- Ionic Rare Earths (IXR) strikes mineralised clay in all 110 holes of the fifth tranche of a major fourth-phase drilling program at its Makuutu Project in Uganda
- The junior explorer says all holes struck rare earth element (REE) mineralised clay above the project’s mineral resource estimate cut-off grade of 200ppm total rare earth oxides
- The aim of the 8220-metre drilling program was to increase the mineral resource estimate confidence of the Makuutu project’s Central Zone and surrounding areas
- IXR Managing Director Tim Harrison says Makuutu is on track for a “signficant” upgrade in confidence, with the last 66 holes of the program to be reported over the next month
- Shares in Ionic Rare Earths spike 6.9 per cent in early trading action to 6.2 cents each at 11:10 am AEDT
Junior explorer Ionic Rare Earths (IXR) has struck mineralised clay in all 110 holes of the fifth tranche of a major fourth-phase drilling program at its Makuutu Project in Uganda.
The company this morning told investors all holes intersected rare earth element (REE) mineralised clay above the project’s mineral resource estimate (MRE) cut-off grade of 200 parts per million (ppm) total rare earth oxides (TREO).
The drilling was completed as part of an 8220-metre program completed in October 2021.
IXR said several holes returned “outstanding” near-surface, thick high-grade intervals, including a 7.4-metre intersection at 1829 ppm TREO from 3.2 metres, an 11.4-metre hit at 1567 ppm TREO from 3.3 metres, and a 10.7-metre hit at 1489 ppm TREO from three metres.
The main aim of the Makuutu drilling program was to increase the MRE confidence in the project’s Central Zone and surrounding areas.
IXR Managing Director Tim Harrison said these latest results aligned with company expectations and the previous four tranches reported from the latest Makuutu drilling program.
“The results once again clearly show a very thick rares-earths-bearing clay system under minimal cover,” Mr Harrison said.
“With this batch, the Phase Four drilling assay data has nearly all been delivered and the resource geologist engaged.
“The Makuutu resource remains on course for a significant upgrade in confidence in the near-term, with the MRE update advancing Makuutu another step closer to our goal of submitting a mining licence application later in 2022.”
Following today’s batch of assay results, 366 holes out of a total of 432 drilled in the Phase Four program have now been reported by IXR.
The company said the remaining 66 holes were predominantly infill holes designed to increase confidence in the Area I zone of the project, with results expected to be reported over the next month.
At the same time, a string of metallurgical samples from Makuutu has also been delivered to specialised testing labs in Australia and the US, with testing of these samples currently underway.
Shares in Ionic Rare Earths spiked 6.9 per cent in early trading action to 6.2 cents each 11:10 am at AEDT. The company has a $201 million market cap.