Riedel Resources has completed a key drilling program at its Kingman Gold Project in Arizona and secured $1.78 million through an entitlement offer, while appointing Adrien Wing to its board.
- Completed 21-hole diamond drilling program at Kingman totaling 739 metres
- Samples submitted for assays and metallurgical testing with results due soon
- Raised A$1.78 million via a 1-for-2 entitlement offer and shortfall placement
- Appointed Adrien Wing as new independent non-executive director
- Forward plans include trenching, soil geochemistry, and environmental approvals
Kingman Drilling Program Completed
Riedel Resources Limited (ASX, RIE) has successfully wrapped up a 21-hole diamond drilling campaign at its Kingman Gold Project in Arizona, USA. The program, executed by Energold Drilling Corp, delivered 739 metres of core targeting key deposits including Tintic, Silver Fox, and Anomaly 1. The drilling aimed to both infill known high-grade zones and test extensions along strike, particularly near historical workings.
Samples from the program, 466 in total, have been sent to All American Laboratories in Reno for assay and metallurgical evaluation. Results are anticipated by the end of the current quarter, which will be critical in refining the geological model and assessing resource growth potential.
Capital Raise and Board Changes
In parallel with operational progress, Riedel completed a 1-for-2 non-renounceable entitlement offer in December 2025, raising approximately A$1.78 million before costs. The capital injection strengthens the company’s balance sheet, which closed the quarter with A$2.66 million in cash. This funding underpins ongoing exploration and preparatory work at Kingman.
Corporate governance also saw a refresh with the appointment of Mr Adrien Wing as an independent non-executive director, replacing Mr Michael Bohm. Mr Wing’s addition brings fresh expertise to the board as Riedel advances its exploration and development agenda.
Forward Exploration and Environmental Planning
Looking ahead, Riedel is preparing for a suite of follow-up activities at Kingman, including mechanised trenching approved by the Bureau of Land Management. This trenching will focus on structural corridors with promising historical workings, providing cost-effective validation ahead of further drilling.
A soil geochemistry program is also in design, leveraging favourable near-surface conditions to detect geochemical halos associated with gold-silver mineralisation. This approach is expected to become a primary targeting tool across the district-scale project.
Additionally, the company is advancing metallurgical test work using core samples from the Tintic deposit, a crucial step toward evaluating potential development pathways. Early environmental planning is underway to support a Plan of Operations submission to the BLM, aiming to streamline future approvals and project advancement.
Marymia East JV Progress
On the Australian front, Riedel’s joint venture partner Norwest Minerals completed a five-hole drilling campaign at the Marymia East Gold & Base Metals Project in Western Australia. The program targeted the Shiraz gold prospect, with assays pending. This project complements Riedel’s portfolio and highlights ongoing efforts to identify new resource opportunities.
Financial Overview
Riedel reported operating cash receipts of A$188,000 for the quarter, with exploration expenditure of A$193,000 primarily related to Kingman activities. The company’s net cash inflow from financing activities was A$1.75 million, reflecting the successful entitlement offer and shortfall placement. Payments to directors and related parties were disclosed in line with governance standards.
Bottom Line?
With assay results imminent and groundwork laid for expanded exploration, Riedel’s next quarter will be pivotal in defining Kingman’s resource potential and shaping its development trajectory.
Questions in the middle?
- What will the assay results reveal about the extent and grade of mineralisation at Kingman?
- How will metallurgical test outcomes influence the feasibility of developing the Tintic deposit?
- What new corporate or asset opportunities might Riedel pursue alongside Kingman and Marymia East?