Announcement Date: 2022-05-03
Announcement Type: Deposit Estimation
Announcement Code: JORC
Company name: Ionic Rare Earths Ltd.
Project name: Makuutu
Location: Uganda
Commodities: REO
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: The Board of Ionic Rare Earths Limited (“IonicRE” or “The Company”) (ASX: IXR) is pleased to report the substantial 70% increase to the total Mineral Resource Estimate (MRE) and a material increase in resource confidence classification, at its 51% owned Makuutu Rare Earths Project (“Makuutu”). The updated Makuutu MRE is estimated at 532 million tonnes at 640ppm Total Rare Earth Oxide (TREO), above a cut-off grade of 200 parts per million (ppm) TREO minus CeO2 (TREO-CeO2). The Indicated component of the MRE has been increased to 404 million tonnes at 670 ppm TREO, representing a 512% increase on the previous March 2021 Indicated resource estimate This updated MRE cements Makuutu amongst the world’s largest ionic adsorption clay (IAC) deposits, with the potential to significantly increase, and as a globally strategic resource for low-cost, high-margin and long-term security of magnet and heavy rare earth oxide (HREO) supply. Additionally, the updated Makuutu MRE contains a significant portion of highly valuable HREO (25%) and critical rare earth oxides (CREO, 34%), which collectively account for a substantial 42% of the Resource mineralisation. The Makuutu MRE has been updated based on the following key inputs
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