17 Nov 2021

Kingman Project Update and Surface Sampling Results

Page 1 17 November 202 1 H ighlights : • Riedel receives f urther high - grade gold and silver assays up to 169 g/t gold and 377 g/t silver from geochemical surface sampling over the south - east of the Kingman Project in north - west Arizona , USA • Elevated z in c an d l ead samples also returned from the surface sampling program including assay results up to 7.1% lead and 6.5% zinc • First a ssay results from Riedel’s recent RC drill program at Tintic anticipated later this month Riedel Resources Limited (ASX:RIE , Riedel or the Company) is pleased to announce results of further surface sampling within the claim areas staked earlier this year at its Kingman Project in north - east Arizona , USA . Sampling achieved h igh - grade gold and silver assay results predominantly in the south - east part of the project area, including: • Sample 1671216 (South - East zone) – 67.6 g/t gold & 217 g/t silver • Sample 1671229 (South - East zone) – 28.9 g/t gold & 377 g/t silver (& 6.7 % lead ) • Sample 1 671230 ( South - East zone ) – 169 g/t gold & 143 g/t silver • Sample 1 671232 ( South - East zone ) – 9.1 g /t gold & 198 g/t silver ( & 7.1% lead ) • Sample 1 671248 ( Towne Extended ) – 3.1 g/t gold & 83 g/t silver . Riedel also received several additional elevated lead and zinc results from the surface sampl ing program , including: • Sample 1671234 (South - East zone) – 2.5% lead • Sample 167123 6 ( East Comanche) – 6.5% zinc • Sample 16712 38 (Towne Extended) – 4.0% lead • Sample 1671257 (Water Tank) – 1.9% lead . ? RIEDEL RECEIVES ADDITIONAL HIGH - GRADE GOLD AND SILVER ASSAY RESULTS FROM SURFACE SAMPLING AT KINGMAN PROJECT , USA ? FIRST KINGMAN RC DRILL RESULTS EXPECTED LATER THIS MONTH Page 2 Riedel Chairman Michael Bohm stated : “ We are pleased to achieve further high - grade gold and silver results from surface sampling at the Kingman Project. While surface sampling is a targeting tool and drilling is the final arbiter, it is nice to have these results to hand as they support the previous high - grade assay results ac hieved from surface sampling reported earlier this year 1 . “We have a substantial land position in our Kingman Project with multiple mineralised targets in the south, in addition to our primary areas of focus at Tintic - where we recently wrapped - up an RC drilling program targeting extensions to the high grades ac hieved earlier this year 2 - and the historic Merrimac/Arizona - Magma mine areas in the north of the project area. “ We keenly awaiting the first batch of assay results from the recent RC drilling that focussed on Tintic - which we still target to have to ha nd later this month as previously advised. ” S ignificant s urface s ampling results are shown in Figure 1 below. Figure 1 – Kingman Project show ing location of latest significant surface assay result s relative to the recently drilled historic Tintic mine area and nearby copper/moly occurrences previously mined by others (note the proximity of Highway 93 located approximately 3km to the west of the Kingman Project area ) . 1 Refer ASX announcement dated 3 August 2021 2 Refer ASX announcement dated 23 March 2021 The Company confirms it is not aware of any new information or data that materially affects the information included in the announcements. Page 3 Project Background The Kingman Project is located in north - west Arizona, USA, approximately 90 minutes’ drive from downtown Las Vegas and within 5km of a major highway (refer Map 1) . Map 1 – Location of Riedel’s Kingman project in Arizona, USA The project was mined predominantly for high - grade gold and silver from the 1880s until the early 1940s - which coincided with the outbreak of WWII. Following limited drilling near Tintic in the 1990s, 11 diam ond holes were drilled on the property in late 2019 which intersected multiple zones of high - grade gold, silver and lead from shallow depths , confirm ing the extensive mineralisation potential of the area (refer Riedel ASX announcement dated 23 October 2020 ) . In April 2021, Riedel completed a 5,000m RC drill program over several historic mine areas on the property , including at Tintic, Merrimac, Arizona Magma and Jim’s . This drilling returned n umerous high - grade gold and silver assay results including 3.8m at 98.9g/t gold and 151g/t silver from 20.6m at Tintic ( refer ASX announcement dated 23 March 2021) . In addition, it confirmed a 1.8km long exploration target associated with the historic Jim’s mine to h ost significant gold, silver, zinc and lead mineralisation as shallow as 1.5m below surface ( refer Riedel’s ASX announcement dated 19 April 2021 ). The Kingman Project has seen minimal modern exploration. Riedel’s RC drill program completed in April 2021 w as its first at Kingman, where it is looking to acquire up to an 80% interest in via its December 2020 Agreement with Flagstaff Minerals Limited and Flagstaff Minerals (USA) Inc ( refer Riedel’s ASX announcement dated 23 October 202 0). This announcement was approved for