Riedel Resources Finalizes Kingman Drilling Program, Raises $1.4M
Riedel Resources has finalized drilling plans for its high-grade Kingman Gold Project in Arizona and secured $1.4 million through equity raises to fund upcoming exploration and development activities.
- Finalized detailed drilling program targeting Tintic deposit
- Metallurgical test work planned for Q1 2026 to assess processing options
- Raised $1.4 million via placement and share purchase plan
- Marymia East project airborne EM survey completed, aiding exploration
- Maintained regulatory compliance and lease renewals at Kingman
Kingman Project Progress
Riedel Resources Limited (ASX, RIE) has made significant strides in advancing its Kingman Gold Project in Arizona, USA, with a focus on the Tintic deposit. The company has finalized a comprehensive drilling program designed to fill data gaps, improve resource estimates, and extend the known high-grade gold and silver mineralisation near surface. This program will also provide core samples for metallurgical testing, including heap leach and toll treatment options, scheduled for the first quarter of 2026.
These metallurgical studies aim to validate and potentially enhance previous processing results, which showed gold recovery rates exceeding 90% using CIP/CIL methods. The Tintic deposit’s shallow, high-grade nature makes it particularly amenable to open pit mining, a factor that supports a clear path toward development amid strong gold and silver prices.
Funding and Financial Position
To support these operational plans, Riedel successfully completed a two-tranche placement and a Share Purchase Plan, collectively raising $1.4 million. This capital injection is earmarked for the upcoming drilling and metallurgical test work, underpinning the company’s strategy to advance the Kingman Project toward development. Despite ongoing exploration and evaluation expenditures, the company ended the quarter with a healthy cash balance of approximately $1.1 million, providing an estimated funding runway of over three quarters at current spending levels.
Exploration at Marymia East
Meanwhile, exploration activities continue at the Marymia East Gold and Base Metals Project in Western Australia, where Riedel holds an 11.93% interest. The recent completion of a high-resolution SkyTEM airborne electromagnetic survey over the 230 square kilometre tenure is expected to refine geological understanding and identify new drill targets. This survey complements planned reverse circulation drilling aimed at testing promising gold zones, including the historically significant Shiraz prospect, where previous drilling intersected high-grade gold mineralisation.
Regulatory and Stakeholder Engagement
On the regulatory front, Riedel maintained full compliance with all requirements, successfully renewing all leases associated with the Kingman Project without issue. The company has also engaged with environmental consultants to ensure drilling programs align with permitting and sustainability objectives. Ongoing discussions with the Bureau of Land Management and other stakeholders underscore Riedel’s commitment to responsible project advancement and community engagement.
With gold prices holding above USD $4,000 per ounce and silver above USD $60 per ounce, Riedel is well positioned to leverage favourable market conditions as it progresses its exploration and development agenda.
Bottom Line?
Riedel’s strategic drilling and funding efforts at Kingman set the stage for critical resource expansion and development milestones ahead.
Questions in the middle?
- When will initial results from the upcoming Kingman drilling and metallurgical tests be released?
- How might sustained high gold and silver prices influence Riedel’s development timeline and capital requirements?
- What new targets or resource expansions could emerge from the Marymia East airborne EM survey and follow-up drilling?
