Diablo Resources Completes $2m Placement to Acquire High-Grade Star Range Project in the US
Diablo Resources (ASX: DBO) has completed a $2 million capital raising to fund its acquisition of the high-grade Star Range silver-antimony project in Utah, marking a major step in its US critical minerals growth strategy.
The project covers about 2,100 acres near Milford in Beaver County, with historical sampling returning bonanza silver grades up to 8,760 grams per tonne and surface antimony above 1%.
Chief executive officer Lyle Thorne said the placement attracted strong support from new and existing shareholders, enabling the company to move quickly on acquisition and exploration plans.
High-Grade Potential Confirmed by Sampling
Past exploration at Star Range outlined two priority areas—the North Star and South Star prospects.
Rock sampling at South Star returned the standout assay of 8,760g/t silver with more than 1% antimony, along with one of 1,190g/t silver with 0.2% antimony.
Results at North Star included 3,900g/t silver and 3,620g/t silver, with another of 1,380g/t silver and 0.5% antimony.
Historical soil sampling also delineated large anomalies measuring 1.5km at North Star and 400m at South Star.
Despite these results, neither prospect has ever seen drilling, leaving the mineralisation untested at depth and offering significant upside.
Strategic Fit With US Critical Minerals Push
Diablo said the acquisition comes as the US government strengthens its domestic supply of critical minerals, with silver and antimony recommended for inclusion on the 2025 Critical Minerals List.
Washington has also signalled up to US$1 billion in new federal investment into supply chain resilience.
Antimony is a strategic metal essential for defence, energy storage, and advanced technologies, while the exceptional silver grades position Star Range as a high-value exploration target in a strengthening market.
Mr Thorne said the timing of the acquisition could not be better, with Diablo well placed to align with US policy momentum and demand from emerging technologies.
Next Steps in Utah and Beyond
Diablo will immediately commence on-ground exploration, with its Utah-based technical team set to expand geochemical sampling and structural mapping.
The company is continuing exploration at its Phoenix copper project, where it has planned drilling at the Fair Dinkum prospect.
It will also maintain a pipeline of new project opportunities in the US critical minerals sector.
Mr Thorne said the combination of the Star Range acquisition and the Phoenix program should create a steady flow of news and position Diablo to deliver value across multiple fronts.