Riedel Resources Limited (ASX: RIE, Riedel or the Company) is pleased to announce it plans to recommence drilling next month at the Kingman Gold Project in Arizona, subject to final permitting.

Riedel selected contractor Boart-Longyear to undertake the RC drill program after completing the previous drill program on time and on budget in April this year.

Riedel anticipates the same rig and crew will undertake the upcoming drill program.

Drilling will initially focus on the Tintic mine area where drilling in February/March this year confirmed multiple high-grade gold and silver assays located close to surface.

As previously advised, Riedel increased its Kingman Project footprint in May 2021 via staking of new claims immediately south and east of, and contiguous with, the project area. These new claims hosted historic gold, silver and lead-zinc mining areas and have seen limited or no modern exploration. The claims are also immediately adjacent to previously operated open-pit copper mines.

Riedel Chairman Michael Bohm stated: 'We are looking forward to commencing drilling at our Kingman Project. We are fortunate to be able to utilise the same team to undertake the program, including our geologists and the experienced drill crew, both of whom did a terrific job completing the drilling earlier this year. 'Given the high grades and shallow nature of the gold mineralisation seen in drilling to date at Tintic, we are very keen to get started. Subject to commencing drilling in September and laboratory turnaround times, we anticipate first drill assay results commencing in November 2021. 'We are also excited that the new project areas, stake only a couple of months ago and part of a now substantial Project land position, are returning surface samples with high grade gold and silver results in numerous locations.

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

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 highgrade gold, silver and lead from shallow depths, confirming the extensive mineralisation potential of the area.

In April 2021, Riedel completed a 5,000m RC drill program over several historic mine areas on the property, including at Tintic, Merrimac, Arizona Magma and Jim's. This drilling returned numerous highgrade 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 RC drill program completed in April 2021 was its 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 (refer Riedel's ASX announcement dated 23 October 2020).

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

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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