Riedel Resources (ASX:RIE) reports it has intersected a blanket of ‘high-grade’ gold and silver that sits just below the surface at the Tintic zone within its Kingman Project in Arizona in the US.
The company reports the results from its Q1 2022 reverse circulation (RC) drill program found that “very few holes failed to intersect mineralisation” and continue to demonstrate the shallow, ‘high-grade’ nature of gold and silver mineralisation at Tintic.
Its share price today soared 60% as of 10am AWST.
Commenting on the results, Riedel Chairman Michael Bohm stated: “This final batch of assay results supports the high-grade mineralisation which has been achieved in every drill program at Tintic.
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.
“Our drilling has delivered more than just a couple of high-grade hits. There are now 18 holes at Tintic that have returned assay grades of plus 10 g/t gold from shallow depths.
“Very few holes failed to intersect mineralisation”
Very few holes failed to intersect mineralisation. Additionally, there are several areas where mineralisation at Tintic has not been closed off. It is very notable that our early 2021 drilling at Jim’s, located 1km to the south-east, intersected 2.3m @ 2.3g/t gold, 146g/t silver, 4.3% zinc and 2% 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.”
Riedel reports that these extensive areas have never seen modern exploration.
The company will interpret the results received from the drill program and consider the next steps, which may include a small drill program targeting the shallow high-grade mineralisation at Tintic next quarter.
The Kingman Project has seen minimal modern exploration. Riedel’s recent RC drill program completed in April 2022 was its third at Kingman, where it is looking to acquire up to an 80% interest in via its December 2020 Agreement with Flagstaff Minerals and Flagstaff Minerals.
Images: Riedel Resources Ltd
