Riedel Resources (ASX:RIE) is capped at just $1.9 million and is...

Riedel Resources (ASX:RIE) is capped at just $1.9 million and is currently waiting on diamond drill assays from the Simmons nickel and copper-gold prospect within the Marymia Project in the Doolgunna region.

Marymia, a joint venture with Australian Mines (ASX:AUZ), is along strike and on the same Jenkins Fault as Sandfire's DeGrussa copper-gold mine, and 12 kilometres from Ventnor Resources' (ASX:VRX) Green Dragon and Thaduna copper deposits.

AUZ entered into a Heads of Agreement with Riedel, and may acquire a 51% interest via a $250,000 cash payment by 30th October as well as spending $1 million on exploration within an initial two-year period.

The company is also involved in a free carried zinc-lead and copper-molybdenum joint venture with Fortescue Metals Group (ASX:FMG) in Western Australia.

Fortescue can earn 80% of Riedel's 131 square kilometre Charteris project, which contains part of a larger cluster of base metal occurrences, by spending $1 million on exploration.

The Lennons Find deposit of 1.85 million tonnes at 5.1% zinc and 1.4% lead is 1 kilometre to the north of Charteris, and the McPhee Creek Iron Ore deposit of 251 million tonnes at 56.1% iron is within 8 kilometres.

Rock chip and stream sediment sampling assays from the Fortescue exploration are also pending.

In addition, Riedel holds a 1.4 million tonne at 2.4g/t gold deposit for 108,000 ounces at Cheritons Find, plus 4 million tonnes at 2.4g/t for 309,000 ounces at Melrose.

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