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Ionic Rare Earths (ASX: $IXR) announces thicker and higher-grade results from Makuutu Phase 5 drilling

Announcement of successful Phase 5 drilling results at Makuutu Rare Earths Project


Ionic Rare Earths Limited (ASX: $IXR) has reported successful initial drill results from the Phase 5 resource infill and extension drilling at its 60% owned Makuutu Heavy Rare Earths Project in Uganda. The drilling program aimed to increase resource estimation confidence from inferred to indicated status on resource areas A and B, and to test extensions of those areas to expand the mineral resource area.

Executive commentary on Phase 5 drilling results


The Phase 5 drilling results have exceeded our expectations, with thicker and higher-grade intersections achieved in the infill core drill holes. The resource extension drilling has also revealed that mineralisation extends at least 1.8 kilometres west of the current mineral resource limit on Retention Licence (RL) 00007. These results demonstrate the significant potential for resource extension and underline Makuutu's position as an advanced heavy rare earth project with the capacity to contribute to emerging supply chains across Europe, the US, and Asia.

Summary of Phase 5 drilling results and outlook


Ionic Rare Earths' successful Phase 5 drilling program at the Makuutu Heavy Rare Earths Project has provided thicker and higher-grade rare earth intersections, indicating the potential for resource extension. The company's focus on becoming a sustainable and traceable supplier of magnet and heavy rare earths is supported by the project's progress and the advanced heavy rare earth content of Makuutu's basket. With ongoing analysis of remaining drill holes and plans for updated resource estimation, Ionic Rare Earths is poised to play a significant role in the supply of high-value rare earths. The company's integrated strategy, including the development of its own magnet and heavy rare earth refinery, reflects its commitment to creating downstream supply chain value and contributing to critical industries such as electric vehicles, offshore wind turbines, and communication technologies.

Sourcehttps://announcements.asx.com.au/asxpdf/20231123/pdf/05xpj26lkylhrw.pdf

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