release by the Board of Directors of Riedel. - ENDS - Kingman Project Page 4 Competent Person Statement Information in this release that relates to Exploration Results is based on information compiled by Mr Sean Whiteford, who is a qualified geologist, a member of the Australian Institute of Mining and Metallurgy, and a consultant to Riedel Resources Limited. Mr Whiteford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘ Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Whiteford consents to the inclusion in this release of the matters based on his information in the form and context in which it appears . Mr Whiteford is not a s hareholder of the Company. Forward Looking Statements This release includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “int end”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates an d expected costs or production output. Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance and achievements to differ materially from any future re sults, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature o f exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the company o perates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Forward looking statements are based on the company and its management ’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company’s business and operations in the future. The company does not give any assurance that the assumptions on which fo rward looking statements are based will prove to be correct, or that the company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company’s control. Although the company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance , achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant s tock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based. For further information please contact: Mi chael Bohm – Chairman Riedel R esources Limited 4/6 Richardson St, West Perth, WA, 6005, Australia Tel: +61 (08) 9226 0866 admin@riedelresources.com.au About Riedel Resources Limited Riedel Resources Limited listed on ASX on 31 January 2011 and is an Australian - based exploration company focused on the exploration for gold , silver and base metals in Australia and Arizona, USA . Further information can be found at the Company’s website www.riedelresources.com.au 5 JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data – Surface Rock Sampling Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Rock chip samples were collected using hammer and chisel, with the sampling depth ranging from surface to cm to 20cm. The samples were geologically logged and placed into pre - numbered calico bags. Calicos were then sealed inside polyweave bags for transportation to the laboratory. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg • was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Sampling w as done under Flagstaff Minerals (USA)/Riedel Resources standard procedures. The laboratory applied internal QAQC protocols. See further details below. All samples were pulverized at the lab to 85% passing - 75µm to produce a 25g charge for Fire Assay with an AA finish. Samples were also digested using a Four Acid digestion with an ICP - AES finish. High grade gold samples were additionally assayed by Fire Assay using a gravimetric finish. High grade silver and base metal samples were additional assayed u sing a four acid digestion and ICP - AES finish. All samples were assayed by ALS Laboratories. • Drill type (eg core, reverse circulation, open - hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face - sampling bit or other type, whether core is oriented and if so, by what method, etc). No new drilling results reported. 6 Criteria JORC Code explanation Commentary Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. No new drilling results reported. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. No new drilling results reported. • The total length and percentage of the relevant intersections logged. No new drilling results reported. Sub - sampling techniques and sample preparation • If core, whether cut or sawn and whether quarter, half or all core taken. • If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub - sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in - situ material collected, including for instance results for field duplic ate/second - half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. All samples were prepared at the ALS Laboratory in Tucson. Samples were dried and pulverised to 85% passing 75µm and a sub sample of up to 200g retained. A nominal 50g charge was used for Au and multi - element analysis. The procedure is industry standard for this type of sample and analysis. The target sample size for hand samples is between 250g – 1000g, which is considered appropriate for t his style of sampling and the geological setting. Quality of assay data and laboratory tests • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. Samples were analyzed at ALS Laboratories in Reno, Nevada and Vancouver, British Colombia. For gold the analytical method used was Au - AA23 which is digestion by Fire Assay with an AA finish. Any samples assaying greater than 10ppm Au were further analyzed by Au - GRA21. Both methods are considered appropriate for the material and mineralization and measure total gold content. Samples were also analyzed by method ME - ICP61a which is a four - acid digestion with an ICP - AES finish for base metal determinations. Thi s method is considered appropriate for the material and mineralization. 