Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) is on course to increase the resource confidence at the Makuutu Heavy Rare Earths Project in Uganda after the latest drill assays show thicker and higher-grade rare earth element (REE) mineralisation was intersected.
Assays results for 56 of the 128-hole Phase 5 resource infill and extension drilling program also show the mineralisation extends for at least 1.8 kilometres west of the current resource limit.
The company is developing the 60%-owned Makuutu through local Ugandan operating entity Rwenzori Rare Metals Ltd.
The project contains 71% magnet and heavy rare earths content and is one of the most advanced heavy REE projects globally available as a source for new supply chains emerging across Europe, the US and Asia.
Phase 5 drilling results.
Elevated grades
Of the 56 drill holes, 49 were extensions to the resource and seven were infill holes in an area described as Area A.
Some of the best intersections, including several with high-grade heavy rare earth (HREO) and critical rare earth (CREO) were:
- RRMDD762 - 21.8 metres at 783 parts per million (ppm) total rare earth oxide (TREO) from 4.7 metres depth;
- RRMDD761 - 16.7 metres at 714 ppm TREO from 4.7 metres;
- RRMDD712 - 9.9 metres at 952 ppm TREO, including 430 ppm HREO and 530 ppm CREO from 3.9 metres;
- RRMDD713 - 6.7 metres at 1,008 ppm TREO with 428 ppm TREO and 483 ppm CREO from 9.5 metres; and
- RRMDD767 - 9.9 metres at 1,163 ppm TREO with 672 ppm HREO and 641 ppm CREO from 4.2 metres.
The results for the remaining 72 drill holes are pending analysis at the laboratory in Perth.