- Ionic Rare Earths (IXR) has been advised by the Ugandan Government that it may resume exploration at the Makuutu Rare Earths Project
- However, this comes with certain conditions such as only having critical staff on-site at any one time and always being equipped with thermometers, sanitisers and personal protection equipment
- While sticking to these measures, Ionic is eager to resume exploration and drilling which is expected to kick off in early July
- Over 90 per cent of the 4000-metre program is yet to be drilled and is set to define the full potential of Makuutu
- Ionic currently holds a 31 per cent interest in the project however this program will see it earn up to 60 per cent
- Company shares are currently down 11.1 per cent and trading for 0.8 cents each
Ionic Rare Earths (IXR) has been advised by the Ugandan Government that it may resume exploration and mining activities.
Accordingly, the company (formerly known as Oro Verde) resumed exploration at its 31 per cent-owned Makuutu Rare Earths Project on June 9.
However, the Ugandan Ministry of Energy and Mineral Development has issued guidelines to mining companies to ensure COVID-19 is kept at bay.
The guidelines, recommended by the Ugandan Ministry of Health, include the need to maintain the highest level of sanitation and hygiene, and to only keep the minimum critical staff on-site at any one time.
These guidelines also require companies to be equipped with hand-held thermometers to assess temperature, sanitisers, and personal protection equipment.
While sticking to these measures, the company is eager to resume exploration and drilling which is expected to kick off in early July. More than 90 per cent of the 4000 metre drilling program is yet to be drilled.
This drilling will follow on from the outstanding results released on May 28, 2020. Once the program is completed, Ionic Rare Earths will have realised the full potential of the 26 kilometre-long Makuutu mineralised corridor.
Through this drilling program, the company will be earning up to 60 per cent of the project.
At market close, the company is down 11.1 per cent and shares are trading for 0.8 cents each.