Ionic Rare Earths Limited (ASX: IXR) ("IonicRE" or "the Company") is pleased to provide its Quarterly Report for the period ending 30 September 2021, including exploration and development activities at its 51% owned Makuutu Rare Earths Project ("Makuutu") in Uganda.


HIGHLIGHTS

  • Major milestone reached with completion of Phase4 drill program, ahead of schedule
  • The Ugandan DGSM has approved IonicRE's application to convert Exploration Licence 1766 to Retention Licence 00234 plus approved new northwestern tenement application Exploration Licence00257
  • Makuutu Feasibility Study, ESIA and Community Engagement activity ramps up
  • IonicRE investigating standalone rare earth refining asset to maximise unique basket and long-term shortfall in supply
  • Strategic partnering discussions ongoing
  • Ms. Jill Kelley and Mr. Max McGarvie were appointed to the Board as Executive Director and Non-Executive Director respectively

Makuutu is one of the world's largest scale ionic adsorption clay (IAC) hosted Rare Earth Element (REE) deposits, located 120 km east of Kampala in Uganda. The Makuutu Mineral Resource Estimate (ASX: 3 March 2021) was announced as being 315 million tonnes at 650 ppm Total Rare Earth Oxide (TREO) with a cut-off grade of 200 parts per million (ppm) TREO minus Cerium Oxide (CeO2).

Ionic Rare Earths Managing Director Mr Tim Harrison commented on the Company's activities during the quarter:

"This quarter represents yet another quarter of material progress at Makuutu and for IonicRE. The recent completion of the Phase 4 drill program, where we had four rigs mobilised with three drill teams operating, completed the largest drill program at Makuutu to date. The larger program was enabled by the rate at which the team was able to execute the program and the ultimate confidence the Company has in the Project. The larger Phase 4 drill program aligns with our plans to increase the resource confidence of the bulk of the existing resource in Makuutu, to a target exceeding 250 million tonnes Measured and Indicated. Such a target will potentially provide a 25-year base for feasibility study."

Read the full report here.

IXR:AU

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