- Ionic Rare Earths (IXR) enters a trading halt pending an announcement regarding an updated mineral resource estimate for the Makuutu rare earths project
- The Makuutu project lies in Uganda and is situated 120 kilometres east of the capital city of Kampala
- Currently, the mineral resource estimate (MRE) stands at 78.6 million tonnes at 840 parts per million (ppm) total rare earth oxides
- The company will remain in the halt until May 4 or when the announcement is released, whichever occurs first
- Shares in Ionic last traded at 7.1 cents on April 29
Ionic Rare Earths (IXR) has entered a trading halt pending an announcement regarding an updated mineral resource estimate for the Makuutu rare earths project.
The Makuutu project lies in Uganda and is situated 120 kilometres east of the capital city of Kampala. It is made up of three licences which cover a total area of 132 square kilometres.
Currently, the mineral resource estimate (MRE) stands at 78.6 million tonnes at 840 parts per million (ppm) total rare earth oxides (TREO).
There is significant upside for further growth as only 25 per cent of the targeted exploration area drilled.
In its March quarterly report, Ionic revealed it had burnt through $988,000 with the majority going towards administration and corporate costs.
The company also invested nearly $2.2 million in exploration and evaluation.
As of March 31, Ionic had $3.61 million in total available funding, representing 1.1 quarters of use if spending levels remain the same.
The company will remain in the halt until May 4 or when the announcement is released, whichever occurs first.
Shares in Ionic last traded at 7.1 cents on April 29. The company has a $274.7 million market cap.