Increased exploration target to be factored into planned update of current 532Mt resource over Makuutu
Terms agreed with RRM to increase Ionic Rare Earths’ ownership of project to 94% in the coming months
Located in Uganda, Makuutu is one of the largest and advanced undeveloped ionic REE projects in the world
Special Report: RAB drilling across Ionic Rare Earths’ Makuutu tenements has increased the exploration target by a whopping 40% to between 285-766Mt @ 400-700ppm total rare earth oxides (TREO).
Ionic Rare Earths’ (ASX:IXR) Makuutu project in Uganda is one of the world’s most advanced ionic adsorption clay (IAC) projects currently under development.
The project is well placed to leverage off the growing global demand for new REE supply chains outside of China.
Exploration target increase ahead of MRE update
Of the 76 RAB drill holes completed in Phase 5 drilling across the EL00147 and EL00257 blocks – and RL00007 licence – 69 holes have been assayed to host clay-hosted rare earth intersections above the current resource cut-off, increasing the confidence in the existing exploration target over Makuutu.
This maiden program was broad-spaced to identify the presence and tenor of REE mineralisation in the regolith above the underlying fresh rock in laterite plateau areas.
Following assessment, IXR has increased the overall Makuutu exploration target by 40%, which is currently outside of the current 532Mt @ 640ppm TREO resource estimate.
The Makuutu exploration target and mineral resource areas. Pic: Supplied (IXR)
The new exploration target will be used to plan future drill programs and is additional to the current MRE.
“An exploration program designed to evaluate these targets for resource development, including drilling and processing test work, will be compiled during 2024 to inform on work streams to advance exploration licences toward further evaluation,” IXR says.
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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