Riedel Resources Evaluates New Processing Methods for Kingman Project
RIEDEL RESOURCES LIMITED (RIE) Share Update July 2024 Wednesday 31st
Riedel Resources Advances Kingman Project with New Processing Evaluations
Riedel Resources Limited (ASX: RIE) has released its Quarterly Activities Report for the period ending 30 June 2024, highlighting significant progress in evaluating new processing methods for the Kingman Project in Arizona, USA.
Instant Summary:
- Focus on toll treatment scenarios in Arizona and Nevada.
- Evaluation of processing methods like gravity separation, CIP/CIL, flotation, and heap leach.
- Geochemical analysis of Tintic deposit to identify high-potential areas.
- Baseline permitting surveys completed.
- Active pursuit of new project opportunities in Arizona and beyond.
Operational Highlights
During the quarter, Riedel Resources concentrated on advancing investigations for toll treatment scenarios in Arizona and Nevada. This involved evaluating potential sites and technologies to determine the most efficient and cost-effective processing solutions for the Tintic deposit.
The Tintic deposit hosts a JORC 2012 Inferred Mineral Resource Estimate of 494,000 tonnes at 4g/t Au for 64,000oz gold and 43.4g/t Ag for 689,000oz silver, with most of the resource within 40m of the surface.
Processing Methodologies
Riedel is currently reviewing various processing methodologies, including gravity separation, Carbon-In-Pulp/Leach (CIP/CIL), flotation, and heap leach. These methods are being considered both as standalone solutions and in combination to optimize the processing of the Tintic deposit.
Exploration Activities
Exploration at the Kingman project focused on analyzing the geochemical characteristics of the Tintic deposit. The company extrapolated these findings across current soil and rock-chip samples to pinpoint vectors to mineralization within and around the project area. This targeted approach aims to identify high-potential areas for further investigation and drilling.
New Project Opportunities
Riedel is also actively pursuing and evaluating new project opportunities in Arizona that complement and enhance the Kingman Project. Additionally, the company is reviewing and completing due diligence on projects across the USA and within Australia to uncover significant new finds and expand its resource base.
Corporate Updates
As of 30 June 2024, Riedel had approximately $167,000 in cash at the bank. Post quarter-end, the company announced a capital raising via a Convertible Note issue to raise A$500,000. This proactive financial management aims to support ongoing and future exploration activities.
The evaluation of new processing methods could significantly enhance the efficiency and cost-effectiveness of the Kingman Project, potentially increasing the project's overall value. This progress is likely to positively impact Riedel Resources' stock as investors respond to the company's proactive approach to resource development.
Investor Reaction:
Analysts are likely to view Riedel's proactive approach to evaluating new processing methods and pursuing additional project opportunities positively. This strategy demonstrates the company's commitment to optimizing its resources and expanding its project portfolio, which could bolster investor confidence.
Conclusion:
Investors should keep an eye on Riedel Resources' ongoing evaluations and new project opportunities. The company's strategic approach to resource development and financial management indicates a promising future for the Kingman Project and beyond.