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- Agreement to acquire interest in the Horn silver project in Utah
- Immediate drill targets and district-scale exploration upside
- Historic high-grade producer of silver and gold
- Mineralisation remains open at depth and along strike
Diablo Resources (ASX:DBO) has come out of a trading halt to announce a game-changing binding agreement to acquire an interest in the historic, high-grade Horn silver project in Utah.
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The agreement will see Diablo acquire 80% of Antler Resources, which holds an exclusive option to acquire 101 patented claims and owns directly 100 unpatented claims comprising the Horn project.
The project hosts the historic Horn silver mine, a high-grade silver producer with approximately 17 million ounces of silver and 30,000 ounces of gold produced at an average grade of 604 grams per tonne (g/t) silver and 1.04 g/t gold.
CEO, Lyle Thorne, said the project contains multiple drill-ready targets supported by demonstrated mineralisation.
“The acquisition of the Horn silver project, represents a significant step forward for Diablo, securing a high-grade historic mine with immediate drill-ready targets and clear potential for expansion,” he told shareholders.
“Alongside the opportunity to extend mineralisation at and around the historic mine, the broader project area offers substantial upside, with multiple under-explored silver, antimony and copper targets identified across a large, consolidated landholding.
“Importantly, the project provides a strong pipeline of near-term drilling opportunities supported by existing data and permitting advantages while also offering longer term discovery potential at a district scale.”
The project is located just 15km from Diablo’s Star Range project, strengthening the company’s position in a highly prospective and historically productive mining district.
“We believe this combination of near-term activity and district scale opportunity positions the company to deliver meaningful exploration results throughout the year,” Mr Thorne said.
The area around the Horn silver mine has seen 150 years of exploration and mining activity.
Mr Thorne noted that historically ownership has been segmented with numerous companies having carried out work on the project.
“This has resulted in a large, mineralised system that remains incompletely tested, providing a strong foundation for systematic exploration and target generation.”
DBO is steady at 1.9¢. Mkt cap $4.481M.
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