Ionic Rare Earths Limited (ASX: IXR) is pleased to advise that Retention Licence (RL) 00007, at its Makuutu Rare Earths Project in Uganda, has been renewed for a further two years.
Makuutu is being developed by Rwenzori Rare Metals Limited (RRM), a Ugandan private company which owns 100% of the Makuutu Project. Ionic is a 51% owner of RRM and moving to 60%, with a first right over the remaining 40%.
RL 00007 covers the Makuutu Western Zone (MWZ) and contains an Inferred Resource of 39M tonnes at 470ppm TREO.
RL 00007 is located immediately west of the Retention Licence (RL) 1693, which is currently under Mining Licence Application (MLA) and will provide the basis for additional capacity and organic growth at Makuutu once initial mining and processing activity commences.
This renewed RL is also immediately south of the prospective exploration target located at EL00257, where applications have been submitted for drilling to commence this year to further define the scale of potential ionic clay mineralization to the west of the MLA area. Once these new exploration approvals have been granted, the company intends to initiate the Phase 5 drill programme at Makuutu to move the resource to an Indicated Resource classification.
“The rapid approval of the renewal of RL 00007, which occurred within two weeks of finalising the submission documentation, is another positive reflection of the strong support IonicRE and the Project has within Uganda,” Managing Director, Tim Harrison, said.
“As the company, via RRM, finalises the MLA at Makuutu for RL 1693, we remain confident that Makuutu will continue to grow and support a much larger Project.”
For further information please visit: https://ionicre.com.au/
