- Riedel Resources’ (RIE) initial assays from its Kingman project in Arizona return shallow intersections of gold and silver grades
- The most recent reverse circulation drilling program was completed throughout September and October and focused on the historical Tintic mine area
- From the latest results, Riedel Chairman Michael Bohm says the gold and silver mineralisation is now confirmed over a 600 metre strike extent at Tintic
- The remaining results are expected later this month or early next year and the drill rig is set to remobilise to site in late January
- Shares have been trading 15.6 per cent lower at 1.4 cents
Riedel Resources’ (RIE) initial assays from its Kingman project in Arizona have returned shallow intersections of gold and silver grades.
Riedel is looking to acquire up to an 80 per cent interest in the project via its December 2020 Agreement with Flagstaff Minerals.
The project was previously mined from the 1880s until the early 1940s and then again with limited drilling in the 1990s.
More recently in 2019, 11 diamond holes were drilled which reportedly intersected multiple zones of high-grade gold, silver and lead from shallow depths.
In April this year, the company completed its first reverse circulation (RC) drilling program over several historic mine areas on the property, with results including 3.8 metres at 98.9 grams per tonne (g/t) gold and 151g/t silver from 20.6 metres at Tintic.
The most recent RC drilling program completed throughout September and October focused on the historic Tintic mine area.
With assays for the first 23 of 48 RC holes completed, RIE said the stand out results include 5.3 metres at 18.1g/t gold and 24g/t silver from 23.6 metres, including 1.5 metres at 42.3g/t gold and 27g/t silver from 24.4 metres.
Additionally, the company was encouraged by a hole completed at Merrimac which returned 1.5 metres at 222g/t silver from 42.7 metres.
From the results to date, Riedel Chairman Michael Bohm said the gold and silver mineralisation is now confirmed over a 600 metre strike extent at Tintic.
“We believe these high-grade gold and silver results, from very shallow depths, point to the significant open pit and underground potential of the project area,” he said.
The remaining assay results for 25 holes are expected later this month or early next year,
subject to laboratory turn-around times.
The drill rig is scheduled to remobilise to site in late-January 2022.
Company shares were trading 15.6 per cent lower at 1.4 cents at 2:06 pm AEDT.