Ionic Rare Earths Limited ("IonicRE" or "the Company") (ASX: IXR) is very pleased to announce that the Ugandan Directorate of Geological Survey and Mines (DGSM) has provided advice to the Company's 51% owned Ugandan subsidiary Rwenzori Rare Metals Limited (RRM) that the application for Exploration Licence 00257, located adjacent and to the northwest of the Makuutu Mineral Resource Estimate (MRE), has been granted for the Makuutu Rare Earths Project ("Makuutu") in Uganda (Figure 1)


• The Ugandan DGSM has approved IonicRE's application for new Exploration Licence 00257 to northwest of Makuutu Project

• Licence increases Makuutu Rare Earths Project area to approximately 300 square kilometres

• Earlier drill programs have indicated presence of rare earth bearing clays to northwest of current Makuutu Mineral Resource Estimate

Drilling earlier this year, as part of the Phase 3 Rotary Air Blast (RAB) drill program (ASX 20 July 2021), reported assay results showing thick clay intervals more than 2 kilometres north and west of the basin margin. The rare earth element (REE) mineralised intercepts reported in this area may present an opportunity for further REE mineralisation to exist to the northwest, and outside of the current basin margin trend. Given the significance of those results, the Company applied for the new 56 square kilometre EL.

EL00257, has been granted for three (3) years and will provide the Company with additional new greenfield exploration potential at Makuutu. The addition of EL00257 now increases the total tenement area of Makuutu to approximately 300 square kilometres.

The Company will provide updates to the market as progress continues with the advancement of the Project.

Authorised for release by the Board.

For enquiries, contact:

Tim Harrison

Managing Director

+61 8 9481 2555

Figure 1: Makuutu Rare Earths Project approved tenements, showing the recently approved EL00257 (northwest, black outline), along with current resource areas and exploration targets across the 37-kilometre long mineralisation trend.

Figure 1: Makuutu Rare Earths Project approved tenements, showing the recently approved EL00257 (northwest, black outline), along with current resource areas and exploration targets across the 37-kilometre long mineralisation trend.

About Makuutu Rare Earths Project

The Makuutu Rare Earths Project is an ionic adsorption clay ("IAC") hosted Rare Earth Element ("REE") deposit located 120 km east of Kampala in Uganda and is well serviced by existing high quality infrastructure including roads, rail, power infrastructure and cell communications. The installed infrastructure is illustrated in Figure 2.


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