| Announcement Date: | 2021-11-25 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | JORC |
| Company name: | Ionic Rare Earths Ltd. |
| Project name: | Makuutu |
| Location: | Uganda |
| Commodities: | REE,Rare Earth |
| Highlight: | Drilling results incl. 21.0m @ 1040ppm REO from 3.7m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX: IXR) is pleased to announce the receipt of assays for Tranche 2 of the 8,220 metre Phase 4 drill program completed in October at the Makuutu Rare Earths Project (“Makuutu” or “the Project”) in Uganda. Makuutu is defining itself as a large scale, ionic adsorption clay (IAC) hosted rare earth element (REE) project, with extension potential identified east and to the northwest. The Project is well supported by existing infrastructure and is one of less than a handful of confirmed IAC deposits identified globally. Drill assay results have been received for the Tranche 2 submission consisting of 60 drill holes, including RRMDD326 and RRMDD331 to 389. All holes were drilled to infill the current Makuutu Central Zone East Mineral Resource Estimate (MRE) area on a 200-metre spacing, aimed at increasing grade estimation confidence from Inferred to Indicated resource classification. Additionally, a number of holes were included to assist in converting the Makuutu Central Eastern Zone (CEZ) Exploration Target to a classified resource. Furthermore, new holes have been added around the perimeter of the previously announced MRE (ASX: 3 March 2021) which has the potential for a minor increase in the total size of the resource across this area. |
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