Reedy Lagoon Corporation (RLC)

Shares / Stock Code

RLC

Stock Exchange / Sharemarket

ax

Reedy Lagoon Corporation (RCL) is a mining exploration company with a focus on the Bullamine Iron Project in WA and the Tanami Uranium Project in WA and NTW as well as targeting uranium, gold and copper projects located on the Gawler Craton in SA and the Lachlan Fold Belt in Victoria and NSW. The Company’s projects included Bullamine project, Tanami, Balta and Edward Creek projects, Edward Creek Base Metals Joint Venture and Chiltern gold project. Its subsidiary is Osprey Gold Pty Ltd. Investors can trade RCL shares on the Australian Stock Exchange (ASX). RLC was listed on the Australian stock market in 22 June, 2007. Investors can buy and sell shares on the Australian Stock Exchange (ASX).

Bullamine project

The Bullamine project is an investigation into the opportunities for developing iron mining (magnetite) operations in the south west part of Western Australia, east from Perth. The project covers over 3,000 km2 under 15 tenements. Iron mineralisation identified by Western Mining Corporation in the 1970s was the initial attraction and led to the acquisition of a tenement (E70/2846) adjacent to the town of Northam located 70 kilometres east from Perth. The area of interest rapidly grew following a joint venture with Ferrum Crescent Resources (then Washington Resources; for E70/2719 & 2720) and subsequent application for an additional tenement (E70/3462) abutting to the north.

The Company is exploring for magnetite deposits of all sizes and believes that magnetite in banded iron formations as narrow as 20 metres wide may prove economically viable to mine. Key to this possibility is how efficiently iron concentrates can be produced from the weathered magnetite mineralisation generally found to a depth of 30 metres below surface and overlying fresh mineralisation. Mining the upper parts of deposits from numerous relatively small scale open cut pits may prove economically viable.

Tanami project

The Tanami project comprises of an application in the Tanami region of the Northern Territory (EL 24885 - Pedestal Hill), covering 272 km2. Exploration for stratabound uranium deposits (rollfront and unconformity styles) similar to those in the nearby Ngalia and Amadeus Basins in the Northern Territory is underway. The Tanami is also the largest gold producing region in the Northern Territory, containing the Tanami, Granites and Dead Bullock Soak (Callie Gold Mine) Goldfields.

The Tanami Uranium Project is focussed on uranium hosted by Neo-Proterozoic sediments on the western edge of the Centralian Super Basin. These sediments lie unconformably over crystalline basement rocks of the Granites-Tanami Complex of Archaean to Palaeo-Proterozoic age. The Centralian Super Basin is used to describe the single, more continuous, large basin from which the various sub-basins of Neo-Proterozoic and early Phanerozoic sedimentary rocks, which host numerous significant uranium deposits; the Birrindudu, Ngalia, Amadeus, and Redcliff Pound/Tanami basins, were formed during early Palaeozoic tectonism.

Target lithologies include the Gardiner Sandstone, ascribed to the Birrindudu Group of Upper Carpentarian age (middle-Proterozoic) and the younger Lewis Range Sandstone. The lithologies and geological settings of the Gardiner Sandstone and the Lewis Range Sandstone are virtually identical. Proterozoic granite in the region is a possible source for the target uranium.

Edward Creek

The Edward Creek Project area (EL 4377) covers an area of 440 km2 in and adjacent to the Peake and Denison Ranges, 750 km north northwest from Adelaide, South Australia. RLC was first granted title to the Edward Creek area on 28 October 1988. Initially, most of RLC's exploration was directed towards diamonds but activities since 2003 have focussed more on exploration for copper, gold and uranium.

Isabella project

The 'Isabella' project covers 350 km2 and is the result of a review of base metal exploration conducted in the region by previous explorers principally in the late 1990s. Substantial geophysical data, including airborne magnetic, radiometric and EM surveys are available for the project area and will be used to assist in developing RLC's uranium targets.

RLC's exploration is targeting deformation structures, including folding, faulting and shearing, which may have provided conduits and/or trap sites for uranium mineralization precipitating from circulating mineralising fluids within or adjacent to carbonaceous sediments. The company believes the geology may be analogous to that of the Rum Jungle Mineral Field in the Northern Territory, where several uranium deposits occur at similar junctions of structures and carbonaceous stratigraphy.

Winning Hill project

The 'Winning Hill' project covers 211 km2 and is the result of a review of uranium exploration conducted principally in the early 1980's. This earlier work included drill testing a target beneath surface uranium anomalism where a major oblique fault juxtaposes younger rocks with Gascoyne Complex basement. Uranium mineralisation was identified in a weathered zone but RLC believes the target was not adequately tested. Anomalous uranium mineralisation can be associated with carbonaceous or graphitic material where faulting cuts an unconformity between younger strata and older basement rocks. RLC's interpretation of the previous work suggests such targets may exist at Winning Hill and initial exploration will target sites of intersection between faulting and specific carbonaceous strata.