Makuutu Phase 4 Drilling Tranche 3 Assay Results

Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX: IXR) is pleased to announce the receipt of assays for Tranche three (3) of the 8,220 metre Phase 4 drill program completed in October at the Makuutu Rare Earths Project (“Makuutu” or “the Project”) in Uganda.

• Third Tranche of Phase 4 drilling results (71 holes) received with all 71 holes intersecting rare earth element (REE) mineralised clay above the MRE cut-off grade, including the following outstanding thick high- grade intervals:
  • RRMDD447 11.7 metres at 1,437 ppm TREO from 4.5 metres
  • RRMDD446 12.0 metres at 1,468 ppm TREO from 4.5 metres
  • RRMDD449 8.1 metres at 1,413 ppm TREO from 7.5 metres
  • RRMDD456 12.3 metres at 1,268 ppm TREO from 3.2 metres
  • RRMDD444 11.4 metres at 1,223 ppm TREO from 8.0 metres
  • RRMDD457 16.4 metres at 1,210 ppm TREO from 2.0 metres
  • RRMDD454 14.4 metres at 1,187 ppm TREO from 5.1 metres
  • RRMDD394 13.2 metres at 1,184 ppm TREO from 2.7 metres
• All Phase 4 samples have been delivered to Perth with three (3) Tranches of samples (251 holes) currently at the assay laboratory

Drilling results to date indicate that Makuutu is a large scale, ionic adsorption clay (IAC) hosted rare earth element (REE) project, with extension potential identified east and to the northwest. The Project is well supported by existing infrastructure and is one of a few confirmed IAC deposits identified globally, outside of China.

Drill assay results have been received for the Tranche 3 submission consisting of 71 drill holes, including RRMDD390 to 460. The results are for holes drilled within the existing inferred and indicated Mineral Resource Estimate (MRE) and to define extensions to the MRE in the Makuutu Central Zone (MCZ) and areas F and G.

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