Gold

Riedel Resources updates on Kingman

Thu 20 Jan 22, 2:45pm (AEST)
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Key Points

  • High grade zones of mineralisation identified
  • A drill rig is expected to re-mobilise some time in 1Q 22
  • Riedel plans to commence preliminary metallurgical test work in 2022

Shares in Riedel Resources (ASX: RIE) were up 8.3% in early trading today following revelations the junior gold and base metals explorer’s assay results from a reverse circulation (RC) drill program at its Kingman Project in Arizona, US, have continued to identify high grade zones of mineralisation.

Ironically, it’s a year to the day since Riedel notified the market it was kicking off a 5000m drilling program at the company’s recently acquired high grade Kingman gold project.

Riedel’s drill program primarily focussed on the historic Tintic mine area which has experienced little to no exploration since 1942.

In summary, the latest 2021 48-hole drill program confirmed gold and silver mineralisation over 600m long and up to 200m wide zone at Tintic.

The company noted that a very high percentage of holes drilled at Tintic intersected gold and silver at shallow depths.

Drilling to commence Feb/March

Subject to permitting and rig availability, a drill rig is expected to re-mobilise in late-February/early-March to continue to target shallow high-grade zones at Tintic.

Meantime, Riedel plans to commence preliminary metallurgical test work in 2022.

Commenting on the announcement, Riedel Chairman Michael Bohm identified key themes at Tintic as high grades, shallow depths and what appears to be geological consistency in the area drilled to date.

"At Tintic, we appear to have drilled a shallow blanket of mineralisation - some of which is of very high-grade – extending over a broad area,” said Bohm.

“The gold and silver grades achieved, along with the shallow depths of the mineralised intercepts, lends itself to the potential for rapid and cost-effective advancement of drilling and exploration activities toward a potential mineral resource estimation."

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Written By

Mark Story

Editor

Mark is an investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics and a diploma in journalism. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content. Email Mark at [email protected].

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