Riedel Resources Limited (ASX: RIE, Riedel or the Company) is pleased to announce it has successfully completed a maiden reverse circulation (RC) drill program at the Kingman Project in northwest Arizona, USA.

Riedel's drilling program targeted areas of historic gold and silver mineralisation where high grades of gold and silver were mined in the late 1800s and early 1900s and where diamond drilling in late 2019 intersected multiple high-grade veins.

Drilling contractor Boart-Longyear completed 56 RC holes for a total of 5,230m drilled during the program. Assay results from 17 holes are reported herein, bringing holes reported to date to 38 holes. Remaining results from last 18 holes are expected next month.

In addition to the very high-grade assays reported on 23 March 2021, predominantly from the historic Tintic and Merrimac areas, these most recent assay results confirmed the Jim's mine area consists of poly-metallic veins comprising gold, silver, lead and zinc mineralisation.

Latest assay results include: 2.3m @ 2.31 g/t gold, 146 g/t silver, 4.3% zinc & 2.0% lead from 42.7m (hole 2021-CHL020C at Jim's)

2.3m @ 1.26 g/t gold, 33.7 g/t silver & 1.2% lead from 1.5m (hole 2021-CHL-019 at Jim's)

3m @ 2.14 g/t gold & 27.9 g/t silver from 29.7m (hole 2021-CHL-043 at Arizona-Magma)

1.5m @ 2.56 g/t gold, 9.6 g/t silver & 0.3% zinc from 45.7m (2021-CHL-45 at Arizona-Magma)

Riedel Chairman Michael Bohm stated: 'It is very satisfying to have completed our maiden drilling program on time, on budget and with a good site safety record. Our experienced team in the US has done great work and I commend them for their efforts and the results achieved.

'Obviously, we have been somewhat focussed on the terrific high-grade assay grades initially announced from drilling at Tintic and Merrimac in March - it is not every day one gets to report 3.8m at 98.9g/t gold and 151 g/t silver-1. To now confirm the presence of polymetallic veins carrying significant gold, silver, lead and zinc assay grades at Jim's is really pleasing.

'The geophysical anomaly associated with the mineralization we see at Jim's is at least 1.8km long and is entirely within our project footprint. These recent shallow assay results open-up a whole new target area of potential mineralisation - noting that we have no historic evidence of drilling ever occurring at the Jim's mine.

'We anticipate further drill hole assay results being received in May 2021. We now have numerous high-grade drill targets across the entire project area including at Tintic, Merrimac, Arizona-Magma and Jim's. Our team will now collate and interpret the drilling results and formulate our next steps for follow-up during 2021.'

The drill program was Riedel's first 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.

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.

Although the company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.

Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

Contact:

Michael Bohm

Tel: +61 (08) 9226 0866

Email: admin@riedelresources.com.au

About Riedel Resources Limited

Riedel Resources Limited listed on ASX on 31 January 2011 and is an Australian-based exploration company focused on the exploration for gold, silver and base metals in Australia and Arizona, USA.

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