- Shares in Riedel Resources (RIE) soar after the company receives the remaining gold and silver assays from the Tintic zone at its Kingman project in Arizona
- Reverse circulation drilling began in mid-March after previous drilling confirmed high-grade gold and silver assays close to surface
- Overall, the latest program intersected up to 53.3 g/t gold, 112 g/t silver, 2.4 per cent lead and 2.2 per cent zinc
- According to Chairman Michael Bohm, Riedel will use the results to plan the next phase of work which may consist of a small drill program to target shallow mineralisation
- Shares in Riedel are up 60 per cent on the market and trading at 0.8 cents at 12:36 pm AEST
Shares in Riedel Resources (RIE) have soared after the company received the remaining gold and silver assays from the Tintic zone at its Kingman project in Arizona.
Reverse circulation drilling began in mid-March after previous drilling confirmed high-grade gold and silver assays close to surface.
Overall, the latest program intersected up to 53.3 grams per tonne (g/t) gold, 112 g/t silver, 2.4 per cent lead and 2.2 per cent zinc.
Mineralisation at Tintic is contained within shallow, flat-dipping veins which consist of quartz, clay and sulphide mineralisation.
The shallow depth of the mineralisation indicates the potential for future open-pit mining methods.
Chairman Michael Bohm said the latest batch of results support the high-grade mineralisation that’s been consistent at the Tintic zone.
“The blanket of high-grade gold and silver sits just below the surface at Tintic, which means that drilling toward a future resource estimation and developing a conceptual mine plan, could be simple, cost effective and quick to achieve,” Mr Bohm said.
“We will interpret the results received from the drill program and consider the next steps, which may include a small drill program targeting the shallow high-grade mineralisation at Tintic next quarter.”
Shares in Riedel were up 60 per cent on the market and were trading at 0.8 cents at 12:36 pm AEST.