Drilling in the Tintic Zone of the Kingman Project.Source: Riedel Resources

• Riedel Resources (RIE) is poised to begin a reverse circular drilling program at the Kingman Gold Project in Arizona on the back of a $2.5 million financing
• The program targets Tintic prospects who have previously returned hits containing 98.9 grams per tonne (g/t) gold at 3.8m and 151g/t silver at 20.6m.
• The new drilling operation will be carried out by contractor Harris Exploration, with the first analysis scheduled for August.
• The company said it expects to have its first mineral resource estimate on the outlook by the end of the year.
• RIE traded at 0.5 cents as of noon AEST

Riedel Resources (RIE) plans to advance resource drilling at the Kingman Gold Project in Arizona after receiving a $2.5 million order.

The company, in conjunction with contract driller Harris Exploration, will begin a 7,000m reverse circulation (RC) drilling program in early June.

Drilling will cover the Tin Tik property, where the company’s previous exploration yielded a high-grade crossing point near the surface, including 20.6 meters to 98.9 grams per tonne (g/t) of gold and 151 g/t of silver. was included 3.8 m.

“The excellent results of the 2022 diamond drilling program at Kingman, including the untested additional 900m strike between Tintic and Jims, are the location of high-grade mineralization at Tintic that remains open in all directions. , direction and character,” said Riedel CEO David. Mr Gloombridge said.

“Consistent drilling results from the 7000m program are expected to be returned over the next six months as we move towards our first Mineral Resource Estimate (MRE) by the end of 2023.”

Groombridge said the company will enhance regional exploration through geomagnetic surveys in June and July to help it better understand geological models and develop new prospects for drilling.

The company plans to release the first assay in August.

The RIE was trading at 0.5 cents at noon AEST.