- Shares in Riedel Resources (RIE) spiked after the company received high-grade assay results from its Kingman Project in Arizona
- Results show that the first 21 reverse circulation (RC) drill holes encountered multiple shallow high-grade gold and silver intersections
- Drilling on the final ten holes of Riedel Resources’ maiden RC drill program at Kingman is currently underway
- Drilling at the project should finish in early April, with further drill hole assay results expected in April and May
- Riedel Resources is up 65.22 per cent and trading at 3.8 cents per share
Shares in Riedel Resources (RIE) spiked after the company received high-grade assay results from its Kingman Project in Arizona.
The company commenced its maiden reverse circulation (RC) drilling program at the project on January 29, 2021. Thus far, drilling contractor Boart-Longyear has drilled 4190 metres out of the total expected 5000 metres.
Riedel Resources has received assay results from the first 21 RC drill holes, out of 49 completed holes. The results show that the first round of drill holes encountered multiple shallow high-grade gold and silver intersections.
One such outstanding result is 3.8 metres at 98.9 grams per tonne of gold and 151 grams per tonne of silver. This particular intersection includes 1.5 metres at 230.8 grams per tonne of gold and 359 grams per tonne of silver.
Riedel Resources’ Chairman, Michael Bohm, expressed the company’s excitement about the assay results from the Kingman Project.
“With multiple intervals of high-grade mineralisation in our drill results, including some very high-grade gold and silver hits near surface, I could not be happier,” he said.
“We are seeing in the recent drilling what appears to be mineralised widths broader than that seen in the successful 2019 drilling, which supports our belief that the multiple areas of mineralisation pinch and swell — as one might expect — and have significant strike and depth potential,” he added.
Michael went on to say that the high-grade results speak to the potential of the project area, from both an open pit and underground mining perspective.
Drilling on the final ten holes of the RC drill program at Kingman is currently underway. Riedel Resources expects that drilling at the Kingman Project will be completed in early April, with further drill hole assay results anticipated in April and May.
Riedel Resources spiked as high as 100 per cent earlier today, before settling somewhat. The company is up 65.22 per cent, trading at 3.8 cents per share at 11:36 am AEDT.