Photo by: Bloomberg
ASX-listed Ionic Rare Earths has identified 69 holes with clay-hosted rare earth intersections above the current resource cut-off across three licences at the Makuutu rare earths project, in Uganda.
The 69 confirmed holes formed part of a 76-hole rotary air blast drilling programme as Phase 5 on the 00147 and 00257 exploration licences, as well as the 00007 retention licence.
Rotary air blast drilling on the 00257 licence, in particular, has resulted in a 40% increase to the exploration target at Makuutu.
In turn, drilling across the 00147 licence has increased confidence in the existing exploration target with no further changes.
Ionic has revised the overall Makuutu exploration target upward to between 285-million and 766-million tonnes grading between 400 and 700 parts per million total rare earth oxides.
Ionic is progressing development at the Makuutu project through local Ugandan operating entity Rwenzori Rare Metals.
The exploration target is conceptual in nature but is based on reasonable grounds and assumptions. There has not been sufficient exploration to declare a mineral resource estimate just yet, the company reports.
The exploration target was increased from the 2022 target based on the Phase 5 rotary air blast drilling completed on licences 00147 and 00257 during 2023.
The exploration target will be further evaluated with drilling and processing test work during this year to inform Ionic on work streams required to advance the licences further.