Reedy Lagoon Corporation Limited announced that Soil sampling has recovered gold in samples along trend from Windmills and identified additional gold anomalies at the Burracoppin Gold project in Western Australia. At the Windmills prospect, anomalous gold has been recovered from samples collected 600 metres to the south and along trend from the discovery traverse. In the south of the project area, two "scout" traverses spaced 800 metres apart also show anomalous gold.

The sampling comprised follow-up sampling at gold anomalies identified in soil samples last year, including at Windmills and at Lady Janet and first pass exploratory sampling in areas previously unsampled (refer ASX release 27/05/2021). The current program commenced in January and was completed in April. Gold assays have been received for the first 550 samples of the total 1,283 samples collected during this phase of sampling.

The remaining 733 samples for which assays are pending includes samples collected under wet ground conditions requiring different sampling protocols which have led to delays in getting the samples to the assay laboratory. All remaining samples collected are expected to be delivered to the assay laboratory by the end of the month. The advances at the Windmills prospect and at the two southern traverses are described in more detail below.

Windmills prospect: Follow-up sampling at the Windmills prospect includes 4 east-west sample traverses at 200 metres separation to the north and to the south of the scout traverse which identified anomalous gold reported last year. Results have been received from the traverses located to the south of the target. The traverse closest to the target for which results have been received is located 600 metres to the south and has recovered gold along trend from and with similar tenor to the recoveries on the discovery traverse.

The new supporting traverse has 5 samples with greater than 5 ppb gold (highest 26.7 ppb) within an envelope of 9 samples all greater than 2 ppb gold. Additional samples have been acquired along east-west traverses at 200 metre separations northwards over the discovery traverse and for a further 800 metres to the north. Results from these additional samples are not yet available.

Exploration "scout" sampling hits success, requires follow-up: Two "scout" traverses in the south of the project area, 800 metres apart, recovered anomalous gold from adjacent positions on the traverses. Results from this first pass sampling are encouraging. Infill sample-lines are needed to investigate if the results are linked and sample traverses to the north and south are warranted to investigate for extensions.

About the sampling: A total of 1,283 soil samples have been collected during the current program. The sampling was undertaken on foot along traverse lines orientated across target mineralisation trends. A sample is taken at 50 metre intervals along the traverse and involves digging a small pit from which soil is sieved to collect about 150 grams of minus 180 micron sized particles.

Where sample moisture content precludes sieving at point of collection, a larger sample (about 3/4 kilogram) was collected for subsequent drying and sieving. 550 of the soil samples collected have been assayed for low detection gold (0.1 ppb detection limit) by an independent laboratory and these results are presented in this report (refer to the attachments for laboratory details and assay procedures). Background levels of gold in these samples are considered to be less than 2 ppb gold (83.6% of the samples have this level), and anomalous levels of gold in these samples are considered to be greater or equal to 5 ppb gold (4.2% of the samples have this level).

733 of the samples collected remain to be assayed. These samples are expected to be submitted to the laboratory for low detection gold assay this week with results expected by the end of August. Assessment of the benefit of additional assay, including multi-element, to investigate for path-finder elements, will be determined after the additional gold assay results have been received.

Next steps include completion of gold assays for the 733 samples collected and not yet assayed, infill and extension sampling at identified anomalies, systematic soil sampling to recover geochemical data to aid targeting gold-bearing mineralised systems for drill testing and additional exploratory traverses in untested areas. The Burracoppin Gold project is located in the central Wheatbelt of Western Australia roughly midway between Perth and Kalgoorlie on the Great Eastern Highway, Route 94. The Edna May Gold Mine is located 20 kilometres to the northeast of the project and the newly opened Tampia Gold Mine is about 60 kilometres to the south.

Initial focus of exploration includes a structural feature, the Yandina Shear Zone, and areas adjacent to it. Current results are building the Windmills prospect with additional assay data pending from infill samples; and a new area of interest has been created in the south by the Company's wide spaced scout sampling.