03 Nov 2021

Riedel Arizona Drilling Update

Page 1 3 November 202 1 H ighlights : • RC drilling continued on schedule during October at the Kingman Gold P roject in Arizona • Boart - Longyear completed 48 drill holes for 4,168 m as at end of October 2021 • Drilling focus sing on the Tintic area with 44 holes drilled at Tintic and four holes at Merrimac • F irst assay results expected later this month Riedel Resources Limited (ASX:RIE , Riedel or the Company) is pleased to announce its reverse circulation (RC) drill program at the Kingman Gold Project in Arizona , USA has progress ed as scheduled during October , with initial results expected later this month . The drill program continued to focus on the Tintic mine area (refer Figure 1 and 2 ) , where drilling in February /March this year confirmed multiple high - grade gold and silver assays located clo se to surface 1 . In this program , which commenced in late September 2021 , contractors have completed 44 holes at Tintic and four holes at Merrimac for a total of 48 holes for 4,168m (13,675 feet) , with depths from 30 m to 202m. Riedel Chairman Michael Bohm stated : “ The team ha s now drilled holes in a zone stretching approximately 6 00m in a north - west/ south - east direction along the Tintic trend, which provides us great coverage over the Tintic anomaly . “ We will announce the drill assay results as they come to hand, and we continue to target later this month for receipt of first assays, subject of course to laboratory turnaround times .” Figure 1 - Tintic mine area in foreground with most recent drilling in are a south of the road 1 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 announcement. RIEDEL RESOURCES DRILLING UPDATE KINGMAN GOLD PROJECT - ARIZONA FIRST ASSAY RESULTS EXPECTED THIS MONTH Page 2 Figure 2 – RC Drill Collar locations at Tintic ( September - October 2021) showing focu s of current RC drill program 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 diamond 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 mineralis ation 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 dril ling 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 host 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 was 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 Oct ober 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 ‘Australas ian 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 shareholde r 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”, “intend”, “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 date s and 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 futur e results, 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 natu re of 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 compa ny operates 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 manage ment’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 whic h forward 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 compa ny’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, perform ance, 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 stock exchange listin g 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 fo und at the Company’s website www.riedelresources.com.au
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