned encouraging results.
Meanwhile, in Idaho, Diablo Resources (ASX:DBO) has made a new discovery at its appropriately named King Solomon project with all three of the words that gold explorers love – thick, shallow, and high-grade.
Early results from a maiden drill program, also the first at the project in decades, included a highlight result of 13m at 12.28g/t gold from 46m, including 4.1m at 26.26g/t gold. Outstanding.
More drill assays across both projects are pending, with results “to be received within the next six weeks”.
Popular placement to finalise drilling
Diablo will raise $1m at 3.5c per share via strongly supported placement to finalise drilling campaigns at both projects, and for “project evaluation due diligence”.
“We are pleased with the support shown by our existing major shareholders in this capital raising, as well as the opportunity to welcome new investors to the Diablo story,” non exec chairman Paul Lloyd says.
“The RC drill program at Devil’s Canyon in the Carlin Trend successfully tested all target areas, with 6 holes at Southside, 2 holes at Ridgeline and 2 holes Eastside for a total of 855m.
“Results are awaited for all holes in the drill program.
“At King Solomon, 7 diamond holes for 1,671m were completed. LP23-4, the second of 7 holes returned 13m @ 12.28 g/t Au from 46m. Results are awaited for the remaining holes.
“While wrapping up drilling at Devil’s Canyon and King Solomon Projects is the primary objective, this placement also enables Diablo to evaluate and undertake due diligence over new project opportunities.”
This article was developed in collaboration with Diablo Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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