- Ionic Rare Earths (IXR) has confirmed a major extension of rare earth mineralisation to the east of the Makuutu Rare Earths Project in Uganda
- The company completed a phase two drilling program which included 68 holes for over 3700 metres to increase the project's mineral resource
- Pleasingly, all but one of the reported holes intersected near-surface mineralisation above the cut-off grade of 300 parts per million total rare earth oxide-cerium oxide
- Based on the results, CEO Tim Harrison is confident there's a robust and long-life project potential at Makuutu
- Company shares are up 15.4 per cent and trading for 1.5 cents
Ionic Rare Earths (IXR) has confirmed a major extension of rare earth mineralisation to the east of the Makuutu Rare Earths Project in Uganda.
The company received the third tranche of results from phase two drilling in three areas - all of which indicated the next resource upgrade may be substantial.
The phase two program included 68 holes, for 3745 metres, and aimed to validate an exploration target and increase the potential of the 26-kilometre-long Makuutu mineralisation corridor for a resource expansion.
Pleasingly, 44 of the 45 holes reported near-surface mineralisation above the mineral resource estimate cut-off grade of 300 parts per million (ppm) total rare earth oxides (TREO)- cerium oxide.
"This extension of REE clay mineralisation is material on the impact of conversion of the exploration target to a mineral resource," CEO Tim Harrison said.
Results from Area H include three metres at 987 ppm TREO from 5.1 metres and 4.2 metres at 1318 ppm TREO from 5.3 metres. Results from Area I. include 3.6 metres at 1230 ppm TREO from 5.1 metres and 3.1 metres at 897 ppm TREO from 4.8 metres.
Results from Area J include 9.6 metres at 825 ppm TREO from 4.2 metres and 5.7 metres at 872 ppm TREO from 5.7 metres.
Area J is an area of particular interest due to 25 of the 26 holes drilled being mineralised above the MRE cut-off grade with an average thickness of mineralised clay of 6.4 metres ranging from 2.6 metres to 11.2 metres.
Additionally, TREO grades ranged from 499 ppm to 879 ppm.
A single hole was unmineralised and assays from a further 24 holes from tranche three are yet to be received.
Assay results for tranches four and five - consisting of 61 holes - are pending.
Company shares are up 15.4 per cent and trading for 1.5 cents at 12:18 pm AEDT.