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Cashed-up Riedel set for resource drilling in Arizona

Updated: May 26, 2023

Riedel Resources has returned impressive results from drilling at its Tintic prospect in Arizona. Credit: File

Riedel Resources plans to deliver a maiden resource at its Tintic prospect by December after awarding a 7000m reverse-circulation (RC) drill contract to Harris Exploration at its Kingman gold project in Arizona.

The campaign will kick off next month to target Tintic and a 1km strike at the company’s Jim’s prospect at the same United States site, with first assays expected by August. Riedel recently pocketed $2.5 million from an equity raising to fund its upcoming drill program.

Mineralisation at Tintic has already been defined over about 600m, with previous drilling returning impressive hits including 3.8m at 98.9 grams per tonne gold and 151g/t silver from 20.6m.

Outstanding results from our 2022 diamond drill program at Kingman confirmed the position, orientation and character of the high-grade mineralisation at Tintic which remains open in all directions, including an additional 900m of strike untested between Tintic and Jim’s. Riedel Resources chief executive officer David Groombridge

Mr Groombridge, a geologist who took up his Riedel role in March, said at the time that the chance to progress Kingman had been, “too good to pass up”. He said he had been surprised to see the “sheer number of quality and untested targets” that were on offer at the project for follow-up assessment.

The Kingman site sits about 90 minutes south of the glittering Las Vegas gambling hub, in an area mined for high-grade gold and silver from the 1880s until the onset of World War II some six decades later. Riedel picked up its prime Kingman real estate through an earn-in agreement with Flagstaff USA in October 2020.

The company drilled 104 RC holes in 2021 at the Tintic, Merrimac, Arizona Magma and Jim’s historic mines. It confirmed shallow high-grade gold and silver at Tintic and highlighted a 1.8km-long gold, silver, zinc and lead exploration target at Jim’s mine.

Geologically, Kingman lies on the south-eastern extensions of the fertile Walker Lane gold trend that runs along Nevada’s southern border in California and sits parallel to the famed Carlin and Battle Mountain gold trends further to the north.

The Walker Lake trend has proven a mecca for gold discoveries in the past decade. Corvus Gold’s unearthing of the Mother Lode and North Bullfrog gold deposits catapulted that company’s market capitalisation to more than C$474 million (AU$533.3 million).

After taking stock of its maiden diamond probe, Riedel plunged 22 holes into the project’s Tintic zone to better define the shallow, flat-lying high-grade poly-metallic shoots. Of the 22 holes, 18 returned significant hits tracing out the mineralised envelope over a strike length of 600m that extends up to widths of 150m.

Notably, five holes returned eye-catching intercepts of more than 30g/t gold, spearheaded by a 0.37m run coming in at a generous 122.6g/t from just 67.4m downhole.

Riedel says its drilling is yet to find the outer boundaries of the high-grade envelope at Tintic that remains open to both the north and south-west along strike.

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