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- Ionic Rare Earths (IXR) receives the remaining results from its phase three drilling program at the Makuutu Rare Earths Project in Uganda
- All up, 67 rotary airblast holes were drilled as part of this program to test for rare earth elements
- Overall, new grades peaked at 698 parts per million total rare earth oxides
- Ionic has also submitted an application for an exploration licence northwest of Makuutu with the Ugandan Development of Geological Survey and Mines
- Shares in Ionic are down 6.45 per cent and trading at 2.9 cents at 11:16 am AEST
Ionic Rare Earths (IXR) has received the remaining results from its phase three rotary airblast (RAB) drilling program at the Makuutu Rare Earths Project.
The Makuutu Project is situated in Uganda and lies 120 kilometres east of the capital city of Kampala.
It is made up of three licences which cover a total area of 132 square kilometres.
All up, 67 RAB holes, for 1206 metres, were drilled under this phase three program to test for rare earth elements.
Best new results include 10 metres at 698 parts per million (ppm) total rare earth oxides (TREO) from six metres, 10 metres at 678 ppm TREO from two metres; and 12 metres at 675 ppm TREO from four metres.
Managing Director Tim Harrison is pleased with the promising results and is excited to begin phase four drilling.
“These results are very promising, indicating the potential to further expand the rare earth bearing clay mineralisation at Makuutu,” Mr Harrison commented.
“Right now, the focus is on the phase four drilling program to get the infill core drilling completed and the mineral resource estimate updated to support the feasibility study.
“We will now complete some additional work to evaluate the growing list of extensional targets at Makuutu and plan for a larger exploration program to be initiated in due course.”
Ionic has also submitted an application for an exploration licence northwest of Makuutu with the Ugandan Development of Geological Survey and Mines.
“We have moved swiftly to apply for the additional tenement and whilst we await the outcome of the application, we will review all of the targets and refine a longer-term plan for evaluating the growing list of newly identified resource extension potential at Makuutu,” Mr Harrison concluded.
Shares in Ionic were down 6.45 per cent and trading at 2.9 cents at 11:16 am AEST.