7 Criteria JORC Code explanation Commentary • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. No new Geophysical results reported. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. External lab or umpire checks are not considered necessary for early stage exploration projects. Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. Not carried out at this early stage of exploration. • The use of twinned holes. No twinned holes at this early stage of exploration. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. All field logging was logged on paper logs and in digital format in an excel spreadsheet. Copies of all logs are stored on a cloud - based storage system as well as at the office in Kingman Arizona. • Discuss any adjustment to assay data. No assay data adjusted. Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down - hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Sample locations were determined by handheld GPS, which is considered accurate to ±5m in Northing and Easting. . • Specification of the grid system used. The grid system used is WGS84 Zone 11. • Quality and adequacy of topographic control. RLs are allocated to the sample point using a DTM derived from detailed topography. The accuracy is estimated to be better than 2m in elevation. Data spacing and distribution • Data spacing for reporting of Exploration Results. Variable. As per plan provided in the body of the announcement. 8 • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. No resource es timation made. No sample compositing was applied. Orientation of data in relation to geological structure • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Rock chip samples were taken across known mineralized zones to determine the width of mineralization. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Not applicable. Sample security • The measures taken to ensure sample security. Samples were delivered to the ALS Laboratory in Tucson Arizona. ALS maintains the chain of custody once the samples are delivered with an audit trail available on the ALS webtrieve website. . Audits or reviews • The results of any audits or reviews of sampling techniques and data. Sampling and assaying techniques are considered to be industry standard. At this stage of exploration, no external audits or reviews have been undertaken. 9 Section 2 Reporting of Exploration Results – Surface R ock S ampling Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The samples were taken within the Flagstaff Minerals (USA) Inc claim group property. Riedel Resources can earn up to an 80% interest in the property (refer Riedel’s ASX announcement dated 23/10/2020) . The claims sampled reported herein were as follows : - FLG 184 - 185 - 186 - FLG 194 - 195 - 196 - 197 - FLG 204 - 205 - 206 - 207 - FLG 211 - 2 12 - 213 - 214 - 215 - FLG 217 - 218 - 219 • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The claims are administered by the Bureau of Land Management and are in good standing. The Company is unaware of any impediments to obtaining a licence to operate in the area. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. Historic production from, and exploration of, the northern part of the property as follows: Underground mining at Arizona Magma conducted from the 1880’s to 1942. Drilling by Chandeleur Bay Resources at Tintic was conducted in 1997 - 98. High grades were reported in two drill holes in 1988 and 37 holes fro m 1997. The Merrimac mine was mined for Au/Ag/Pg/Zn until 1905. The Tintic mine was mine for Au/Ag/Pb/Zn in 1942. None of the previous work would be considered to be of JORC standard. Geology • Deposit type, geological setting and style of mineralisation. The property is located along the Northwest flank of the Cerbat Mountains of Arizona. The Cerbat Mountains are a typical block - faulted range of the Basin and Range physiographic province of the southwest United States and are underlain by a strongly deformed package of Precambrian rocks including quartz feldspar gneiss, amphibolite schist, and biotite schist intruded by both Precambrian diorite and granite and by Laramide intrusions.The property contains multiple structurally controlled vein - systems. A Low - Sulphidation Epithermal Character has been observed in ore material from historic dumps across the property. As the property is approximately 8km from the Mineral Park Cu porphyry mine, vein mineralization related to an unkn own porphyry is also of interest. 