Soft start for Diablo

DIABLO Resources listed on the ASX yesterday, with its shares closing 15% lower in its first session.
Soft start for Diablo Soft start for Diablo Soft start for Diablo Soft start for Diablo Soft start for Diablo

Staff reporter

Diablo is a spin-off of Arizona Lithium (formerly Hawkstone Mining).

The company's initial public offering raised A$6.5 million via the issue of 32.5 million 20c shares.

The stock briefly rose to 20.7c, but closed at the intraday low of 17c, with 4.3 million shares changing hands.

Diablo shares largely the same board as Arizona Lithium in Paul Lloyd, Barnaby Egerton-Warburton, and Greg Smith.

Geologist Lyle Thorne is CEO.

Diablo's gold projects, Devil's Canyon in Nevada, Western Desert in Utah and Lone Pine in Idaho, are drill-ready.

All three projects have limited historical, mainly surface sampling and minor drilling, with little modern work completed prior to 2020.

Devil's Canyon covers just 7.3sq.km within the Carlin Gold trend, from which 195 million ounces of gold has been recovered, with mines such as Kinross Gold Corporation's Bald Mountain and Barrick Gold Corporation's Ruby Hill outside the claims.

At yesterday's closing price, the company has a market capitalisation of $12.6 million.