Riedel Resources (RIE.AX) has now received all relevant drill permits to initiate a 5,000 meter RC drill program on its Kingman Gold-Silver project in Arizona. The extensive drill program will focus on the areas that have been mined about a hundred years ago when miners with basic equipment were mining high-grade gold and silver veins. A previous exploration program conducted by a previous operator has already confirmed the existence of high-grade gold and silver values at shallow depths and it will now follow up on the results of that 2019 drill program.
Riedel can earn an 80% stake in Flagstaff Minerals which has an option to acquire full ownership of the project, and a lot will depend on this year’s drill program.
Although the 2019 assay results confirmed the presence of high grade gold and silver values, the intervals were extremely narrow. Fortunately the companies have worked out some drill targets and hopefully the veins get a bit wider than the unmineable and uneconomical veins where widths are currently expressed in centimeters rather than meters.
Disclosure: The author has no position in Riedel Resources. Please read our disclaimer.
