Riedel Resources : High Grade Silver Results for Riedel

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8 February 2022

only		RIEDEL CONFIRMS HIGH-GRADE SILVER AT TINTIC IN ADDITION
	TO HIGH-GRADE GOLD
Highlights:
use	• High-grade silver results received for remaining RC holes drilled at Riedel's Kingman Gold
	Project in Arizona (in addition to high-grade gold results reported on 20 January 2022)
• Silver, lead and zinc results received from final batch of Tintic assays (including the previously
	reported gold assays1) include:
	▪ 3.8m @ 11.64 g/t Au plus55 g/t Ag, 1.5% Pb & 1.1% Zn from 30.5m (2021-CHL-071)
	incl- 0.8m @ 41.87 g/t Au plus110 g/t Ag, 2.1% Pb & 1.1% Zn from 32m
personal		▪ 4.6m @ 12.43 g/t Au plus52 g/t Ag, 2.4% Pb & 0.9% Zn from 45m (2021-CHL-075)
	incl- 1.5m @ 35.26 g/t Au plus145 g/t Ag, 6.8% Pb & 1.4% Zn from 45.7m
	▪ 2.3m @ 3.35 g/t Au plus40 g/t Ag, 3.1% Pb & 0.8% Zn from 44.2m (2021-CHL-075C)
	incl- 0.8m @ 7.57 g/t Au plus95 g/t Ag, 8.8% Pb & 1.5% Zn from 44.2m
•	Results provide further confirmation of significant levels of both silver and base-metal
	mineralisation in addition to the high-grade gold already seen at Tintic
• Drill permits now received from the Bureau of Land Management
• RC drill rig anticipated to mobilise on or about 10 March 2022 with drilling to further target
	shallow high-grade zones at Tintic and test nearby shallow gold/silver anomalies

Riedel Resources Limited (ASX:RIE, "Riedel" or "the Company") is pleased to announce high-grade silver (and lead/zinc) assay results in addition to the recently announced high-grade gold assays achieved from its reverse circulation (RC) drill program at its Kingman Project in Arizona, USA.

Riedel Chairman Michael Bohm stated:

"While gold is and remains our focus at Kingman, we have known from our earliest drilling that Tintic Fornot only had high-grade gold values, but also had significant silver and lead/zinc mineralisation.

"These additional high-grade assay results have confirmed what we already understood to be true at Tintic. The key themes remain - high-grade and shallow depths combined with what appears to be geological consistency, across a shallow blanket of high-grade gold mineralisation with substantial silver, lead and zinc grades thrown into the mix.

"Mineralisation appears open in several directions with the potential for both lateral and depth extensions to the already broad mineralised zone at Tintic. We are not chasing a deep buried zone here, the high-grade gold mineralisation is as shallow as 10m below surface in places.

"Drilling is schedule to start again next month - focussing on Tintic whilst also testing a couple of nearby shallow gold/silver targets - we can't wait."

1 Refer ASX announcement dated 20 January 2022. 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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The Tintic hole locations are shown in Figure 1, with the results of the holes reported in Table 2.

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 is also indications of a stacked lode/sill complex given what is being seen in the drilling and assay results. The shallow depth of the intersected mineralisation, including the significant gold and silver grades seen in

onlydrilling, lends itself to the future potential for open pit mining methods.

For usepersonal

Figure 1 - collar locations of RC drill programs over the historic Tintic mine area and the extensional drilling

to the south of the historic mine area. Arrows indicate direction of potential open mineralisation.

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For personal use only

Figure 2 - Tintic Cross Section A-A'

Figure 3 - Tintic Cross Section B-B'

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Figure 4 -Tintic cross section orientations

Plate 1 - Tintic area looking south-east - with the historic mine area in the foreground

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Kingman Project Background

For personal use only

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

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).

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 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 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.

-ENDS-

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