PI Global Investments
Silver

Bumper gold and silver in US probe for Riedel

Riedel Resources has unveiled another bumper set of gold and silver assay results from a Q1 RC drilling program at its Kingman project in North-West Arizona, USA including 1.5m going 27.5 grams per tonne gold and 37 g/t silver from 13.7m.

Remarkably, the company has now collected 18 drill holes from the project yielding more than 10 grams per tonne gold from shallow, easily mined depths at the project that was initially mined in the 1880s.

Some of the other notable numbers from the latest results include 3.0m grading 5.05 g/t gold and 58 g/t silver from 27.4m and 1.5m showing 6.77 g/t gold and 23 g/t silver from 11.4m.

One narrow band at 13m assayed 0.8m at 53.3 g/t gold and 63 g/t silver, with all results coming from the Tintic zone in its Kingman project. Riedel says the large high-grade zone has the potential to extend laterally.

Riedel’s high-grade results add to the findings from many holes drilled earlier this year and continue to demonstrate the shallow, high-grade nature of gold and silver mineralisation at Tintic.

The company says there are several areas where mineralisation at Tintic has not been closed off.

Notably, early 2021 drilling at its Jim’s prospect, 1km to the south-east, intersected 2.3m, reporting 2.3 g/t gold, 146g/t silver, 4.3 per cent zinc and 2 per cent lead at shallow depth.

If you then step out a further 4km to the south-east, there are historic workings which returned high-grade gold and silver assays from rock chip surface sampling in mid-2021. These extensive areas have never seen modern exploration.

“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.”

Riedel will interpret the results received from its drill program and consider the next steps that may include a small drill program targeting the shallow high-grade mineralisation at Tintic in the next quarter, making it the fourth RC program the company has sunk into the acreage.

A round of holes into Tintic in 2021 yielded more impressive hits, including a 3.8m intersection going 98.9 g/t gold and 151g/t silver from 20.6m.

Riedel Resources has an 80 per cent stake in the Kingman project after a 2020 deal with Flagstaff Minerals.

Kingman was mined principally for high-grade gold and silver from the 1880s until the early 1940s. After sporadic exploration near Tintic in the 1990s, 11 diamond holes were drilled on the site in late 2019, revealing multiple zones of high-grade gold, silver and lead from shallow depths, confirming the extensive mineralisation potential of the area.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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