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RIEDEL RESOURCES LIMITED Interim / Quarterly Report 2020
65702_rns_2020-07-30_a891635c-afd8-419a-b693-8b868a8ac4f2.pdf
Interim / Quarterly Report
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QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 30 JUNE 2020
OPERATIONAL HIGHLIGHTS
- The Company maintains its interest in the Marymia Gold and Copper project.
- Review of high potential prospective projects continue.
CORPORATE HIGHLIGHTS
Cash at Bank 30 June 2020 – approx. $885,000.
Riedel Resources Limited (ASX: RIE the Company) provides shareholders with its Quarterly Activities Report for the period ended 30 June 2020.
MARYMIA GOLD AND COPPER PROJECT, WESTERN AUSTRALIA
The Marymia Project is located approximately 900 kilometres north of Perth, Western Australia, within the Archean Marymia Inlier. The project is situated 40 kilometres east of the Plutonic Gold Mine, 20 kilometres southeast of the Marymia gold camp, and 55 kilometres northeast of Sandfire Resources NL's DeGrussa copper mine.
The Company reported on 21 May 2018 that Australian Mines Limited (ASX: AUZ, USA OTCQB: AMSLF) increased its interest in the Marymia Gold and Copper Project in Western Australia to 80% having spent $3 million under the April 2014 dated Heads of Agreement. Australian Mines Limited subsequently transferred its rights to Norwest Minerals Limited (ASX: NWM) following a spin-off of that company in November 2018.
The Company maintained its 18.93% interest in the Marymia Gold and Copper Project at 30 June 2020. Norwest Minerals Limited (ASX: NWM) reported that no work was undertaken on the project during the quarter as a result of COVID-19.
CORPORATE
The Company had approximately $885,000 in cash at the end of June 2020.
The Company continues its strategic assessment and the evaluation of projects and will advise the market of any developments.
TENEMENT SCHEDULE
Following is the schedule of Riedel Resources minerals tenements as at 30 June 2020:
| Area of Interest | Tenement reference | Nature of interest | Interest |
|---|---|---|---|
| Marymia | E52/2394 | Direct | 18.93% |
| Marymia | E52/2395 | Direct | 18.93% |
| West Yandal | M36/615 | Royalty | 0% |
| Porphyry | M31/157 | Royalty | 0% |
| -ENDS |
For further information please contact:
Grant Mooney – Company Secretary Tel: +61 (08) 9226 0866
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 and base metals in Australia.
Further information can be found at the Company's website www.riedelresources.com.au