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- Riedel Resources (RIE) ends the week in a trading halt pending the release of an announcement relating to a capital raising
- The company will remain in the halt until February 22 or when more details are released, whichever occurs first
- On February 8, Riedel announced it had intersected high-grade silver at its Kingman Gold Project in Arizona
- Results came from a reverse circulation drill program completed at the historical Tintic mine area with grades peaking at 41.87g/t gold, 145g/t silver and 8.8 per cent lead
- Shares Ridel last traded at one cent on February 15
Riedel Resources (RIE) has ended the week in a trading halt pending the release of an announcement relating to a capital raising.
The company will remain in the halt until February 22 or when more details are released, whichever occurs first.
Riedel is yet to disclose how much it intends to raise or what it will use the funds for once received.
On February 8, Riedel announced it had intersected high-grade silver at its Kingman Gold Project in Arizona.
Results came from a reverse circulation (RC) drill program completed at the historical Tintic mine area in September and October last year.
While the main focus of the project is gold, it also hosts significant silver, lead and zinc mineralisation.
Overall, up to 41.87 grams per tonne (g/t) gold, 145g/t silver, 8.8 per cent lead and 1.5 per cent zinc was intersected.
Additional drilling has been scheduled for March to further target the shallow high-grade zones at Tintic and test the nearby shallow gold-silver anomalies.
In its December quarterly report, Riedel revealed it had burnt through $195,000 with the majority going towards administration and corporate costs.
As of December 31, Riedel had $1.76 million in total available funding, representing 3.02 quarters of use if spending levels remain the same.
Shares in Riedel last traded at one cent on February 15. The company has a $9.66 million market cap.
