Following its maiden drill program completed in
These magnetic highs appear consistent in nature to those associated with the high-grade Tintic mine area and the polymetallic Jim's mine area. The 700m long southern anomaly is notable as it sits coincident to a 5.44g/t gold, 84g/t silver, 0.2% lead and 0.4% zinc surface rock chip sample collected in 2019. The Company sees these results as exciting, given drilling at Tintic in February this year confirmed very high-grade gold and silver assays and drilling at Jim's confirmed shallow gold, silver, zinc and lead mineralisation in veins at shallow depths.
As previously reported (refer ASX announcement dated 23 March and 19 April 2021-1), high-grade and polymetallic drill intercepts included: 3.8m @ 98.8 g/t gold & 151 g/t silver from 20.6m (hole 2021-CHL-004 at Tintic)
1.5m @ 39.3 g/t gold & 323 g/t silver from 37.3m (hole 2021-CHL-011 at Tintic)
4.6m @ 8.39 g/t gold & 39 g/t silver from 100.6m (hole 2021-CHL-030 at Merrimac)
2.3m @ 2.31 g/t gold, 146 g/t silver, 4.3% zinc & 2.0% lead from 42.7m (hole 2021-CHL-020C - at Jim's) These drill results confirmed the breadth of mineralisation seen across the project area coincident with magnetic anomalies. Given the drill results achieved to date and the new geophysical anomalies identified, the project area has been expanded by approximately 50%.
The new claims are south and east of the
In addition to the geophysical results and the associated expansion of the project area outlined above, the Company has also received assay results from drilling at the historic Merrimac, Jim's and the Helen May (located adjacent to Arizona Magma) areas. Gold results have now been received for the remainder of the 56 holes drilled in 2021, with only 7 holes (of the 56 holes drilled) awaiting final silver/lead/zinc results. Results included: 2.3m @ 1.6 g/t gold & 80 g/t silver including 0.8m @ 2.1 g/t gold & 218g/t silver from 96m (hole 2021- CHL-028 at Merrimac) 0.8m @ 123 g/t silver from 126.5m (hole 2021-CHL-029 at Merrimac) 1.5m @ 1.65 g/t gold from 139.3m (hole 2021-CHL-029 at Merrimac)
1.5m @ 3.46 g/t gold from 157m (hole 2021-CHL-029A at Merrimac - silver/zinc/lead assays awaited)
0.8m @ 2.55 g/t gold, 0.5% zinc and 0.3% lead from 136.4m (hole 2021-CHL-015 at Jim's) 1.5m @ 0.77 g/t gold, 103g/t silver and 0.4% zinc from 96m (hole 2021-CHL-022 ay Jim's)
0.8m @ 2.12 g/t gold from 96m (hole 2021-CHL-023A at Jim's - silver/zinc/lead assays awaited)
0.8m @ 1.96 g/t gold from 70.1m (hole 2021-CHL-037 at Helen May - silver/zinc/lead assays awaited) The assay results have confirmed the polymetallic nature of all the veins intersected in drilling to date at Jim's, with most holes intersecting the targeted vein mineralisation.
Riedel Chairman
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 dates 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 future 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 nature 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 company 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 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 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 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 stock 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.
Contact:
Tel: +61 (08) 9226 0866
Email: admin@riedelresources.com.au
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