Diablo Resources has identified multiple high-grade silver-antimony-copper-gold trends at its Star Range Project in Utah, with maiden drilling scheduled for Q2 2026. Early drilling at the Phoenix Copper Project also confirmed shallow copper mineralisation, supporting further exploration.
- High-grade silver up to 880 g/t and gold to 9.3 g/t at Star Range
- Nine priority drill targets defined by integrated geophysics and geochemistry
- Star Range footprint expanded to over 5,200 acres in Utah
- Phoenix Copper drilling confirms shallow copper oxide mineralisation open at depth
- Cash reserves at AUD 385,000 with funding runway under one quarter
Star Range Emerges as a District-Scale Silver-Antimony Opportunity
Diablo Resources (ASX:DBO) has crystallised the Star Range Project in southwestern Utah as a compelling silver-antimony-copper-gold play, boasting surface rock assays hitting up to 880 g/t silver, 9.3 g/t gold, 7.4% copper, and 0.6% antimony. The company has expanded its tenure to approximately 5,242 acres, staking additional claims and securing a Utah TLA lease that consolidates the project footprint. This follows earlier high-grade results, including bonanza silver grades exceeding 8,700 g/t from historical samples, underscoring the district-scale potential of the mineralised system.
The project’s geological setting is classic for CRD (carbonate replacement deposit) and skarn mineralisation, with multiple prospects; North Star, South Star, East Star, West Star, and Silver Gulch; showing polymetallic mineralisation open along strike and at depth. The North Star Prospect, in particular, stands out with over 3,000 metres of strike length hosting structurally controlled high-grade veins and breccias, confirmed by integrated geophysical and geochemical datasets. The company’s recent reconnaissance sampling phase returned peak grades including 880 g/t silver, 9.3 g/t gold, and 2.6% copper, reinforcing the prospect’s priority status.
Complementing the rock sampling, a first-pass soil survey delineated a silver-antimony anomaly exceeding 1,000 metres at South Star, open to the northeast and spatially aligned with interpreted mineral zonation patterns. This anomaly parallels the intrusive contact and supports the model of copper-silver skarn mineralisation proximal to intrusives transitioning outward to distal silver-antimony-gold zones. The company plans further extensional soil sampling and geophysical work, including ground-based induced polarisation (IP) surveys, to refine drill targets.
Geophysical Surveys Pinpoint Nine High-Priority Drill Targets
Diablo’s drone magnetic survey, merged with USGS regional data, has been instrumental in defining buried intrusive bodies and structural controls on mineralisation. Nine magnetic targets were identified, with four coinciding with surface geochemical anomalies. The North Star Prospect (STAR01) is a standout magnetic high near a monzonite-limestone contact, coinciding with elevated surface silver, antimony, copper, and gold assays.
Ground-based IP surveying over North Star further refined drill targets by detecting chargeability and conductivity anomalies consistent with sulphide mineralisation. Three priority drill holes are planned to test these anomalies, with no historical drilling reported in the area. The geophysical data have been critical in advancing the project toward maiden drilling, which Diablo aims to commence in Q2 2026. These developments build on earlier work where the company identified and prioritised drill targets from combined geophysical and geochemical datasets, as detailed in their prior high-priority drill targets announcement.
Phoenix Copper Project Validates Regional Copper Potential
At the Phoenix Copper Project, located about 70 km southwest of Moab, Utah, maiden scout drilling at the Fair Dinkum Prospect intersected shallow copper oxide mineralisation that remains open along strike and at depth. Notable intercepts include 9.2 metres at 0.26% copper with 18 g/t silver and 6.1 metres at 0.55% copper with 6 g/t silver. The mineralisation is associated with the regional Flying Diamond Fault, which Diablo’s exploration model suggests extends over 1,000 metres within the project area.
These results confirm the project’s potential within a Tier-1 US copper district and complement earlier surface sampling that returned copper grades up to 2.76%. The company also completed shallow drilling at the Philadelphia Prospect, intersecting copper mineralisation associated with the Philadelphia Fault. This early drilling success supports further exploration and resource definition efforts at Phoenix.
Financial Position Highlights Funding Challenges Ahead
Diablo’s March quarter cash flow report reveals operating and investing cash outflows primarily related to exploration activities and corporate costs, with total exploration expenditure of AUD 344,000 for the quarter. Cash reserves stood at AUD 385,000 at quarter-end, with an estimated funding runway of less than one quarter at current expenditure levels. The company acknowledges the discretionary nature of exploration spending and is actively considering capital raising options to sustain operations and advance its projects.
Management’s focus on acquisitions and due diligence during the quarter consumed considerable resources, reflecting a strategic intent to build shareholder value through project consolidation or new opportunities. The company remains committed to supporting critical mineral supply chains in the US, targeting commodities essential for electrification and defence technologies.
Diablo’s progress at Star Range, including the recent land acquisition and the delineation of a large silver-antimony soil anomaly reported earlier this year, positions the project as a promising exploration play. The upcoming maiden drilling campaign will be pivotal in validating the high-grade surface sampling and geophysical targets, potentially unlocking significant value for investors.
Bottom Line?
Diablo Resources is poised for a critical drilling phase at Star Range that could validate its high-grade silver-antimony system, but limited cash reserves mean timely capital raising will be essential to maintain momentum.
Questions in the middle?
- Will maiden drilling at Star Range confirm the scale and grade suggested by surface sampling and geophysics?
- How will Diablo manage funding risks given its limited cash runway amid ongoing exploration expenditures?
- What impact will potential acquisitions have on the company’s project portfolio and shareholder value?