SP – 7c
Shares – 49m
Options – 10m (20-30c)
Cash – $650k
A quick update on RLC and its projects. Pulling this from March quarterly, so will be brief and wait for further info from June quarterly.
Bullamine (WA)
The Bullamine Iron Ore Project is a joint venture between Reedy Lagoon Corporation and Cliffs Asia Pacific Iron Ore Pty Ltd (“Cliffs”), a wholly owned subsidiary of Cliffs Natural Resources Inc. (NYSE: CLF, Paris: CLF). Cliffs is earning a 75% interest and is manager of the joint venture.
Chitterberin Prospect (Information current as of 18/7/12)
Tetra Tech in conjunction with ProMet Engineers has been commissioned to calculate a resource estimate of the magnetite iron ore for the Chitterberin prospect.
Preliminary findings of the study suggest the Chitterberin prospect has potential to contain about 50 to 70 m tonnes of magnetite bearing rock grading at least 20% Fe. Early results indicate grinding to sizes finer than 75 micron is required and so further tests are underway on grind sizes down to 45 micron.
Wongamine Prospect
Eight diamond holes for 1,826.5 metres were completed at the Wongamine prospect during the March quarter.
The Wongamine prospect comprises North Wongamine and East Wongamine.
Six holes (1,489 metres) targeted the North Wongamine prospect where drilling during the September quarter intersected shallow dipping magnetite mineralisation in thicknesses up to 90 metres. Initial interpretation of core from the six recent holes at North Wongamine together with the previous four diamond holes and detailed magnetic data from airborne surveys indicate the mineralisation at North Wongamine occurs within a lens shaped body the long axis of which is about 500 metres long.
KEL-1 & KEL-2
A review of these tenements resulted in a recommendation that they be surrendered by the joint venture. Subsequent to the end of the period RLC elected to retain KEL 1 (E70/3766) in its own right.
KEL-3
A review of these tenements resulted in a recommendation that they be surrendered by the joint venture. Subsequent to the end of the period RLC elected to retain the KEL 3 tenememts in its own right.
KEL-4
Assay results provided in table 3 were received for the five diamond holes drilled at the West Burracoppin Prospect reported in the December quarter.
The results of the drilling indicate limited tonnage potential and no further work at West Burracoppin is planned.
The larger Burracoppin magnetic anomaly located nearby remains a target of the joint venture within KEL 4.
KEL-6 & KEL-7
A review of these tenements resulted in a recommendation that they be surrendered by the joint venture. Subsequent to the end of the period RLC elected to retain E70/3772 (the northern part of KEL 7) in its own right.
BEN-1 & BEN-2
No work was carried out during the quarter.
Edward Creek (SA) (information current as of 3/5/12)
The planned drilling at RLC’s 100% owned Victory uranium prospect has been awarded government funding under the South Australian Government’s initiative to encourage exploration by contributing funding towards exploration drilling.
Tanami (NT)
The Tanami project is located in the Northern Territory and abuts the Western Australia border. The project area is within EL 24885 which was granted to the Company on 28 February 2012. Target mineralisation is uranium precipitated and concentrated along unconformities and paleodrainage channels within sedimentary sequences or within fault zones.
Gold is a secondary target. The project area is located 70 kilometres west from the Newmont owned Callie Gold Mine (a 10 million oz plus deposit) and about the same distance south east from Tanami Gold’s Coyote Gold Mine.
Isabella (including Genoa) (WA)The project area contains folded Edmund Group (“Bangemall Basin”) rocks, unconformably overlying Gascoyne Complex gneissic, granitic and metasedimentary basement. The basement is known to be uranium-bearing.
Winning Hill (WA)
The project area covers similar stratigraphy as is present at Isabella.
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