- Ionic Rare Earths (IXR) has received results from the recently completed phase two drilling program at the Makuutu Rare Earths Project in Uganda
- All up, 222 holes were drilled to validate Ionic’s initial exploration target and provide data for an upcoming mineral resource expansion
- Ionic has received partial results and will receive the remaining ones by the end of the month
- Additionally, the company will then use all the results to plan the updated mineral resource estimate
- Grades peaked at 2965 parts per million total rare earth oxides and they extend and identify additional near-surface rare earth element clay mineralisation
- Company shares are up 12.1 per cent on the market and are trading at 3.7 cents
Ionic Rare Earths (IXR) has received results from the recently completed phase two drilling program at the Makuutu Rare Earths Project in Uganda.
All up, 222 holes, for 3745 metres, were drilled across three tenements to validate Ionic’s initial exploration target, provide data for an upcoming mineral resource expansion, and quantify the potential of the 26-kilometre-long Makuutu mineralisation corridor.
The company has received results from holes RRMDD212 to RRMDD245 and will use them to plan the updated mineral resource estimate. This will happen once all results have been received by the end of the month.
The current mineral resource estimate reads 78.6 million tonnes at 840 parts per million (ppm) total rare earth oxides (TREO) at a cut-off grade of 300 ppm TREO-cerium oxide.
Results include five metres at 2965 ppm TREO from 11.9 metres, 10.1 metres at 1754 ppm TREO from 4.7 metres, and 12 metres at 1661 ppm TREO from 9.8 metres.
“These assay results extend and identify additional near-surface rare earth element (REE) clay mineralisation immediately west of the existing mineral resource area,” Managing Director Tim Harrison commented.
“It confirms a very high success rate on the identification of clay REE mineralisation based upon the exploration targeting method used including the radiometrics trend,” he said.
Company shares are up 12.1 per cent and are trading at 3.7 cents at 11:45 am AEDT.