Riedel Reousrces Limited (ASX: RIE) - The Kingman Project - High Grade Gold Mining in Arizona, USA.

In this episode of Coffee with Samso 177, we have Mike Bohm, the Chair and David Groombridge, CEO of Riedel Resources Limited (ASX: RIE) sharing with us the 2023 version of the Riedel Resources story.

 

The last time we spoke to Riedel Resources was in 2021. In early 2021, I came across the Kingman project when Riedel Resources announced the high grade nature of the project.

 

 

 

The Riedel Resources Limited (ASX: RIE) story so far.

 

Riedel Resources is one of those companies that on initial assessment, I was instantly attracted to the geology. As I mentioned, when I first saw the maiden drilling results, I felt that this was something to keep an eye on.

Riedel Intersects Multiple High-Grade Gold and Silver Zones

 

 

 

 

As an exploration geologist, what is there not to like. The project area (Figure 1) is reminiscence of the Kalgoorlie goldfields. You will hear Mike and David talk about the fact that if the Kingman project was in Australia, it would have been drilled.

 

 

 

Figure 1: The Kingman Project in Arizona, United States. (Source: Riedel Resources Limited)

 

It is important to appreciate these words as the easy pickings of the goldfields are all gone. There are no more easy discoveries, but places like the Kingman project has not had the attention and its like a time warp event.

 

The recent annoucnement to target a maiden resource for Kingman will go far in maturing the project. This will be the first steps to identifying an economic statement which according to Mike and David, a toll treating mining solution.

RIEDEL SET FOR RESOURCE DRILLING AT KINGMAN GOLD PROJECT - TARGETING MAIDEN RESOURCE BY DECEMBER 2023

 

 

What is in the "Potential" basket for the Kingman Project.

 

To look at what else in in the package, I think the best image is to have a look at an image that was release way back in May 2021 (Figure 2). The geophysical images tells us that there seem to be some magnetic highs which taken with the understanding of the area is significant. There is a known porphyry within 6km from the project.

 

What we know about porphyry is that they occur in clusters and are highly variable in mineralisation. The existence of base metals at Kingman makes me think that there could be a VMS system (Volcanic Massive Sulphide) lurking within the project.

 

 

 

Figure 2: Geophysical anomalies at Kingman Project shown relative to historic

mine areas and elevated surface rock chip sample coincident with magnetic anomaly. (Source RIE Annoucnement May 2021)

 

When you look at Figure 2, you cannot help but think that there is a lot of cooking mechanisms working in this area. In may 2021, I wrote a Samso Insight which highlighted the regional perspectivity of the area. This Samso Insight bring out why I think this whole region is very prospective.

Click MeHigh Grade Mineralisation - Riedel Resources Ltd (ASX: RIE ) and New World Resources Ltd (ASX: NWC)

 

New World Resources Limited (ASX: NWC) has a very high grade VMS project to the south of Kingman. I think, it is about 100km south east of Kingman. When i speak to the company for their Coffee with Samso, they speak of the same potential of the region.

 

It is important to have a read of the Samso Insight as that will give you a good understanding of why people like m e believe in this region.

 

Samso's Conclusion

 

What is the most important part of the whole Riedel Resource story is the potential nature of the technical part of the project and Mike Bohm. We have covered the technical part of the project above and I am pretty sure most readers get my point.

 

Why do I say Mike Bohm? He is a proven performer. I have know Mike since the 1993 at Ashton Mining. I never worked with him but talking and observing what he was doing,he had always struck me as a no nonsense person who is the consummate professional. Today, working with him I see that coming through.

 

Mike is a mining engineer and he was on the Board of Argyle Diamond Mine. I suspected that he had that role because Argyle was all about mining. The Board of Ashton Mining Limited would probably wanted someone there that knows a thing or two about mining to represent them on the Board of Argyle Diamond Mines.

 

If you look at the companies that Mike has been involved with, you will realise that this is not a man that talks in riddles. He does what he says and his stature on the ASX level is one I am sure he does not want to tarnish. He has worked with major mining companies and he understand what will work and what is a pipe dream.

 

Hence, when Mike says that when they prove up the resource for Kingman and they can truck this to a toll treatment facility, you feel safe that this has been calculated.

 

In all my conversations with companies, I have always stated that the two most important component in your research is technical merits and management integrity.

 

 

 

Tune in to the Riedel story here.

 

Chapters:

 

00:00 Start

00:20 Introduction

01:33 New learnings from the Kingman project

02:47 Type of mineralisation at Tintic in Arizona

04:25 Strategic area of high-grade mineral system at Tintic

08:02 Chasing the high-grade gold in Tintic

09:48 How should investors interpret the grades and drill holes?

13:20 The advantages of the Kingman project

16:15 Permitting process in the US

17:03 Upcoming 7000m RC Drill program and further works

18:35 Possible challenges in the Kingman Project

22:18 News flow

25:23 Why Riedel Resources?

27:32 Conclusion