Diablo Resources Limited (ASX:DBO) has announced the successful completion of a $2 million capital raising to fund the acquisition of the high-grade Star Range Silver-Antimony Project in Utah. Diablo Resources is focused on exploring for and developing resource projects. The company’s activities are based in the USA. This strategic acquisition aligns with the growing momentum in the U.S. to onshore critical minerals under the 2025 Critical Minerals List.
The Star Range Project, encompassing approximately 2,100 acres in mining-friendly Utah, has shown promising historical results, with rock samples yielding bonanza silver grades up to 8,760 g/t Ag and antimony exceeding 1% Sb at surface. Historical soil programs have also delineated large silver anomalies, spanning 1.5 km at North Star and 400 m at South Star, none of which have been previously drilled. Immediate on-ground work is set to commence, including expanded geochemical sampling and mapping by Diablo’s Utah-based technical team.
CEO Lyle Thorne expressed enthusiasm for the capital raise and the acquisition, stating that the funding will enable the company to rapidly execute the acquisition and commence exploration at Star Range. He emphasized the project’s potential to expand Diablo’s critical minerals footprint, complementing the existing Phoenix Copper Project. Thorne also highlighted the strategic importance of antimony, a key metal for defence, energy storage, and advanced technologies, combined with the exceptional silver grades in a strengthening silver market.
The placement of 58.8 million new fully paid ordinary shares at A$0.034 per share was strongly supported by new and existing institutional and sophisticated investors. The funds will be used to complete the acquisition of the Star-Range Silver-Antimony Project in Utah, advance exploration activities at the Phoenix Copper Project, and review additional critical minerals opportunities in the United States.
