PRECIOUS METALS

Riedel off to strong headline gold-silver start at Kingman

Drilling hits high grades at historical Arizona mining area

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True width is unknown, with "multiple high-grade gold and silver zones" said to have been drilled.

Riedel has drilled 4190m of a planned 5000m maiden campaign with further results due in April and May.

Riedel completed the transaction involving Kingman late last year, with Kingman's vendor, Flagstaff Minerals, partly-owned by Riedel's recently appointed chairman Mike Bohn.

Bohn is also a director at ASX duo Ramelius Resources and Mincor Resources.

Riedel is effectively earning up to 80% of Kingman via various staged payments, issuances of shares and exploration expenditures.

Kingman features high-gold and silver grades seen in historical mining and replicated in a 2019 drill program. 

Riedel raised A$2 million to fund the current drilling late last year by issuing new shares priced at 0.55c each.

Shares in Riedel were up 61% to 3.7c in morning trade, capitalising the company at $31 million.

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