Red Dragon Resources

Rea Location Map

The Rea uranium project is located in northeastern Alberta on the western edge of the Athabasca Basin. The project covers 446,330 acres of highly prospective ground and surrounds AREVA's Maybelle River uranium deposit. The Athabasca Basin is host to some of the worlds largest and richest uranium mines and currently contributes about 32% of the world's uranium supply; past production and resources total almost 1.5 billion pounds of U3O8.

The company completed an airborne magnetic and electromagnetic survey over the entire property in late 2005. Follow-up ground induced polarization (IP) surveys over high priority geophysical targets (12) were completed in 2006. The IP surveys identified a number of anomalies that may be caused by alteration associated with uranium mineralization. In March and April of 2007, the company drilled (1,903 metres in 8 holes) six of these relatively shallow high priority targets. Three of these holes intersected significant alteration and anomalous concentrations of uranium in sedimentary rocks immediately above the unconformity with the underlying basement pegmatite.

In 2008, the company has planned a ground geophysical program (electromagnetic) on some of the high priority targets identified in the previous exploration programs. The objective of the program is to map more precisely the intersection of the basement fault structures and the unconformity with the overlying sedimentary rocks, which in many Athabasca Basin deposits, is the location that hosts uranium mineralization. Contingent on results, the company will drill test the more favorable conductors in early 2009.

Red Dragon optioned the property to Uramin Inc. in 2006, which was subsequently purchase by AREVA in 2007. AREVA have the right to earn up to a 50% interest in the project by spending US$5.5 million and making option payments of US$1.1 million over a three year period.

Land Tenure

Athabasca Basin
Regional Geology

Property Geology

Historic Drill Collars

Compilation Map

Airborne
Electromagnetic Map