Ionic Rare Earths (ASX:IXR) - Managing Director, Tim Harrison
Managing Director, Tim Harrison
Source: Ionic Rare Earths
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Ionic Rare Earths (IXR) gets the third batch of assays from phase four drilling at the Makuutu rare earths project in Uganda
  • Positively for the company, all 71 holes in this batch have returned clay and saprolite mineralisation intersections above the MRE cut-off grade
  • Managing Director Tim Harrison says the results confirm the high-grade, near surface and thick nature of the mineralisation in the Makuutu Central Zone
  • The company believes the results mark another positive step for the project to delivering a larger, higher classification resource estimate
  • IXR shares have been trading steady at 4.2 cents

Ionic Rare Earths (IXR) has received the third batch of assays from a phase four drilling program at the Makuutu rare earths project in Uganda.

The company completed an 8220-metre drilling program at the project in October with results so far indicating that Makuutu is a large scale, ionic adsorption clay (IAC)-hosted rare earth element (REE) project which has proven potential to extend to the east and northwest.

Third tranche results account for 71 drill holes that were drilled within the existing inferred and indicated mineral resource estimate (MRE) and aimed to define extensions to the MRE in the Makuutu Central Zone (MCZ) as well as areas F and G.

Positively for IXR, all 71 holes returned clay and saprolite mineralisation intersections above the 200 parts per million (ppm) total rare earth oxide less CeO2 (TREO-CeO2) cut-off grade.

Results include 11.7 metres at 1437ppm TREO from 4.5 metres, 12 metres at 1468ppm TREO from 4.5 metres, 8.1 metres at 1413ppm TREO from 7.5 metres, 12.3 metres at 1268ppm TREO from 3.2 metres, and 16.2 metres at 1128ppm TREO from 3.8 metres.

Managing Director Tim Harrison was pleased with the thick, high-grade results.

“These are very strong infill results and further confirm, as I expected, the high grade, near surface and thick nature of the clay in the MCZ. Additional to the strong infill results, assays confirm the potential for extension of mineralisation on the western side of the MCZ to extend the lobe on the northwest corner,” he said.

“Pleasingly, these results are another positive step for the project on delivering a larger, higher classification MRE at Makuutu.”

All phase four drilling samples have been delivered, with three tranches of samples from 251 holes currently at the assay laboratory.

Company shares were trading steady at 4.2 cents at 11:56 am AEDT.

IXR by the numbers
More From The Market Herald
The Market Herald Video

" Askari Metals (ASX:AS2) acquires Barrow Creek Lithium project after raising $2.6m

Askari Metals (ASX:AS2) has acquired the Northern Territory Barrow Creek Lithium project after completing a $2.6…
Agrimin (ASX:AMN) - CEO, Mark Savich

" Agrimin (ASX:AMN) announces $7m cap raise

Following a trading halt earlier in the week, fertiliser development company Agrimin (ASX:AMN) has announced plans…

" Race Oncology (ASX:RAC) reports $1.8m in cash outflows

Race Oncology (ASX:RAC) reports $1.8 million in cash outflows