Diablo Resources Limited (ASX:DBO) has successfully completed a $2 million capital raising to fund the acquisition of the high-grade Star Range Silver-Antimony Project in Utah, marking a significant step forward in its US critical minerals growth strategy.
The transaction positions the company to capitalise on increasing demand for strategic metals under the US government’s 2025 Critical Minerals List.
The acquisition will give Diablo full ownership of the Star Range project, an approximately 2,100-acre land package in Utah’s established mining jurisdiction.
Historical sampling at the site has returned exceptionally high silver grades, including results of up to 8,760 grams per tonne silver and over 1 per cent antimony at the South Star Prospect, alongside samples exceeding 1,100 grams per tonne silver.
At the North Star Prospect, historical assays delivered up to 3,900 grams per tonne silver, with both prospects also showing extensive untested anomalies highlighted by soil surveys.
Notably, no prior drilling has been conducted across the project area.
“We’re incredibly appreciative of the strong support from both new and existing shareholders in completing the capital raise, which underscores confidence in Diablo’s US Critical Minerals Strategy,” said Chief Executive Officer Lyle Thorne.
“With the funding now secured, we can rapidly execute the acquisition and commence exploration at the Star Range Silver-Antimony Project in Utah, which is a transformational step for Diablo.”
Thorne added that the transaction broadens Diablo’s critical minerals footprint in the western United States, complementing the company’s Phoenix Copper Project.
He noted that Diablo’s Utah-based technical team will immediately begin systematic sampling and mapping to advance exploration targets at Star Range, while the company also progresses copper exploration at Phoenix.
A maiden drill program has already been completed at Phoenix, and drilling at the high-priority Fair Dinkum Prospect is planned for the near term.
He emphasised the strategic importance of antimony, describing it as a critical material for defence applications, energy storage and advanced technologies.
Combined with the very high silver grades recorded at Star Range and strengthening market conditions, the project stands out as a compelling exploration opportunity.
Thorne also highlighted that silver has recently been recommended for inclusion on the US Critical Minerals List, with the government signalling up to US$1 billion in new federal investment to strengthen domestic supply chains.
Diablo raised the $2 million through the issue of 58.8 million shares at A$0.034 per share, supported by both new and existing shareholders.
The funds will allow the company to complete the Star Range acquisition and accelerate fieldwork.
Immediate exploration programs will include sampling and structural mapping across the high-grade targets.
With the addition of Star Range alongside Phoenix, Diablo is positioning itself as an emerging player in the U.S. critical minerals sector, advancing dual growth platforms in silver, antimony and copper at a time of rising demand for secure, onshore supplies of strategic resources.
