Join our daily newsletter At The Bell to receive exclusive market insights
- Riedel Resources (RIE) begins a 20-hole diamond drilling program at its Kingman project in Arizona, USA
- The program is focusing on the Tintic zone and targeting shallow high-grade areas as well as recently discovered high-grade extensions
- Previous reverse circulation drilling in the area returned multiple high grade gold and silver results
- Diamond drilling is being conducted by contractor Timberline Drilling with first assay results expected in Q1 2023
- RIE shares are up 12.5 per cent to end the day trading at 0.9 cents
Riedel Resources (RIE) has begun a 20-hole diamond drilling program at its Kingman project in Arizona, USA.
The program is focused on the Tintic zone and aims to target shallow high-grade areas as well as areas of recently discovered high-grade extensions.
Mineralisation at the project has varying amounts of quartz, clay and sulphide, which the company believes is contained within shallow, flat-dipping veins.
The program is being conducted by drilling contractor Timberline Drilling which Riedel said is “familiar with the project site” with first assay results expected in the first quarter of 2023.
Kingman is a historical mine dating back to the 1880s where it had been mined for predominantly high-grade gold and silver.
That wrapped up in the 1940s, before 11 diamond holes were drilled in 2019 which intersected multiple zones of high-grade gold, silver and lead from shallow depths.
Riedel then completed 9420 metres of reverse circulation drilling returning results including 3.8 metres at 98.9 grams per tonne (g/t) gold and 151 g/t silver from 20.6 metres at the Tintic area which is now being drilled.
“The 600-metre-long Tintic zone has returned multiple high-grade gold and silver results from shallow depths in several RC drill programs,” Chairman Michael Bohm said.
“This diamond drill program will greatly enhance our knowledge of the extensive zone of high-grade gold and silver mineralisation at Tintic.”
The company aims to advance Kingman to “potential development” as soon as possible.
RIE shares were up 12.5 per cent to end the day trading at 0.9 cents.
