Diablo Resources (ASX: DBO) has announced the acquisition of a promising new copper project in the prolific Lisbon Valley Mining District of Utah, USA.

The Phoenix Copper Project, located along strike from the currently producing 740Mlb Lisbon Valley Copper Mine (LVCC), has shown exceptional initial results, with rock chip sampling assays reaching up to 45.7 per cent copper and 219g/t silver.

Initial reconnaissance work at the Phoenix Copper Project has revealed over 750 metres of outcropping copper mineralised strike, which remains open in several directions.

Rock sample assays have averaged an impressive 6.29 per cent copper, indicating the potential for a significant copper deposit.

The project’s proximity to the LVCC, with drilling extending up to the Project boundary, positions DBO for near-mine exploration in one of Utah’s most productive copper regions.

Notably, malachite, a copper-bearing mineral, has been identified along the trend from LVCC drilling.

Lyle Thorne, CEO of Diablo Resources, expressed enthusiasm about the acquisition: “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.

“These near-mine opportunities in world-class mining districts are rare.”

The Phoenix Copper Project was identified through DBO’s US-based technical team, providing a low-cost entry into Utah’s copper-rich landscape.

Utah ranks as the second-largest copper-producing state in the USA, having produced 700 million pounds of copper in 2023.

DBO has already commenced exploration activities, with mapping and sampling programs underway.

The company aims to define zones of copper mineralisation for drill targeting, with expectations to test these targets during the 2025 exploration season.

To support the project’s development, Diablo Resources has secured a placement of $576,800 from professional, experienced, and sophisticated investors.

As copper demand continues to rise globally, driven by renewable energy technologies and electric vehicles, projects like Phoenix could play a crucial role in meeting future supply needs.

With its strategic location and promising initial results, the Phoenix Copper Project represents a significant opportunity for Diablo Resources to establish itself in the competitive copper mining sector.