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Ionic Rare Earths (ASX:IXR) - Managing Director, Tim Harrison
Managing Director, Tim Harrison
Source: Ionic Rare Earths
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  • Ionic Rare Earths (IXR) receives further results from its phase four drilling program at the Makuutu Rare Earths Project in Uganda
  • Results have been received for tranche two with 60 holes drilled to infill the current Makuutu Central Zone East mineral resource estimate
  • All 60 holes intersected ckay and saprolite mineralisation with grades peakiing at 1156 parts per million total rare earth oxide
  • Ionic expects to release an updated mineral resource estimate in Q2 2022
  • Shares in Ionic are up 6.25 per cent on the market and are trading at 5.1 cents

Ionic Rare Earths (IXR) has received further results from its phase four 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.

Results have been received for tranche two with 60 holes drilled to infill the current Makuutu Central Zone East mineral resource estimate (MRE).

The aim was to increase the grade estimation from inferred to indicated as well as convert the exploration target to a classified resource.

All 60 holes intersected clay and saprolite mineralisation above the cut-off grade of 200 parts per million (ppm) total rare earth oxide (TREO).

Notable results include 15 metres at 1156 ppm TREO from 2.1 metres, 10.3 metres at 1078 ppm TREO from 2.3 metres and 12.3 metres at 1054 ppm TREO from 7.3 metres.

Samples from a further three tranches are currently at the Perth laboratory undergoing analysis, with the final tranche on route from Uganda to Perth.

Managing Director Tim Harrison commented on the drilling.

“The primary objective of the phase 4 infill drill program was to increase the confidence on the MRE at Makuutu to support a longer life mine plan for the feasibility study,” Mr Harrison said.

“Pleasingly, the higher grades and thickness we have observed in the infill drilling, and also in the areas that sit outside the current MRE, infer that we will also see a potential increase in the total quantum of resource at Makuutu.”

Ionic expects to release an updated mineral resource estimate in Q2 2022.

Shares in Ionic were up 6.25 per cent on the market and were trading at 5.1 cents at 11:35 am AEDT.

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