- Reedy Lagoon Corporation (RLC) is up over 80 per cent after announcing it had secured additional ground at its Nevada-based lithium project
- The company announced on Tuesday it had successfully staked 186 placer claims near its Alkali Lake North Project
- RLC says the extra claims help the project covers the full extent of the lithium brine target identified in geophysical survey data
- Further surveys will be carried out by Reedy Lagoon in the future to better define the lithium-brine targets in the area
- RLC shares are 65 per cent in the green at 3.3 cents each towards the close of market on Tuesday
Reedy Lagoon Corporation (RLC) shares are trading up over 80 per cent after the company announced it had secured additional ground at its lithium project.
RLC’s lithium project consists of its Alkali Lake North Project and also at the Company’s Clayton Valley Project, both of which are based in Nevada, US.
The materials stock confirmed on Tuesday that it had successfully staked 186 placer claims near Alkali Lake North.
The company said it was a pleasing development as the extra claims help cover the full extent of the lithium brine target identified in past geophysical survey data.
The survey data from 2017 identified a shallow conductor target identified in magneto-telluric data.
RLC plans to focus on the upper conductor evident in the data from the Alkali Lake North Project.
The company is now planning to carry out further surveys at Alkali and Clayton Valley to better define the lithium-brine targets.
Reedy Lagoon recently raised $1.1 million in additional capital to fund exploration work and development at its lithium asset.
Shares in the company almost doubled today after the placer claims were announced, hitting a high of 3.5 cents in afternoon trade.
Towards the close of market on Tuesday, RLC securities were trading 65 per cent in the green at 3.3 cents each.