- Ionic Rare Earths (IXR) has progressed its stage four drilling program at the Makuutu Rare Earths Project in Uganda
- The company has so far completed 55 drill holes for 687 metres of its initial 5700-metre program
- Additionally, Ionic is expecting a third rig to the site at the end of the month in what will be the largest program initiated at Makuutu
- On the market this morning, Ionic is up 6.90 per cent and trading at 3.1 cents per share
Ionic Rare Earths (IXR) are in the green this morning following its progress on the stage four drilling program at its Makuutu Rare Earths Project.
Makuutu is one of the world’s largest-scale ionic adsorption clay hosted rare earth element deposits, located east of Kampala in Uganda.
Earlier this year, Ionic recorded a mineral resource estimate for Makuutu at 315 million tonnes at 650 parts per million (ppm) total rare earth oxide (TREO), with a cut-off grade of 200ppm TREO minus Cerium Oxide.
Following this, the company commenced the phase four drilling program, which to date has completed 55 drill holes.
Additionally, Ionic is expecting a third rig to the site at the end of the month in what will be the largest program initiated at Makuutu to date.
The aim of the drilling program is to covert the inferred resources on RL 1693 to indicated and measured resource category.
“The drill program will focus initially on infill drilling on a 200-metre grid to support conversion from inferred resources to indicated resources,” the company said.
“An allocation of drilling on a 100-metre grid will then be completed with a desire to confirm a portion of measured resources for the feasibility Study.”
On the market this morning, Ionic was up 6.90 per cent and trading at 3.1 cents per share at 10:49 am AEST.