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Ionic Rare Earths (ASX:IXR) recommences drilling at Makuutu Rare Earths Project

The date of: 2020-07-16
viewed: 1

source:The Market Herald

Ionic Rare Earths (IXR) has recommenced drilling at the Makuutu Rare Earths Project in Uganda

Infill and resource definition drilling is aimed at expanding the current mineral resource

A total of 3700 metres of diamond core will be drilled - making it the largest program the project has seen to date

In less than two weeks, the rare earths company will mobilise a second drill rig to speed up the program

Company shares remain in the grey to trade for 0.8 cents each

Ionic Rare Earths (IXR) has recommenced drilling at the Makuutu Rare Earths Project in Uganda.

The drilling program is aimed at improving geological confidence. Drilling is also set to expand the mineral resource of 78.6 million tonnes at 840 parts per million (ppm) total rare earth oxides (TREO), at a cut-off grade of 300ppm TREO-cerium oxide.

Drilling will infill the area within the updated mineral resource to upgrade it from the inferred to the indicated category. The program also includes resource definition drilling and exploration drilling.

This is the largest drilling program conducted at the project to date with an expected 3700 metres of diamond core to be drilled.

'As a company, we are 100% focused on the timely evaluation of Makuutu, leveraging off positive results to be active and nimble in progressing this project towards commercial production,' CEO Tim Harrison said.

Ionic Rare Earths has been able to secure a second drill rig which will hopefully accelerate drilling and project evaluation. This second rig will be mobilised next week.

'The near surface mineralisation, simple low capital intensity process flowsheet, elevated heavy and critical rare earth mixed product content, high payability and high margin product potential is making this project highly attractive for both investors and for diversified strategic supply,' Tim added.

The company will collect the drill core for test work and variability samples for advanced-stage metallurgical testing.

Company shares remain in the grey to trade for 0.8 cents each at 3:43 pm AEST.



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