Ionic Rare Earths Limited (ASX: IXR) has announced an updated mineral resource estimate (MRE) at its 60% owned Makuutu Heavy Rare Earths Project, Uganda.
The MRE has been updated with results from the 2023 Phase 5 infill and extension drilling results which targeted MRE areas A and B. The previous Makuutu Project MRE3 reported in May 2022 contained inferred resources only for Areas A and B, with the Phase 5 drilling programme increasing resource confidence and extending the defined mineralization in these areas by approximately 85Mt.
Tim Harrison, managing director of IonicRE’s, commented, “The updated mineral resource estimate at Makuutu is in line with expectation, confirming significant additional tonnage to the west of the existing stage 1 mining licence area LML00334. With this information we can progress with planning on the next mining licence application and can also provide context on the growth opportunity of the project to the west.”
The updated Makuutu MRE is estimated at 617Mt at 630ppm total rare earth oxide (TREO), above a cut-off grade of 200ppm TREO minus CeO2 (TREO-CeO2).
This represents an increase in 85Mt (16%) in the total resource with a 2% reduction in overall TREO grade from the previous resource estimate.
Importantly, the updated Makuutu MRE has a contained resource of approximately 126,000t of magnet REOs and 99,000t of heavy REOs critical to efforts to establish new sources of strategic raw materials for the energy transition, advanced manufacturing, communications, and defence.
The indicated component of the MRE has been increased by 113Mt to 517Mt at 650ppm TREO, representing a 28% increase in indicated tonnes with a reduction of 3% in TREO grade from the previous indicated resource estimate. The inferred resource has reduced by 28Mt with the majority of this reduction reflecting the conversion of inferred to indicated confidence status in Areas A and B, located on Retention Licence 00007.
To find out more, please visit www.ionicre.com
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