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- Ionic Rare Earths (IXR) has updated the exploration target at its Makuutu project in Uganda, flagging the potential to double the project’s resource tonnage
- The company says the update follows a successful drilling program, with the revised exploration target range estimated at 216-535 million tonnes, grading 400-600 ppm total rare earth oxides (TREO)
- The news follows the company’s updated mineral resource estimate for the project announced last month of 532 million tonnes at 640 ppm TREO
- The updated exploration target now paves the way for a phase five exploration program, targeting areas for further resource growth
- IXR shares were down 7.14 per cent, trading at 5.2 cents at 1:02 pm AEST
Ionic Rare Earths (IXR) has updated the exploration target at its Makuutu rare earth project in Uganda, flagging the potential to double the project’s resource tonnage over the long term.
The company said it conducted a review to establish further exploration potential at the project, with the revised exploration target range for additional potential mineralisation estimated at 216-535 million tonnes grading 400-600 parts per million (ppm) total rare earth oxides (TREO).
The update now paves the way for a fifth phase of exploration in the area, which will target areas for further resource growth and confirm the extent of the mineralisation across known targets.
The news follows the company’s updated mineral resource estimate (MRE) at Makuutu announced last month, from 78.6 million tonnes at 840 ppm TREO to 532 million tonnes at 640 ppm TREO.
The updated exploration target range, while conceptual in nature, has been estimated from previous rotary air blast (RAB) drilling conducted in 2021.
The company said while there had not been enough exploration to define an MRE for the revised target, it believed the target was “based on reasonable grounds and assumptions”.
“The long-term exploration potential is immense,” IRX Managing Director Tim Harrison said.
“This updated exploration target, which factors in the successful phase three RAB drilling assay results from July 2021, confirms the massive potential of EL00147, having identified immediate extensions to the resource estimate beyond previous radiometric targeting,” Mr Harrison said.
“Additionally, the new tenement at EL00257 would provide additional upside beyond this target.”
IXR shares were down 7.14 per cent, trading at 5.2 cents at 1:02 pm AEST.
