- Ionic Rare Earths (IXR) mobilises a third drill rig to its majority-owned Makuutu Rare Earths Project in Uganda
- The additional drill rig will accelerate the phase four program which aims to convert the inferred resource to the indicated and measured categories
- Drilling also aims to convert certain exploration targets to classified resources which will support a feasibility study
- So far, Ionic has drilled 155 holes, for 2370 metres, out of the planned 5700 metres
- Company shares were trading flat at 2.9 cents
Ionic Rare Earths (IXR) has mobilised a third drill rig to its majority-owned Makuutu Rare Earths Project in Uganda.
The project is reportedly one of the world’s largest scale ionic-adsorption-clay-hosted rare earth element (REE) deposits.
The rig has been mobilised to the project to accelerated the phase four drilling program which aims to convert the inferred resource to the indicated and measured categories. It also aims to convert certain exploration targets to classified resources which will support a feasibility study.
The program has initially targeted the Makuutu Central Zone on retention licence 1693 and will work its way outwards for infilling.
Managing Director Tim Harrison commented on the drilling progress.
“The progress at Makuutu continues to move along at a very rapid pace. The phase four infill drilling program is ahead of plan and with the third rig now on site we expect to get through the program ahead of schedule,” Mr Harrison said.
“We have no shortage of future targets with substantial extensional upside at Makuutu however we remain ensuring we define an adequate indicated resource base to support the feasibility study.”
The phase four program will include 5700 metres which makes it the largest program Ionic has initiated so far. So far, 155 holes, for 2370 metres, have been completed.
Company shares were trading flat at 2.9 cents at 11:30 am AEST.