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- Riedel Resources (RIE) commences drilling at its Kingman Gold project in Arizona as it works toward a maiden MRE by the end of 2023
- The RC program includes 7000 metres of drilling, with initial drilling targeting RIE’s Tintic prospect, before drilling north and south of the prospect
- Prior exploration yielded high-grade intersections close to surface, including 3.8 metres at 98.9 g/t gold and 151 g/t silver from 20.6 metres
- The company expects first assays in August
- Riedal is up 11 per cent to 0.5 cents at 1:04 pm AEST
Riedel Resources (RIE) has commenced drilling at its Kingman Gold project in Arizona as it works toward a maiden mineral resource estimate (MRE) by the end of 2023.
The company announced that the 7000-metre reverse circulation (RC) drilling program would initially target its Tintic prospect. Riedel also aims to drill north and south of Tintic, targeting extensions of shallow, high-grade gold mineralisation.
“We are fully funded to complete the drill program following our recently completed $2.5 million share placement with additional funds to come from our share purchase plan that is due to close on 13 June,” Riedel CEO David Groombridge said.
“We expect first assay results from the program in August with assay results news flow from the 7000-metre drill program to continue thereafter as we progress toward our maiden MRE.”
The company’s previous drilling at Tintic returned high-grade intersections close to the surface, including 3.8 metres at 98.9 grams per tonne (g/t) gold and 151 g/t silver from 20.6 metres.
Riedel rose 11 per cent to 0.5 cents at 1:04 pm AEST.
