Makuutu Phase 5 Drilling Program Completed
Perth, Oct 17, 2023 AEST (ABN Newswire) - The Board of Ionic Rare Earths Limited (ASX:IXR) (IXRRF:OTCMKTS) advises on progress at its 60 per cent owned Makuutu Heavy Rare Earths Project ("Makuutu" or "the Project") in Uganda.
- Phase 5 infill drill program at Makuutu on Retention Licence (RL) 00007 completed with 128 holes drilled for 2,501 metres;
- Infill drilling expected to both increase confidence and scale of updated Mineral Resource Estimate (MRE) expected Q1 2024;
- Samples progressively being delivered to Perth for analysis, with first results expected this quarter; and
- Makuutu's basket contains 71% magnet and heavy rare earths content, and is one of the most advanced heavy rare earth projects globally available as a source for new supply chains emerging across Europe, the US, and Asia;
The Company is pleased to advise completion of the Phase 5 drill program progressing the development at the Makuutu Heavy Rare Earths Project through local Ugandan operating entity Rwenzori Rare Metals Limited ("RRM").
IonicRE's Managing Director Mr Tim Harrison said the Phase 5 drill program, now completed, is an important activity in advancing the next stages of development at Makuutu for a much larger Project.
"The infill drilling has progressed to plan and we await assays, expected over the remainder of 2023, to feed into a significant increase in confidence on the MRE associated with RL00007 which will support our next Mining Licence Application at Makuutu."
"We await the results of the metallurgical test work on samples selected from the recent RAB drilling as part of this Phase 5 drill program which will enable revision to the Exploration target aimed for late this quarter, and also assist the Company plan future drilling across both EL00147 and EL00257."
"Our focus on the delivery of the Makuutu Heavy Rare Earths Project in Uganda positions us to provide a secure, sustainable, and traceable supply of magnet rare earth oxides. Along with our Ionic Technologies Belfast recycling facility, Makuutu is key to us harnessing our technology to accelerate mining, refining, and recycling of magnets and heavy rare earths that are critical for the energy transition, advanced manufacturing, and defence".
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About Ionic Rare Earths Limited
Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is focused on developing its flagship Makuutu Rare Earths Project in Uganda into a significant long life, low-cost, supplier of high-value critical and heavy rare earths.
Makuutu is an advanced-stage, ionic adsorption clay-hosted project highlighted by near-surface mineralisation, significant exploration upside, excellent metallurgical characteristics and access to tier-one infrastructure.
The ionic adsorption clay-hosted geology at Makuutu is similar to major rare earths projects in Southern China, which are responsible for the majority of global supply of low cost heavy and critical rare earths, specifically the high value magnet metals (Dysprosium and Terbium) Heavy Rare Earths (>98% originating from ionic clays). Metallurgical testing at Makuutu has returned excellent recovery rates, which provide multiple avenues for a simple process route.
Makuutu is well-supported by tier-one existing infrastructure which includes access to major highways, roads, power, water and a professional workforce.
Rare Earths will play a critical role in the future of clean energy. Rare Earths are a key ingredient in the permanent magnets found in wind turbines and electric vehicles.
IonicRE is led by an experienced and proven team, who have the capabilities to deliver Makuutu into production and realise value for all stakeholders.