Key highlights

  • Diablo Resources (ASX:DBO) shares fell 15.39% to $0.011 during the Trading session on 20 October 2026.
  • On 8 September 2026 the company announced its Subsidiary exercised an option over 101 patented claims at the Horn Silver Project in Utah.
  • The combined tenure covers 13.2 square kilometres across 202 patented and unpatented claims.

Diablo Resources Limited (ASX:DBO) shares fell 15.39% to $0.011 during the trading session on 20 October 2026. Separately, on 8 September 2026, the company announced that its 80%-owned subsidiary, Antler Resources Limited, had formally exercised an option over 101 patented claims forming the core of the Horn Silver Project in Beaver County, Utah. The two events occurred on different dates and are not linked in this article.

About Diablo Resources Limited

Diablo Resources is an ASX-listed explorer that also trades on the OTCQB market in the United States. Through Antler Resources, in which it holds 80%, it is building an exploration position in Utah. The Horn Silver Project sits about 15 kilometres from the Star Range Project, where the company says maiden drilling is under way at the North Star target.

Option exercise and consolidated tenure

The exercise completes the Acquisition path for the patented claim package, which sits alongside Antler’s existing interest in 101 unpatented claims. Together the holding covers 13.2 square kilometres across 202 claims. The company says this supports a coordinated approach to exploration, permitting and future drilling.

The patented claims include the historic Horn Silver Mine, credited with historical production of about 17 million ounces of silver at 604 g/t and 30,000 ounces of gold.

Targets and sampling results

The company lists a pipeline of targets across the project, including extensions to the historic mine, an untested induced polarisation anomaly at the Gossan target, the Buckhorn prospect and the Imperial copper-skarn target about 2 kilometres north-west of the mine.

First-pass rock sampling from the unpatented claims returned results including 4,190 g/t silver, 1.40 g/t gold and 2.41% copper at Buckhorn, and 1,730 g/t silver with 5.74 g/t gold at Washington. Results at Michigan included 18.05 g/t gold with 199 g/t silver and 2.07% copper. These are surface samples and do not represent a mineral resource.

Planned work

The announcement states that mapping, sampling and structural interpretation will advance across priority Horn Silver targets ahead of a planned maiden drilling program. A diagram within the release shows the project’s location relative to Star Range.

Sector backdrop

Silver and copper are used in electrical, solar and industrial applications, and projects in the United States are often discussed in the context of domestic critical minerals supply. Historic Mining districts such as those in Utah can offer existing data but may also carry legacy land, permitting and access issues.

Explorers at this stage are typically funded through Equity raisings, which can dilute existing holders.

Risks shareholders should weigh

No drilling has been completed at Horn Silver by the company, and the surface sampling results quoted are selective and not representative of average grades. Historical production figures come from past mining and have not been verified as current resources.

Diablo trades at $0.011, and the 15.39% fall on 20 October 2026 shows how large percentage moves can occur at low prices. The company will need further funding for drilling at both Horn Silver and Star Range, and the outcome of exploration is uncertain.

What’s next

The announcement points to on-ground mapping and sampling at Horn Silver, ranking of targets, and a planned maiden drilling program, while drilling continues at North Star within the Star Range Project.