DGSM Approves Conversion Of Makuutu Exploration Licence
Ionic Rare Earths Limited’s (ASX: IXR) 51% owned Ugandan subsidiary Rwenzori Rare Metals Limited (RRM) has received approval for its application to convert Exploration Licence 1766 to a Retention Licence at the Makuutu Rare Earths Project.
The Ugandan Directorate of Geological Survey and Mines (DGSM) has agreed to convert Exploration Licence 1766 into Retention Licence 00234 to RRM.
Ionic will move to 60% ownership of Makuutu on the completion of the Feasibility Study (expected by October 2022) and has a pre-emptive right over the remaining 40% stake in the Project. RL00234 has been granted for three years and will continue to form a substantial component of the potential increase in scale of Makuutu.
A Phase 4 drill programme has now relocated all three drill rigs onto RL00234 and is progressing the infill drilling in Area I, which has the potential to convert nearly 100 million tonnes of inferred resource to indicate resource classification alone.
Additionally, the company is awaiting the outcome of the Exploration Licence application TN03573 which was submitted in mid-July.
The approval of TN03573 will increase the size of the Makuutu tenement to approximately 300,000 hectares (300 square kilometres) and add further potential exploration targets to the northwest of the Project area.
For further information please visit: https://ionicre.com.au/