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Reed Resources substantial shareholder Vanguard boosts stake with on-market purchases

Reed Resources (ASX: RDR) has received a major vote of confidence in the company's operations, with substantial shareholder Vanguard Precious Metals and Mining Fund boosting its stake in Reed through a series of on-market purchases.

Vanguard now holds 7.12% of Reed, making 14 stock purchases during August at a share price of between A$0.33 and A$0.44.

Reed has recently made some positive announcements, and just last month increased total JORC Resources at the Mount Marion Lithium Project by 38% to 14.9 million tonnes at 1.3% Li2O, for 201,000 tonnes of contained Li2O.

Reed recently also finalised the settlement of the Meekatharra Gold Project acquisition, and has commenced a reverse circulation and diamond core drill program - results are pending.