Riedel is well on its way to a maiden resource estimate (MRE) before the end of the year as it progresses a 7,000m drill campaign to unearth gold and silver at its Kingman project in Arizona.

Drilling is targeted at Riedel Resources (ASX:RIE) highly prospective Tintic prospect that’s open at both ends along a 600m strike length, as well as regional targets to the north and south.

26 RC drill holes for ~1900m have been completed from the initial Priority 1 program where the company looks to improve on previous high-grade hits  close to surface that include 3.8m @ 98.9g/t gold and 151g/t silver from 20.6m, as well as 1.5m @ 39.3g/t gold and 323g/t silver from 37.3m.


Current resource drilling will add to these high-grade hits at the Tintic prospect. Pic: Supplied (RIE).


First assay results are anticipated in late July, subject to laboratory turnaround.

The explorer is looking for near-term project cashflow, so it’s concentrating on proving up the low capex shallow resources before it proves up what it senses is a much larger endowment of gold and silver ore.

This round of drilling will effectively provide sufficient data for an MRE on the back of previous high-grade results.

Riedel CEO David Groombridge said the resource drill out at Tintic has made a strong start and is progressing efficiently and on schedule with approximately half of the Priority 1 holes completed to date.

“In July, drilling will advance to the south of Tintic to complete the remaining Priority 1 holes before the exploration team shifts its focus to some exciting early-stage prospects across the project,” Groombridge said.

“The first batch of drill samples are currently at the laboratory under analysis with first assay results due in late July-early August.

“We are making excellent progress with the focus on delivering an MRE at Tintic before the end of 2023.

“The company looks forward to providing further updates as they come to hand.” 

This article was developed in collaboration with Riedel Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.