Riedel Resources : Shallow high grade drill results at Kingman Project

(refer Map 1).

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9 December 2021

only		HIGH-GRADE GOLD & SILVER RESULTS CONFIRMED AT RIEDEL'S
	KINGMAN PROJECT IN ARIZONA
	STRIKE LENGTH NOW EXTENDED TO 600M AT TINTIC
	Highlights:
use	• Assay results received for the first 23 (of 48) RC holes completed at Riedel's Kingman Gold
Project in Arizona (during September-October 2021)
• Drilling focussed on the historic Tintic mine area (44 of 48 holes drilled)
• Multiple shallow high-grade assay results achieved for both gold and silver mineralisation
		• Standout results received to date (all Tintic except where noted) include:

personal	▪ 5.3m @ 18.1 g/t gold & 24 g/t silver from 23.6m
including- 1.5m @ 42.3 g/t gold & 27 g/t silver from 24.4m (hole 2021-CHL-090)
▪ 1.5m @ 35.6 g/t gold & 42 g/t silver from 30.5m (hole 2021-CHL-089)
▪ 2.3m @ 9.49 g/t gold & 55 g/t silver from 13.7m
including- 1.5m @ 12.5 g/t gold & 48 g/t silver from 13.7m (hole 2021-CHL-080A)
▪ 0.8m	@ 18.3 g/t gold from 41.5m (hole 2021-CHL-080A)
▪ 6.9m	@ 3.1 g/t gold from 25.9m
including- 1.5m @ 7.9 g/t gold from 31.2m (hole 2021-CHL-074)
▪ 2.3m	@ 3.43 g/t gold & 24 g/t silver from 13.7m
including- 0.8m @ 7.55 g/t gold & 40 g/t silver from 13.7m (hole 2021-CHL-092)
▪ 1.5m	@ 222 g/t silver from 42.7m (hole 2021-CHL-029C - Merrimac)
For
• Gold and silver mineralisation now confirmed over a 600m strike extent at Tintic
• Remaining assay results (for 25 holes) expected late December 2021 or early January 2022,
subject to laboratory turn-around times
• Drill rig now scheduled to remobilise to site in late-January 2022

Riedel Resources Limited (ASX:RIE, "Riedel" or "the Company") is pleased to announce initial assay results from its recent reverse circulation (RC) drill program have returned multiple high-grade gold and silver intersections from shallow depths at the Kingman Project in Arizona, USA

Riedel's drill program primarily focussed on the historic Tintic mine area (refer Figure 1), where gold and silver mineralisation was mined in the late 1800s and early 1900s and where drilling in early 2021 intersected multiple high-grade veins1.

1 Refer ASX announcement dated 23 March 2021. The Company confirms it is not aware of any new information or data that materially

affects the information included in the announcement.

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Initial drilling results from Riedel's recent drill program returned numerous high-grade gold and silver intersections including:

▪ 5.3m @ 18.12 g/t gold & 24 g/t silver from 23.6m

only	including- 1.5m @ 42.3 g/t gold and 27 g/t silver from 24.4m (hole 2021-CHL-090)
▪ 1.5m @ 5.22 g/t gold & 82 g/t silver from 25.1m (hole 2021-CHL-089)
▪ 1.5m @ 35.65 g/t gold & 42 g/t silver from 30.5m (hole 2021-CHL-089)
	▪ 1.5m @ 5.32 g/t gold & 45 g/t silver from 23.6m (hole 2021-CHL-090A)
	▪ 2.3m @ 9.49 g/t gold & 55 g/t silver from 13.7m
	including- 1.5m @ 12.5 g/t gold and 48 g/t silver from 24.4m (hole 2021-CHL-080A)
use	▪ 0.8m @ 18.3 g/t gold from 41.5m (hole 2021-CHL-080A)
▪ 6.9m @ 3.1 g/t gold from 25.9m
	including- 1.5m @ 7.9 g/t gold from 31.3m (hole 2021-CHL-074)
	▪ 3m @ 3.21 g/t gold from 102.1m
	including- 1.5m @ 5.09 g/t gold & 10 g/t silver from 102.1m (hole 2021-CHL-077A)
personal	▪ 1.5m @ 5.10 g/t gold & 31 g/t silver from 28.2m
including- 0.8m @ 8.47 g/t gold & 132 g/t silver from 174.5m
	including- 0.8m @ 8.00 g/t gold & 20 g/t silver from 28.2m (hole 2021-CHL-092B)
	▪ 2.3m @ 3.43 g/t gold & 24 g/t silver from 13.7m
	including- 0.8m @ 7.55 g/t gold & 40 g/t silver from 13.7m (hole 2021-CHL-092)
	▪ 1.5m @ 222 g/t silver from 42.7m (hole 2021-CHL-029C - Merrimac)
	▪ 2.3m @ 3.12g/t gold & 67 g/t silver from 173.8m (hole 2021-CHL-029B- Merrimac)

The gold and silver mineralisation at Tintic is contained within shallow flat dipping veins comprising varying amounts of quartz, clay and sulphide mineralisation (refer cross sections below). There is also an early indication for a potential stacked lode/sill complex and the vein continuity now appears to extend, both along strike and laterally, at shallow depths.

Riedel Chairman Michael Bohm stated:

"We are very pleased to have achieved numerous shallow and high-grade gold results in multiple holes at the Tintic mine area at our Kingman Project. It is also encouraging to have now confirmed broad gold and silver mineralisation over a 600m strike extent at Tintic.

For"The Kingman Project is all about grade. We saw multiple high grades in our drilling earlier this year and to go back and confirm those earlier results - in numerous holes - is very satisfying.

"We believe these high-grade gold and silver results, from very shallow depths, point to the significant open pit and underground potential of the project area. As I have said before, the area has seen almost no modern exploration until recently.

"Drill hole assay results will continue to arrive in the coming weeks. Our US-based team have now successfully completed two drill programs within nine months during 2021."

Riedel anticipates remaining assay results will be received during December 2021/January 2022. These results, combined with the previous results at Tintic, will assist in detailed geological modelling and drill targeting. The drill rig is now scheduled to remobilise back to site in late January 2022.

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The location of the Tintic holes is shown in Figure 1.

For personal use only

Figure 1 - showing collar locations from the RC drill programs over the historic Tintic mine area in 2021

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For personal use only

Figure 2 - Tintic Cross Section A-A'

Figure 3 - Tintic Cross Section C-C'

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For personal use only

Figure 4 - Tintic Long Section Y-Y'

Figure 5 -Tintic cross section orientations

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