Join our daily newsletter At The Bell to receive exclusive market insights
- Riedel Resources (RIE) intersects up to 38 grams per tonne (g/t) gold and 482 g/t silver from the Tintic Zone at its Kingman gold project in Arizona, USA
- Reverse circulation drilling began at Tintic in March after previous drilling confirmed high-grade gold and silver close to surface
- As the mineralisation was intersected at shallow depths, the potential exists for future open-pit mining methods
- Results for the remaining 16 holes are expected in the coming weeks
- Riedel is up 12.5 per cent on the market with shares trading at 0.9 cents at 1:06 pm AEST
Riedel Resources (RIE) has intersected up to 38 grams per tonne (g/t) gold and 482 g/t silver from the Tintic Zone at its Kingman gold project in Arizona, USA.
Reverse circulation (RC) drilling began at Tintic in March after previous drilling confirmed high-grade gold and silver assays close to surface.
Drilling is being completed by Boart Longyear after it completed both of Riedel’s 2021 drilling programs.
Best results came from hole 2022-CHL-075D which intersected 3.8 metres at 18.1 g/t gold and 201 g/t silver from 85.3 metres including 1.5 metres at 38 g/t gold and 482 g/t silver from 85.3 metres.
As the mineralisation was intersected at shallow depths, the potential exists for future open-pit mining methods.
Results for the remaining 16 holes are expected in the coming weeks.
“Another batch of results, another batch of high-grade gold and silver assays. Clearly, there is a blanket of high-grade gold and silver sitting just below the surface at Tintic. The questions are, how big is it and — just as important — is there a source close by?” Chairman Michael Bohm said.
“Our drilling has demonstrated it’s not just a couple of high-grade hits. There are now some 16 holes at Tintic that have returned assay grades of plus 10 g/t gold and many with very high silver grades.”
Riedel was up 12.5 per cent on the market with shares trading at 0.9 cents at 1:06 pm AEST.
