Assay Results Confirm Exploration Targeting Model
Ionic Rare Earths Limited (ASX: IXR) confirms that assays from its Phase 2 drill programme at the Makuutu Rare Earths Project in Uganda have extended the known mineralisation east of the current Mineral Resource boundary.
The Phase 2 drill programme has been completed with 3745m of core drilled across the three tenements at Makuutu.
CEO, Tim Harrison, said the aim of the successful programme was to validate the company’s Exploration Target, quantify the potential of the 26km-long Makuutu mineralisation corridor and provide data for an upcoming mineral resource expansion.
The Phase 2 drill programme tested an area greater than three times the existing mineral resource estimate area with 222 holes drilled, consisting of 165 resource extensional holes and 57 infill drill holes on a 200m spacing across the bulk of the current Mineral Resource Estimate area, with an average depth of 16.9 metres.
Four extension drill holes were drilled directly east, and on the same plateau as the existing mineral resource. These holes are between 150 and 300m beyond the current mineral resource (MRE) limit. Intersections in these holes were generally narrow reflecting the margins of the mineralisation on the edge of that plateau.
19 resource expansion holes were drilled on a discrete plateau one km east of the current mineral resource estimate (MRE) boundary. The plateau is approximately 2.6 km long and one km wide,” Mr Harrison said.
“All holes intersected mineralisation above the resource cut-off grade and show near surface mineralisation through the area consistent with the style of the MRE area
“We are very happy with recent results, confirming, as expected, that the clay bearing REE mineralisation extends east of the current mineral resource area outlined by the exploration target and remains well defined by radiometric signatures.
“Pleasingly this bodes well for the other targets which have used the same targeting methods with all intersecting clay. We continue to see near surface thick clay intervals which we expect will all be included in the next resource update.
“The pending technical and economic study submissions to the Ugandan DGSM kicks off an exciting three to four months for IonicRE.
“We expect the strategic importance of Makuutu, as one of only a handful of non-off-take contracted ionic clay projects globally with appreciable heavy rare earth content, with in excess of a 30% product basket of magnet metals including 5% DyTb, to be further realised over this timeframe.”