Riedel lights up extensive new US gold-silver targets | Ralph-Lauren

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Riedel Resources is quickly breathing new life into exploration of the precious metal-rich terrane around its Kingman project in the US. A detailed evaluation of regional geophysics data covering the project area has lit up two new, extensive gold-silver targets along strike from the historical Jim’s gold mine. The targets below a thin veneer of desert sands now await drill testing.

In light of the discoveries the company has also pegged a swag of new ground, expanding the size of its holdings by more than 50 per cent.

Riedel’s tenure now stretches over more than eight kilometres of strike from just west of the massive Mineral Park copper mine in the south to the historic Arizona Magma gold mine in the north.

The company’s initial exploration of the historical mineral field has already turned up a wealth of near-surface gold and silver mineralisation associated with artisanal mining operations. Drilling in the Tintic mine area early this year intersected exceptional grades of mineralisation including 3.8 metres at 98.8 grams per tonne gold and a 151 g/t silver from just 20.6m down-hole.

Mapping and sample at Tintic show the prospect extends over close to 2km of strike, providing an extensive target for ongoing exploration and a model to assist in targeting the company’s new magnetic targets to the south.

The first of Riedel’s new geophysical targets begins just 1km south-east of the Jim’s mine, in the central project area. It already extends over 1,000m of strike, whilst a second target a further 1.5km down the road extends over more than 700m of strike adjacent to the old Emerald Isle copper mine.

Identifying these two new geophysical anomalies at the Kingman project is an exciting development which further adds to the opportunity we see at the project in Arizona.

Given the new geophysical anomalies – which appear as look-alikes to those associated with Tintic and Jim’s – have never been drill tested, together with the very close proximity of two more recently mined copper projects – it made sense to stake additional ground at minimal cost to create an even larger strategic project footprint.

We initially confirmed very high-grade gold and silver results from the drilling at Tintic in February and March this year. During the second half of 2021 our team will have a particular focus on the potential for down-dip and strike extensions to the mineralisation seen at Tintic, given the extraordinarily high-grade assay results achieved there.

Riedel’s flagship Kingman project is in the north-west corner of Arizona, near the old mining town of Chloride and about a 90-minute drive from Las Vegas to the north in neighbouring Nevada.

Kingman appears to lie on south-eastern extensions to the fertile Walker Lane gold trend, which tracks along the southern Nevada border with California and runs parallel to the famed Carlin and Battle Mountain gold trends further to the north.

The Walker Lake trend has returned to prominence as a US gold exploration and development hot spot over the past decade. TSX-listed explorer-developer Corvus Gold has surged to a C$474 million market cap on the back of its Mother Lode and North Bullfrog gold finds and resources, gold heavyweight AngloGold Ashanti has been pumping money into the ground at Silicon and Kinross Gold has the multi-million-ounce Round Mountain deposit.

These and other significant deposits may hint at the untapped potential of the terrane to the south in Arizona.

Gold production at Riedel’s Kingman project dates back to the 1880s when high-grade gold and silver ores were extracted from a number of mines adjacent to the town of Chloride.

Significant operations were located at the Merrimac, Tintic, Jim’s and Arizona Magma prospects. However, World War II curtailed mining and the operations were shuttered. The area again piqued the interest of several smaller explorers in the 1990s before low gold prices again intervened.

Despite the obvious gold endowment of the region and gold now trading at close to US$2,000 an ounce, there has been little modern exploration on Riedel’s ground at Kingman. The company’s first-pass drilling in 2020 turned up a welter of high-grade results from near-mine targets, including several intercepts grading over an ounce per tonne from Tintic and a 1.5m interval from the Helen May mine grading at an impressive 161 g/t silver from only 24.4m down-hole.

These high-grade results prompted Riedel to take a closer look at its exploration program, with the company now employing a tried-and-true mix of geophysics, mapping and sampling to aid in target generation.

The work seems to be paying dividends.

The ongoing integrated program of desktop studies and fieldwork has already unearthed the two southern targets and is likely to throw up more targets in the weeks ahead as the company comes to grips with the controls on mineralisation across the Kingman area.

The proverbial elephant in the room at Kingman may be the mothballed Mineral Park copper mine in the south.

The massive porphyry copper-molybdenum mine was put on care and maintenance in the 2015. However, with the copper price on a tear its current owners will no doubt be eyeing a restart of the operation.

Riedel’s continuing exploration success along more than 8km of strike at Kingman has it well positioned to become a more prominent fixture in the region’s burgeoning production and corporate development picture.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au



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