- Ionic Rare Earths (IXR) confirms high grades of ionic adsorption clay-hosted rare earth elements (REEs) at the Makuutu Rare Earths Project in Uganda
- The company has received results from its 7800-metre phase four drilling program aimed at updating the current mineral resource
- Best results include 1359ppm total rare earth oxides (TREO) over 8.4 metres and 1232ppm TREO over 13.4 metres
- IXR is confident these results will help to improve the mineral resource estimate which is expected to be delivered in the first quarter of 2022
- Company shares are up 7.5 per cent to trade at 4.3 cents
Ionic Rare Earths (IXR) has received the first batch of results from phase four drilling at the Makuutu Rare Earths Project in Uganda.
This drilling aimed to infill the current Makuutu Central Zone East’s mineral resource area to convert the inferred resource to the indicated category.
The latest results have confirmed thick, high-grade and near-surface intervals of ionic adsorption clay-hosted rare earth elements (REEs).
Best results include 8.2 metres at 1359 parts per million (ppm) total rare earth oxides (TREO) from 3.3 metres, 8.4 metres at 1258ppm TREO from 2.8 metres, 13.4 metres at 1232ppm TREO from four metres and 11.2 metres at 1160ppm TREO from 2.1 metres.
Managing Director Tim Harrison commented on the results.
“The near surface results with such thick zones of elevated TREO grades observed within these infill results are very positive, inferring potential to have a higher-grade mining inventory earlier in the mine plan for the project, and potentially leading to a significant positive impact on the economics of the feasibility study.”
Ionic Rare Earths believes the thick clay mineralisation in the central eastern zone will add substantial grade and tonnage to the indicated resource as part of the updated mineral resource estimate.
The company expects to deliver the updated resource in the first quarter of 2022 and will also complete a feasibility study before October next year.
At this stage, IXR has drilled 325 holes, for 6200 metres, under the phase four program and three rigs are currently operating to complete the remaining 1600 metres.
Company shares were up 7.5 per cent to trade at 4.3 cents at 10:15 am AEST.