Diablo Resources Limited (ASX:DBO), an Australian-listed mineral exploration company, has announced a transformational acquisition of an 80% interest in the Horn Silver Project in Utah, USA. On 7 May 2026, the company revealed the project is a historic high-grade silver producer, with past output estimated at approximately 17 million ounces of silver and 30,000 ounces of gold at average grades of 604 g/t Ag and 1.04 g/t Au. It is important to note that these historical production figures have not been reported in accordance with the JORC Code 2012, and require further verification.
The Horn Silver Project spans approximately 13.2 square kilometres across 201 claims, including 101 patented claims, expected to streamline permitting and accelerate exploration. Mineralisation at the historic mine remains open at depth and along strike, presenting multiple immediate drill-ready targets. Shallow high-grade gold-silver mineralisation has been confirmed outside historic workings, alongside several untested IP anomalies. Historical drilling also identified multiple copper-silver skarn-style prospects, with intercepts such as 54 metres at 1.4% copper from 46 metres.
This acquisition strategically consolidates Diablo’s regional position, as the Horn Silver Project is approximately 15 kilometres from its existing Star Range Silver-Antimony Project, enabling a coordinated exploration strategy in a top global mining district. To fund the acquisition and planned exploration programs, Diablo secured commitments for a A$3.5 million placement to investors and shareholders. The company plans initial drilling at Horn Silver, targeting near-mine extensions, geophysical anomalies, and identified copper-silver skarn prospects.
Diablo CEO Lyle Thorne commented that the acquisition marks a “significant step forward” for the company, securing a high-grade historic mine with “immediate drill-ready targets and clear potential for expansion.” Mr Thorne highlighted the substantial upside and “strong pipeline of near-term drilling opportunities,” positioning Diablo to deliver meaningful exploration results.
