Join our daily newsletter At The Bell to receive exclusive market insights
- Ionic Rare Earths (IXR) ramps up its presence in Uganda with a new exploration license to the northwest of its Makuutu rare earths project
- The approval follows drilling work completed in July, which hinted at the potential for further mineralisation
- The exploration license — EL00257 — has been granted for three years and takes the total Makuutu tenement to roughly 300 square kilometres
- Shares in Ionic Rare Earths are trading steady at 4.3 cents
Ionic Rare Earths (IXR) is ramping up its presence in Uganda, having secured a new exploration license to the northwest of its Makuutu rare earths project.
Issued by the Ugandan Directorate of Geological Survey and Mines (DGSM), approval of the license follows successful drilling work at the project that was completed earlier this year.
Assay results from a phase three rotary air blast (RAB) drill program in July showed thick clay intervals more than two kilometres to the north and west of Makuutu’s base margin, which Ionic believes could present an opportunity for further mineralisation.
“These results are very promising, indicating the potential to further expand the rare earth bearing clay mineralisation at Makuutu,” Managing Director Tim Harrison said at the time.
“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.”
It was the significance of those July results, Ionic said in an announcement this morning, that led to the application for the 56-square-kilometre exploration license — EL00257.
EL00257 has been granted for three years and will provide Ionic with new greenfield exploration potential at Makuutu, which now covers a total of 300 square kilometres.
Shares in Ionic Rare Earths were trading steady at 4.3 cents at 1:54 pm AEDT.