10 Criteria JORC Code explanation Commentary Relationship between mineralisation and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the widths and drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). Surface rock c hip and dump sampling only (no drill holes results reported herein) . Diagrams • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Refer to the figures in the body of this announcement for relevant plans including a tabulation of analytical results. Balanced reporting • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Details of sample r esults are included in Appendix 1 and in the body of the announcement. Other substantive exploration data • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. No other s ubstantive exploration data is available for reporting at this time Further work • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large - scale step - out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Further drilling is planned to expand the current understanding of mineralized structures. Provided in the body of this announcement and in previous announcements. 11 Appendix 1 Table 1: Surface s ample l ocation i nformation Sample Number Target Name Type Sample Easting (wgs84-11N) Sample Northing (wgs84-11N) Elevation (m asl) 1671215 South-East Zone Rockchip 756104 3918489 1166 1671216 South-East Zone Rockchip 756215 3918455 1160 1671220 South-East Zone Rockchip 755267 3920479 1191 1671225 South-East Zone Rockchip 755827 3918432 1147 1671226 South-East Zone Dump 755827 3918422 1147 1671227 South-East Zone Rockchip 755781 3918466 1158 1671228 South-East Zone Rockchip 755781 3918456 1158 1671229 South-East Zone Dump 755781 3918446 1158 1671230 South-East Zone Rockchip 755769 3918472 1166 1671232 South-East Zone Rockchip 755964 3918540 1151 1671233 South-East Zone Rockchip 756028 3918611 1169 1671234 South-East Zone Dump 755941 3918627 1162 1671235 East Comanche Rockchip 755421 3919661 1183 1671236 East Comanche Rockchip 755421 3919651 1183 1671237 East Comanche Dump 755421 3919641 1183 1671238 Towne Extended Dump 755736 3919885 1205 1671239 East Comanche Rockchip 755802 3919667 1196 1671240 East Comanche Rockchip 755780 3919657 1198 1671241 Northern Target Rockchip 753550 3925553 1493 1671242 Northern Target Rockchip 753550 3925543 1492 1671243 Northern Target Rockchip 753540 3925555 1500 1671244 Northern Target Rockchip 752974 3925387 1434 1671245 Northern Target Rockchip 750577 3925040 1224 1671246 Northern Target Rockchip 751767 3922258 1170 1671247 Northern Target Rockchip 751475 3922069 1162 1671248 Towne Extended Rockchip 755535 3919986 1190 1671249 Towne Extended Rockchip 755627 3920052 1202 1671250 Towne Extended Rockchip 755615 3919948 1200 1671252 Towne Extended Rockchip 755650 3919893 1205 1671253 Water Tank Rockchip 755625 3919359 1206 1671255 Water Tank Rockchip 755777 3919291 1209 1671256 Water Tank Rockchip 755688 3919285 1205 1671257 Water Tank Rockchip 755674 3919339 1207 12 Table 2: Significant r esult s – s urface sampl ing Sample Number Au g/t Ag g/t Pb (ppm) Pb (%) Zn (ppm) Zn (%) 1671215 1.84 37 17,300 1.7% 60 0.0% 1671216 67.60 217 4,580 0.5% 50 0.0% 1671220 0.05 29 2,020 0.2% 2,670 0.3% 1671225 1.56 23 4,030 0.4% 280 0.0% 1671226 4.36 90 60,600 6.1% 840 0.1% 1671227 0.03 1 210 0.0% 780 0.1% 1671228 1.10 83 1,140 0.1% 400 0.0% 1671229 28.90 377 66,600 6.7% 1,370 0.1% 1671230 169.50 143 2,570 0.3% 840 0.1% 1671232 9.11 198 71,100 7.1% 500 0.1% 1671233 0.38 21 520 0.1% 170 0.0% 1671234 0.26 70 25,400 2.5% 1,190 0.1% 1671235 0.52 63 9,650 1.0% 10,850 1.1% 1671236 0.31 68 4,320 0.4% 64,900 6.5% 1671237 0.28 227 4,250 0.4% 760 0.1% 1671238 0.33 79 40,100 4.0% 1,940 0.2% 1671239 0.03 27 1,840 0.2% 920 0.1% 1671240 0.02 3 640 0.1% 270 0.0% 1671241 0.27 58 960 0.1% 1,120 0.1% 1671242 0.01 1 20 0.0% 40 0.0% 1671243 0.00 1 10 0.0% 20 0.0% 1671244 0.00 1 60 0.0% 10 0.0% 1671245 0.01 68 300 0.0% 190 0.0% 1671246 0.74 3 700 0.1% 20 0.0% 1671247 1.51 7 150 0.0% 40 0.0% 1671248 3.13 83 19,250 1.9% 1,070 0.1% 1671249 0.00 0.5 40 0.0% 20 0.0% 1671250 0.17 12 350 0.0% 640 0.1% 1671252 0.19 9 1,090 0.1% 430 0.0% 1671253 0.02 7 810 0.1% 320 0.0% 1671255 0.02 5 990 0.1% 690 0.1% 1671256 0.01 4 180 0.0% 790 0.1% 1671257 0.83 42 18,600 1.9% 2,080 0.2%
Information on this Website is provided for general information purposes only and is not a substitute for professional advice. ASX Information (including company announcements and prices) is delayed by at least 20 minutes. JSE Information (including company announcements and prices) is delayed by at least 15 minutes. Reliance on the information you access on or from this Website is solely at your own risk. We make no representation or warranty in relation to the future performance of the companies that appear on this Website. Investment in securities involves risk and you should obtain independent professional legal, financial, investment or company advice before acting on any of the information you access on this Website. Using, browsing or otherwise accessing this Website is subject to our Terms and Conditions and our Privacy Policy.

© 2022 Listcorp. ABN 60 166 140 307

Never miss news from Riedel Resources (ASX:RIE) when you join Listcorp.