Riedel Resources (ASX:RIE) will assess geophysical targets at prospects within its ‘large’ claim area never previously drilled at its Kingman Project located in northwest Arizona, US.
Speaking to Mining.com.au, Riedel Resources Chief Executive Officer (CEO) David Groombridge says the Bobcat prospect is of particular interest as there are several holes to the south which have never had any drilling.
“We’ve had some rock chips that have come back at greater than 10 grams gold, so we’re excited by those. Then there will just be a few extensional holes to finish off Tintic to the north and to the south.”
This work will be in parallel to the company working towards becoming a producer by 2025 with its initial focus on the Tintic prospect, which is the ‘largest’ gold zone within the Kingman Project.
Riedel has received ‘high-grade’ infill drilling results which support the upcoming Mineral Resource Estimate (MRE) for the Tintic prospect in northwest Arizona, US.
The $12.36 million market capitalisation company says that the mineralisation remains open to the west, open down-dip to the east, and open along 1.3km of strike to the southeast towards the Jim’s prospect.
Groombridge tells this new service: “We want to get on the ground and start advancing those and adding more resources to the pipeline.”
The CEO notes final assay results are scheduled to be received during October this year, depending on laboratory results.
Meanwhile, infill drilling results at Tintic returned ‘significant’ results including drillhole RC23TT023 with 1.52m @ 13.8g/t Au, 223g/t Ag, 4.60% lead (Pb), 0.56% zinc (Zn) from 67.06m; and drillhole RC23TT017 with 0.76m @ 19.4g/t Au, 18g/t Ag, 0.45% Pb, 0.31% Zn from 54.1m.
The CEO adds: “It’s confirming the position and it’s going to go a long way to supporting the resource and getting as much of the resource into an indicated category.
We have identified some offsets with some faulting and some more high-grade mineralisation out to the west, so that’s something we’re going to look at targeting in our next drilling campaign.
But overall, we’re quite happy with the results and how they’ve come back so far.”
“But overall, we’re quite happy with the results and how they’ve come back so far“
The company’s planned Mineral Resource Estimate (MRE) remains on track for completion by the end of this year.
Groombridge says that the MRE will help the company go into optimisations, as Riedel is already advanced with its flora-fauna and cultural surveys to get permitting in during 2024.
Riedel’s share price had also increased 8.33% as of 3:30pm AEST this afternoon (14 September).
Riedel says that phase three infill drilling at Tintic is anticipated to be finalised mid-September this year, with regional drilling thereafter to test the Tintic Jim’s structural trend, alongside other priority early-stage prospects.
Groombridge notes that the company aims to test some magnetic responses that are similar to the Tintic prospect and Riedel’s other prospects where drilling has confirmed the magnetic response with mineralisation.
Riedel Resources is an Australian-based exploration company, focused on discovering gold, silver, and base metals in Australia and Arizona, US. As of 30 June 2023, the company had $2.9 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Riedel Resources
