Diablo Resources (ASX:DBO) has confirmed a ‘significant high-grade’ gold discovery following an ‘outstanding’ set of drill results from its King Solomon Project in Idaho, US.
The $3.65 million market capitalisation company reports the new shallow drill intersections include drillhole LP23-04 with 13m @ 12.28g/t Au from 46m, including 4.1m @ 26.26g/t Au; and drillhole LP23-03 with 3m @ 2.70g/t Au from 95m, including 1m @ 4.04g/t Au.
Commenting on the drill results, Diablo Resources Non-Executive Chairman Paul Lloyd says: “These are a terrific set of initial drill results received from our maiden drill program at the King Solomon Project, which is open along strike and at depth.
Moreover, drilling at King Solomon represents the first completed in over 30 years, the first core drilling done to date, to receive high-grade intersections in these early holes is really encouraging.
“to receive high-grade intersections in these early holes is really encouraging“
The geology seen in our core drilling to date has supported some of the interpretations and assumptions made by previous explorers. With drilling ongoing and further assays pending, we look forward to continuing to unlock the full potential of King Solomon.”
Current drilling conducted has shown the orientation of geological contacts and lithologies varies ‘considerably’, being tightly folded in places and differing in part from that assumed by previous explorers.
Diablo suggests there is potential for several zones of mineralisation hosted by structures with varying orientations, with the mineralised quartz veins exploited in the historical adits being an example of one such trend.
Further drilling is required to confirm this interpretation.
The company notes 5 holes have been completed at the project to date, and it is ‘highly encouraged’ by these early results, with drilling continuing.
Diablo Resources is an ASX-listed exploration company focused on its portfolio of assets including the Devils Canyon, Western Desert, and Lone Pine projects.
As of 30 June 2023, the company had $2.524 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Diablo Resources