Ionic Rare Earths Limited (ASX:IXR) (IonicRE or the Company) is pleased to provide its Quarterly Report for the period ending 30 June 2022. During the quarter, IonicRE has made significant progress across business activities, including exploration and development activities at its Makuutu Rare Earths Project (Makuutu) in Uganda and the finalisation of the acquisition of Seren Technologies Ltd in the UK.


HIGHLIGHTS

  • Updated Mineral Resource Estimate at the Makuutu Rare Earths Project in Uganda
    • Updated MRE is estimated at 532 million tonnes at 640ppm Total Rare Earth Oxide (TREO) above a cut-off grade of 200ppm TREO minus CeO2
    • Indicated Resource component increased 512% to 404 million tonnes at 670 ppm TREO
    • Indicated Resource base is approximately 76% of the total Mineral Resource which will support the Feasibility Study
    • Contains significant portion of highly valuable heavy and magnet REOsRevised Exploration Target at Makuutu announced
  • Revised Exploration Target at Makuutu announced
    • Exploration Target range estimated from previously RAB drilled areas, indicating potential for Makuutu to double in resource tonnage long term
    • Phase 5 exploration program underway, with field-based reconnaissance to map target areas for further drilling, including on untested geophysical anomaly target areas and tenement RL00257
  • Community engagement activities progressing
  • Makuutu Feasibility Study progressing on schedule
  • Acquisition of Seren Technologies Ltd in the UK completed
  • $30 million Placement completed to new global Institutions and existing Investors
Makuutu Rare Earths Project
Makuutu is one of the world’s largest ionic adsorption clay (IAC) hosted Rare Earth Element (REE) deposits, located 120 km east of Kampala in Uganda. Makuutu is 100% owned by Ugandan company Rwenzori Rare Metals Ltd (RRM), of which IonicRE owns 51% at present, moving to 60% on the completion of the Feasibility Study by the end of October 2022.

Updated Mineral Resource Estimate

On 3 May 2022, IonicRE announced a substantial 70% increase to the total mineral Resource Estimate (MRE) and a material increase in resource classification. The updated MRE is estimated at 532 million tonnes at 640ppm Total Rare Earth Oxide (TREO), above a cut-off grade of 200ppm TREO minus 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.

The distribution of resource tonnes above cut-off grade is dominated by the combined higher grade Makuutu Central and Makuutu Central East Zones. These areas were not joined in the previous MRE; however, following the Phase 4 drilling they now provide a continuous resource area over 5.5km long and 3km wide for a combined 234 million tonnes or 44% of the total resource and 52% of the total Indicated Resource above cut-off (see Figure 1).

Figure 1: Mineral Resource Estimate (MRE) areas by classification. Green shading on Indicated resource areas and blue on Inferred resource areas.

The updated MRE is now being used to complete mine planning activities which will feed into the Makuutu Feasibility Study, which is due to be completed later in 2022, and submitted to the Ugandan Government as part of the mining licence application by the end of October 2022.


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This article includes content from Ionic Rare Earths Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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