Ionic Rare Earths begins resource update at Makuutu Project

Australia's Ionic Rare Earths has begun a resource update at its Makuutu Rare Earths Project in Uganda.Asian Metal Copyright5 million tonnes at 750 million parts per million of TREO, as well as an inferred resource of 69.Asian Metal Copyright Located 120 kilometers east of Kampala, the Makuutu deposit extends 37 kilometers in length and has so far shown substantial potential for a long life, low-cost capital intensity source of critical and heavy rare earths.

The latest batch of seven assays relate to a drill program that was completed in October last year, which consisted of 222 drill holes and was designed to infill the current Mineral Resource Estimate (MRE) area.

34 of these "outstanding" drill results delivered clay and saprolite mineralization intersections above the cut-off grade of 300 parts per million of Total Rare Earth Oxide (TREO), which Ionic Rare Earths said is consistent with initial drilling phases completed in 2019 and early 2020.

"The last of the infill holes assay results confirmed numerous thick, high grade REE intervals as expected. This caps off a very successful Phase 2 drill program," said Tim Harrison, Managing Director of Ionic Rare Earths.Asian Metal Copyright This caps off a very successful Phase 2 drill program," said Tim Harrison, Managing Director of Ionic Rare Earths.Asian Metal Copyright "We are very pleased by the outcome with 216 of the 222 holes drilled returning clay REE intervals above the MRE cut-off grade," he added.

According to a previous resource estimate that was published on June 23, 2020, the Makuutu Project hosts an indicated resource of 9.5 million tonnes at 750 million parts per million of TREO, as well as an inferred resource of 69.Asian Metal Copyright The latest batch of seven assays relate to a drill program that was completed in October last year, which consisted of 222 drill holes and was designed to infill the current Mineral Resource Estimate MRE area.Asian Metal Copyright1 million tonnes at 860 parts per million.

The updated resource estimate, which is anticipated to significantly expand the scale of the project, is expected to be completed in late February this year.

.Asian Metal Copyright "We are very pleased by the outcome with 216 of the 222 holes drilled returning clay REE intervals above the MRE cut-off grade," he added.Asian Metal Copyright