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Ionic Rare Earths (ASX:IXR) continues delivering high-grade results at Makuutu

The date of: 2020-09-11
viewed: 1

source:The Market Herald

Ionic Rare Earths (IXR) has announced results from its drilling program have continued to deliver thick, high-grade rare earth element (REE) mineralisation.

The 3700-metre program began in July this year and is planned to increase the potential of the 26-kilometre long mineralisation corridor at the Makuutu Rare Earths Project in Uganda.

Pleasingly, the results further reinforce the continuity of total rare earth oxide (TREO).

Significant results include 15.1 metres at 703 parts per million (ppm) TREO from 5.5 metres, 9.6 metres at 1026ppm TREO from 7.9 metres, 10.1 metres at 1057ppm TREO from 6.6 metres, 12 metres at 929ppm TREO from 10.5 metres and 9.9 metres at 1188ppm TREO from 3.5 metres.

The drilling program is reportedly continuing steadily. Two rigs are now working through the Makuutu Western Zone (MWZ). So far, 134 holes, for 2217 metres, have been drilled.

Once drilling at this area has been completed, Ionic will return to the Makuutu Central Zone ahead of a 200-metre spaced infill drilling program.

'The infill results demonstrate the consistently thick nature of the mineralisation and have validated the expectations of the company confirming continuity of resource grade,' CEO Tim Harrison said.

'We remain focused on building a resource that underpins a long-life alternative supply for critical and heavy rare earths applications. We are well progressed into a very exciting development phase for the company,' Tim added.

Company shares are trading flat at one cent just before market close.

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