Ionic Rare Earths increases Makuutu exploration target by 50%

On January 5, Australia's Ionic Rare Earths Limited announced a hefty 50 per cent increase in an exploration target at the Makuutu Rare Earths Project in Uganda.

Drilling programs conducted last year have led the company to prepare the updated exploration target which now stands at between 240 and 800 million tonnes at 450 to 900 parts per million (ppm) total rare earth oxides.

The revised exploration target has also been increased due to a recently granted exploration license. In addition to exploration license EL00147, exploration license EL00148 was also granted, while retention license 1693 was renewed.

Importantly, EL00147 covers land the company believes is host to the continuation of the rare earth element (REE) mineralized basin. Further, the second granted exploration license is situated in an area that holds potential for rare earth mineralization.Asian Metal Copyright Drilling programs conducted last year have led the company to prepare the updated exploration target which now stands at between 240 and 800 million tonnes at 450 to 900 parts per million ppm total rare earth oxides.Asian Metal Copyright Additionally, the area provides more ground suitable for a planned processing plant.

The two-year renewal of the retention license follows Ionic Rare Earth's submission of a positive scoping study to the directorate of geological survey and mines (DGSM) and shows the Ugandan Government's confidence in Ionic Rare Earths' ability to progress the Makuutu project.

Now, the miner is gearing up to release an updated mineral resource estimate, as well as begin an initial drilling program at EL00147 in the second quarter.

.Asian Metal Copyright In addition to exploration license EL00147, exploration license EL00148 was also granted, while retention license 1693 was renewed.Asian Metal Copyright