Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) is building toward a mineral resource estimate (MRE) upgrade at the Makuutu Heavy Rare Earths Project in Uganda, with all 52 holes in a phase 5 infill drilling campaign returning clay-hosted rare earth elements (REE).
This particular round of drilling concentrated on the Makuutu Western Zone, hitting intersections up to 4.4 metres at 1,412 parts per million (ppm) total rare earth oxide (TREO) from 1.2 metres and 10.2 metres at 991 ppm TREO from 1.7 metres – exceptionally shallow mineralisation.
The project’s basket of REEs contains 71% high-value magnet and heavy REEs, representing one of the most advanced heavy rare earth projects globally and offering an important source of critical minerals for emerging supply chains across the world.
Phase 5 assay results
The best results from Phase 5 drilling at the Makuutu Western Zone include:
- 4.4 metres at 1,412 ppm TREO from 1.2 metres;
- 8.1 metres at 1,261 ppm from 3.7 metres;
- 3.9 metres at 1,077 ppm from 2.3 metres;
- 10.2 metres at 991 ppm from 1.7 metres;
- 5.6 metres at 997 ppm from 4.3 metres;
- 9.5 metres at 824 ppm from 1.1 metres; and
- 14.6 metres at 812 ppm from 3.7 metres.
Ionic expects to complete an updated mineral resource estimate for Makuutu by the end of the first quarter of this year.
The company is progressing the development of Makuutu through local Ugandan operating entity Rwenzori Rare Metals Limited (RRM). IonicRE currently owns 60% and has agreed terms with partners in RRM on moving to 94% ownership which is expected to occur in H1 2024.