Ionic Rare Earths intersects clay-hosted rare earths in all 52 infill core drill holes of recent program at Makuutu project in Uganda
Data to be used to update the project’s current 523Mt resource
Updated resource expected towards the end of the current March quarter
Special Report: Ionic Rare Earths has received a welcome boost ahead of the impending resource update for its Makuutu project in Uganda with the latest batch of results from the Phase 5 infill and extension drilling program intersecting clay-hosted rare earths in all 52 holes.
Ionic Rare Earths (ASX:IXR) continues to progress the development at Makuutu through local Ugandan operating entity Rwenzori Rare Metals, with IXR owning 60%.
The company recently agreed to terms with partners in RRM on moving to 94% ownership, which is expected to occur in the first half of this year.
The Phase 5 drilling program – designed to test extensions across areas A and B – has now returned results for 52 infill core drill holes at the Retention Licence at the Makuutu heavy rare earths project in Uganda.
Standout results in all drill holes
Clay-hosted rare earth mineralisation was intersected in all holes at IXR’s Retention Licence (RL 00007) on Makuutu’s western zone, returning:
4.4m @ 1,412ppm total rare earth oxides (TREO) from 1.2m;
8.1m @ 1,261ppm TREO from 3.7m;
3.9m @ 1,077ppm TREO from 2.3m; and
10.2m @ 991ppm TREO from 1.7m.
Makuutu project drill status plan showing the location of infill and extension drilling results on licence RL00007. Pic: Supplied (IXR)
Data from Phase 5 infill drilling will now be applied to update the current 523Mt @ 640ppm TREO resource, which is expected by the end of the current quarter.
Makuutu’s basket contains 71% magnet and heavy rare earths content.
It is one of the most advanced heavy rare earth projects globally available as a source for new supply chains emerging across Europe, Asia and the US.
This article was developed in collaboration with Ionic Rare Earths, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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