Riedel Resources : HIGH-GRADE CONTINUES AT TITANIC

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6 June 2022

HIGH-GRADE GOLD & SILVER ASSAYS CONTINUE AT TINTIC, WITH

MINERALISED ZONE NOW 600M LONG AND UP TO 250M WIDE

Highlights:

• Assay results continue to extend the Tintic high-grade zone at the Kingman Gold Project, USA
• Results received from latest holes include:
• • 10.7m @ 2.98 g/t Au and 50 g/t Ag from 92.2m (2022-CHL-071D)incl- 1.5m @ 16.1 g/t Au, 191g//t Ag and 4.2% Pb from 93.7m
  • 8.4m @ 2.58 g/t Au and 29 g/t Ag from 12.2m (2022-CHL-080B)incl- 1.5m @ 7.15 g/t Au, 93 g/t Ag and 3.4% Pb from 13m
  • 2.3m @ 5.17 g/t Au and 85 g/t Ag from 29.7m (2022-CHL-048A)incl- 0.8m @ 13.70 g/t Au, 196 g/t Ag and 11% Pb from 31.2m
• Tintic's shallow high-grade zone predominantly between 10m & 80m depth
• Assays from remaining 28 holes at Tintic on track for receipt this month

Riedel Resources Limited (ASX:RIE, "Riedel" or "the Company") is pleased to announce further assay results from its recently completed RC drill program at its Kingman Project in Arizona, USA. The assays from Tintic have again extended the broad high-grade zone of gold and silver mineralisation.

The results, from both extensional and infill drilling, confirm the shallow mineralisation and importantly again extend mineralisation deeper and further to the west (refer Fig 1 & 2). Results include:

• 10.7m @ 2.98 g/t Au and 50 g/t Ag from 92.2m (2022-CHL-071D)incl- 1.5m @ 16.1 g/t Au, 191g//t Ag and 4.2% Pb from 93.7m
• 8.4m @ 2.58 g/t Au and 29 g/t Ag from 12.2m (2022-CHL-080B)incl- 1.5m @ 7.15 g/t Au, 93 g/t Ag and 3.4% Pb from 13m
• 2.3m @ 5.17 g/t Au and 85 g/t Ag from 29.7m (2022-CHL-048A)incl- 0.8m @ 13.70 g/t Au, 196 g/t Ag and 11% Pb from 31.2m
• 2.3m @ 3.54 g/t Au and 45 g//t Ag from 17.5m (2022-CHL-048B)

Riedel Chairman Michael Bohm stated:

"The already large Tintic zone at the Kingman Project just keeps growing every time we drill, with grades that are very encouraging. The blanket of high-grade gold and silver mineralisation is shallow, broad and appears open in several directions.

"Our goal at Kingman is two-fold - to advance short-term open pit production opportunities such as Tintic, whilst seeking to unlock the bigger picture, given the outstanding mineral endowment of the area. With historic production from the immediate area going back 100 years and the large mineral system at Mineral Park located on our doorstep, we are excited by the Project opportunities at Kingman.

"Assay results from the remaining 28 holes are anticipated before the end of June."

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Figure 1 - Tintic RC Drill Cross Section X-X'

Figure 2 - Tintic RC Drill Cross Section A-A'

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As previously reported, the mineralisation at Tintic appears to be contained within shallow, flat-dipping veins which comprise of varying amounts of quartz, clay and sulphide mineralisation. There are also indications of a stacked lode/sill complex in the drilling and assay results. The shallow depth of the intersected mineralisation, including the significant gold and silver grades seen in drilling, lends itself to the future potential for open-pit mining methods.

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Figure 3 - Hole collar locations of RC drill programs over the Tintic area showing section lines

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Plate 1 - RC Drilling at Tintic - March 2022 (ie winter)

Kingman Project Background

The Kingman Project is located in north-west Arizona, USA, approximately 90 minutes' drive from downtown Las Vegas and within 5km of a major highway (refer Map 1).

Kingman Project

Map 1 - Location of Riedel's Kingman Project in Arizona, USA

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The project was mined predominantly for high-grade gold and silver from the 1880s until the early 1940s - which coincided with the outbreak of WWII. Following limited drilling near Tintic in the 1990s, 11 diamond holes were drilled on the property in late 2019 which intersected multiple zones of high- grade gold, silver and lead from shallow depths, confirming the extensive mineralisation potential of the area (refer Riedel ASX announcement dated 23 October 2020).

During 2021, Riedel completed 9,420m of RC drilling (104 holes) over several historic mine areas on the property, including at Tintic, Merrimac, Arizona Magma and Jim's. This drilling returned numerous high-grade gold and silver assay results including 3.8m at 98.9g/t gold and 151g/t silver from 20.6m at Tintic (refer ASX announcement dated 23 March 2021). In addition, it confirmed a 1.8km long exploration target associated with the historic Jim's mine to host significant gold, silver, zinc and lead mineralisation as shallow as 1.5m below surface (refer Riedel's ASX announcement dated 19 April 2021).

The Kingman Project has seen minimal modern exploration. Riedel's recent RC drill program completed in April 2022 was its third at Kingman, where it is looking to acquire up to an 80% interest in via its December 2020 Agreement with Flagstaff Minerals Limited and Flagstaff Minerals (USA) Inc (refer Riedel's ASX announcement dated 23 October 2020).

This announcement was approved for release by the Board of Directors of Riedel.

-ENDS-

Competent Person Statement

Information in this release that relates to Exploration Results is based on information compiled by Mr Sean Whiteford, who is a qualified geologist, a member of the Australian Institute of Mining and Metallurgy, and a consultant to Riedel Resources Limited. Mr Whiteford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Whiteford consents to the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr Whiteford is not a shareholder of the Company.

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.

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