Australian exploration company Riedel Resources (ASX:RIE) has unearthed ‘high-grade’ gold and silver mineralisation through a recently completed diamond drilling (DD) program at the Kingman Gold Project in the US.
The company says the 23-hole drilling program completed in Q4 2022 at the Tintic Zone has returned gold grades up to 122.6g/t, and silver grades up to 410g/t complementing previously recorded reverse circulation (RC) results achieved in 2022.
‘Significant’ intercepts recorded from the DD program include hole 2022-KNG-021B with 0.37m @ 122.6g/t Au, 172g/t Ag, and 3.7% lead (Pb) from 67.4m; and hole 2022-KNG-017C with 5.5m @ 12.4g/t Au, 105g/t Ag, and 3.9% Pb from 16.8m including, 0.6m @ 74g/t Au, 410g/t Ag, and 15.2% Pb from 17.1m.
Riedel has enjoyed an increase in its share price on the ASX, rising 37.5% as of 1.15pm AWST.
Commenting on the assays, Riedel Chairman Michael Bohm says: “These first assay results from recent diamond drilling again demonstrates that the mineralisation at Tintic commences at very shallow depths, is flat lying, and appears to be of exceptional grade. This blanket of high-grade gold, silver, and lead mineralisation lies just below the surface at Tintic.
I would be excited if these grades were achieved for an underground mining target, but the mineralisation at Tintic starts within 10m to 15m of surface. To date the mineralisation appears up to 150m in width and, at this time, the Tintic zone appears to be approximately 600m in length.
“I would be excited if these grades were achieved for an underground mining target, but the mineralisation at Tintic starts within 10m to 15m of surface”
In addition, holes 075D and 021B sit on the southwest boundary of our mineralised envelope at Tintic, and having 2 holes both hitting very high-grade speaks to the potential for extensions to the high-grade mineralisation.
We will await the assay results for the remaining diamond drillholes over the next 6 to 8 weeks and consider the next steps when all results are to hand. Our goal remains to progress Tintic toward a development decision standpoint as soon as possible.
The nature of the mineralisation, both in grade and depth, lends itself towards an RC drill program potentially commencing next quarter. We see this being the catalyst for a Mineral Resource Estimate (MRE) before year-end, with metallurgical testwork and baseline environmental work also being important components of our work in Arizona in 2023.”
Riedel Resources is an emerging mineral exploration company focused on advancing the Kingman project. The Kingman project is located in northwest Arizona about 90 minutes away from Las Vegas.
The project is part of an agreement between Riedel and unlisted company Flagstaff Minerals, where Riedel is seeking to acquire an 80% interest in the project.
Images: Riedel Resources Ltd
