• Ionic Rare Earths intersects clay-hosted rare earths in all 52 infill core drill holes of recent program at Makuutu project in Uganda
  • Data to be used to update the project’s current 523Mt resource
  • Updated resource expected towards the end of the current March quarter

 

Special Report: Ionic Rare Earths has received a welcome boost ahead of the impending resource update for its Makuutu project in Uganda with the latest batch of results from the Phase 5 infill and extension drilling program intersecting clay-hosted rare earths in all 52 holes.

Ionic Rare Earths (ASX:IXR) continues to progress the development at Makuutu through local Ugandan operating entity Rwenzori Rare Metals, with IXR owning 60%.

The company recently agreed to terms with partners in RRM on moving to 94% ownership, which is expected to occur in the first half of this year.

The Phase 5 drilling program – designed to test extensions across areas A and B – has now returned results for 52 infill core drill holes at the Retention Licence at the Makuutu heavy rare earths project in Uganda.

 

Standout results in all drill holes

Clay-hosted rare earth mineralisation was intersected in all holes at IXR’s Retention Licence (RL 00007) on Makuutu’s western zone, returning:

  • 4.4m @ 1,412ppm total rare earth oxides (TREO) from 1.2m;
  • 8.1m @ 1,261ppm TREO from 3.7m;
  • 3.9m @ 1,077ppm TREO from 2.3m; and
  • 10.2m @ 991ppm TREO from 1.7m.
Ionic ASX IXR
Makuutu project drill status plan showing the location of infill and extension drilling results on licence RL00007. Pic: Supplied (IXR)

 

Data from Phase 5 infill drilling will now be applied to update the current 523Mt @ 640ppm TREO resource, which is expected by the end of the current quarter.

Makuutu’s basket contains 71% magnet and heavy rare earths content.

It is one of the most advanced heavy rare earth projects globally available as a source for new supply chains emerging across Europe, Asia and the US.

 

 

 

This article was developed in collaboration with Ionic Rare Earths, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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