- Riedel Resources (RIE) is poised to launch a reverse circulation drilling program at its Kingman gold project in Arizona, on the back of its $2.5 million capital raise
- The program will target the Tintic prospect, which previously returned hits including 98.9 grams per tonne (g/t) gold at 3.8 metres and 151 g/t of silver from 20.6 metres
- The new bout of drilling will be undertaken by contractor Harris Exploration, with first assays anticipated in August
- The company says its on track to define a maiden mineral resource estimate for the prospect by the end of the year
- RIE last traded at 0.5 cents at midday AEST
Riedel Resources (RIE) has made plans to advance resource drilling at its Kingman gold project in Arizona following a $2.5 million placement.
The company plans to launch a 7000-metre reverse circulation (RC) drilling program in early June with contract driller Harris Exploration.
The drilling will target the Tintic prospect, where the company’s previous exploration yielded high grade intersections close to surface, including 3.8 metres at 98.9 grams per tonne (g/t) gold and 151 g/t silver from 20.6 metres.
“Outstanding results from our 2022 diamond drill program at Kingman confirmed the position, orientation and character of the high-grade mineralisation at Tintic which remains open in all directions, including an additional 900 metres of strike untested between Tintic and Jim’s,” Riedel CEO David Groombridge said.
“A consistent flow of drilling results from the 7000-metre program will be returned over the next six months as we progress towards a maiden mineral resource estimate (MRE) by the end of 2023.”
Mr Groombridge noted the company will ramp up regional exploration through a ground magnetics survey in June and July, to advance its understanding of the geological model and assist with targeting new prospects for drilling.
The company is expecting to release its first assays in August.
RIE was last trading at 0.5 cents at midday AEST.