Reedy Lagoon : Seismic results for RLC's lithium project in Nevada USA.

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ASX : RLC

6 January 2022

Seismic survey results for RLC's lithium project in Nevada, USA

2D shallow seismic reflection (SSR) survey identifies shallow reflectors in basinal structure at Reedy Lagoon Corporation Limited's (ASX:RLC) Alkali Lake North Project in Nevada, USA.

Preliminary report and interpretations of the processed data have been presented to the Company. The SSR was planned to gain information about the effectiveness of the SSR method at the project and, if successful, recover data that enables better characterization of the brine targets identified in Audio Magneto-telluric ("AMT") data (refer to ASX release 15/11/2021). The survey also tests the use of the "PinPoint" source: a cost effective, environmentally friendly method (see explanation below). The Company has not yet received a final report on the work completed nor its results, however preliminary observations and interpretations include the following:

• The survey appears to have successfully imaged some reflectors located in the top 500 metres.
• Coherent and continuous reflectors are observed in the middle portion of the survey line.
• Seismic character degrades significantly in the eastern part of the traverse with reflectors appearing less coherent and discontinuous.
• Reflectors pull up towards the eastern and western ends of the line suggesting sedimentary layers sag downwards in the central portion of the project area which would be consistent with our interpreted basin structure from gravity data (referASX release 14/10/2021).

Figure 1. 2D Shallow Seismic Survey results superimposed on 3D AMT Survey Results (refer ASX Release 14/10/2021)

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The survey work was commenced on 24 November and completed on Sunday 28 November 2021. Data was collected along a single traverse measuring 7 kilometres in length orientated east-west through the centre of the project area (refer ASX release 15/11/2021). The seismic line was designed to gain further information about the depth to and number of aquifers indicated in the Company's AMT survey data on its Alkali Lake North lithium brine project. The survey also tests the use of "PinPoint" source, which is essentially a shotgun cartridge fired into the ground.

The PinPoint source method has low impact on the environment and is cost efficient. The PinPoint source delivers a relatively small amount of energy into the ground. For better penetration and to less ambiguously characterise deeper geology it is thought a more powerful source than PinPoint, such as a vibroseis vehicle is likely to be required. However, for acquiring data that aids modelling brine targets at depths to about 500 metres in the Alkali Lake North project environment the PinPoint source and SSR method has demonstrated its usefulness.

RLC Managing Director Geof Fethers commented: the shallow seismic survey has given RLC another dimension to its exploration targeting shallow brine aquifers. The coincidence of shallow seismic reflectors and extensive AMT conductivity anomalies located within a basin structure are strong indicators of the presence of a substantial brine aquifer system at the Alkali Lake North Project.

More information will be provided after receipt by the Company of the final report.

Authorised for release on behalf of the Company.

Geof Fethers, Managing Director Telephone: [phone] reedylagoon.com.au

Reedy Lagoon Corporation Limited

P O Box 2236, Richmond VIC 3121

Competent Persons Statement

The information in this report as it relates to exploration results and geology was compiled by Mr Geoff Balfe who is a Member of the Australasian Institute of Mining and Metallurgy and a Certified Professional. Mr Balfe is a consultant to Reedy Lagoon Corporation Limited. Mr Balfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Balfe consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Company Statement

Where Exploration Results have been reported in earlier RLC ASX releases referenced in this report, those releases are available to view on the INVESTORS page of reedylagoon.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in those earlier releases. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Attachments:

1. Map showing SSR survey line location on regional gravity
2. Location diagram
3. Table 1 - JORC 2012

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JORC Code, 2012 Edition - Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

		Criteria		JORC Code explanation		Commentary
		Sampling	• Nature and quality of sampling (eg cut channels, random chips, or		• The Company has not collected surface geochemical samples
		techniques	specific specialised industry standard measurement tools appropriate
				to the minerals under investigation, such as down hole gamma
				sondes, or handheld XRF instruments, etc). These examples should
				not be taken as limiting the broad meaning of sampling.
				• Include reference to measures taken to ensure sample representivity
				and the appropriate calibration of any measurement tools or systems
				used.
				• Aspects of the determination of mineralisation that are Material to the
				Public Report.
				• In cases where 'industry standard' work has been done this would be
				relatively simple (eg 'reverse circulation drilling was used to obtain 1
				m samples from which 3 kg was pulverised to produce a 30 g charge
				for fire assay'). In other cases more explanation may be required,
				such as where there is coarse gold that has inherent sampling
				problems. Unusual commodities or mineralisation types (eg
				submarine nodules) may warrant disclosure of detailed information.
		Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air		•	No drilling undertaken
		techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple
				or standard tube, depth of diamond tails, face-sampling bit or other
				type, whether core is oriented and if so, by what method, etc).
		Drill sample	• Method of recording and assessing core and chip sample recoveries		•	N/A
		recovery	and results assessed.

• Measures taken to maximise sample recovery and ensure representative nature of the samples.

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

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	Criteria			JORC Code explanation		Commentary
	Logging		• Whether core and chip samples have been geologically and		•	N/A
				geotechnically logged to a level of detail to support appropriate
				Mineral Resource estimation, mining studies and metallurgical
				studies.
				• Whether logging is qualitative or quantitative in nature. Core (or
				costean, channel, etc) photography.
				• The total length and percentage of the relevant intersections logged.
	Sub-sampling		• If core, whether cut or sawn and whether quarter, half or all core		•	N/A
	techniques		taken.
	and sample		• If non-core, whether riffled, tube sampled, rotary split, etc and
	preparation
		whether sampled wet or dry.
				• For all sample types, the nature, quality and appropriateness of the
				sample preparation technique.
				• Quality control procedures adopted for all sub-sampling stages to
				maximise representivity of samples.
				• Measures taken to ensure that the sampling is representative of the in
				situ material collected, including for instance results for field
				duplicate/second-half sampling.
				• Whether sample sizes are appropriate to the grain size of the material
				being sampled.
	Quality of		• The nature, quality and appropriateness of the assaying and		•	N/A
	assay data		laboratory procedures used and whether the technique is considered
	and		partial or total.
	laboratory		• For geophysical tools, spectrometers, handheld XRF instruments, etc,
	tests
		the parameters used in determining the analysis including instrument
				make and model, reading times, calibrations factors applied and their
				derivation, etc.
				• Nature of quality control procedures adopted (eg standards, blanks,
				duplicates, external laboratory checks) and whether acceptable levels
				of accuracy (ie lack of bias) and precision have been established.
	Verification of		• The verification of significant intersections by either independent or		•	N/A
	sampling and		alternative company personnel.
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