As at 4/11/2013 | Chart
ADX Interest approx. 11%
Riedel Resources Limited (Riedel) is an Australian based and ASX listed (RIE) exploration company established to explore for and develop gold and base metals mineralisation in Western Australia. Riedel was incorporated on 9 April 2010 as a public company for the purpose of acquiring a portfolio of highly prospective exploration projects located in Western Australia from ADX Energy Ltd (ADX) formerly AuDAX Resources Ltd.
Riedel’s assets include a portfolio of gold, copper and nickel projects and significant land holdings in prospective areas in the Archaean and Proterozoic areas in Western Australia. Riedel has a mixture of early stage and advanced prospects outlined below.
Riedel proposes a well funded, well resourced and aggressive exploration strategy in its own right and by way of joint venture arrangements. Programs have been designed to evaluate and add significant value to existing core projects and to achieve key exploration milestones.
Riedel’s primary aim is to become a successful exploration company and advance Shareholder’s interests and asset values through the expertise of key personnel; active exploration programs; and acquisition and consolidation of tenement holdings in the project areas.
Mary Mia Project
Peak Hill District WA, Joint Venture with Australian Mines Limited (Riedel Resources currently 51% Interest)
On 30 April 2014 Riedel announced the key terms and conditions of a farm-in and joint venture arrangement over exploration licences 52/2394 and 52/2395 (“the Marymia Project”) with Australian Mines Limited (ASX: AUZ, “Australian Mines”). A Heads of Agreement was signed by the parties and if the farm-in and joint venture arrangement proceeds to its full conclusion, the earn-in will be worth up to $3.3M.
The Mary Mia project area is located approximately 180km northeast of Meekatharra in the Peak Hill district of Western Australia and lies within the Mary Mia Dome. The project comprises two large contiguous exploration licenses which overlie most of the Baumgarten Greenstone Belt, occupying a total area of approximately 431 km2. Existing exploration targets include structurally controlled Au and Cu-Au, magmatic NiS and base metals mineralisation.
The region hosts Sandfire Resource’s DeGrussa Deposit (550,000 tonnes contained copper metal) and Thaduna Copper project (100,000 tonnes contained copper metal). Riedel’s tenements are located about 50km to the north east of the DeGrussa copper mine and cover an entire basement high/greenstone belt and extensions to the Jenkin Fault, both of which are considered key elements in exploration targeting for DeGrussa-type Cu-Au deposits.
Recent drill intersection at the Dixon Prospect included 10 metres @ 8.79 g/t gold from 130 metres downhole.
Wiluna WA, Riedel Resources Managed (100% Interest)
The Millrose project area is located within the Yandal/Millrose Greenstone Belt, in the Murchison region of the north eastern Goldfields of Western Australia. It is situated approximately 80km north east of Wiluna. The project comprises Exploration Licence 53/1304 which has Retention Status. The project contains an Inferred Resource estimate of 4Mt at 2.4 g/t Au for 309,000oz (1 g/t cutoff, inferred resource estimate prepared by Al Maynard & Associates in July 2010) and this mineralisation is open at depth and to the south east along strike for a further 2km.
Charteris Creek Project
Pilbara District WA, Joint Venture with FMG Resources (Riedel Resources currently 100%)
In January 2014 FMG Resources Pty Ltd (“FMGR”), a wholly-owned subsidiary of Fortescue Metals Group Ltd, entered into a Farm In and Joint Venture Agreement with the Company worth up to $1M over Exploration Licence 45/2763.
Riedel’s 100%-owned tenement is 131km2 in area and is located approximately 45km north of Nullagine and 50km south-east of Marble Bar in the Pilbara Region of Western Australia.