Submitted Two New Ugandan EL Applications
Ionic Rare Earths Limited’s (ASX:IXR) 51% owned subsidiary, Rwenzori Rare Metals Limited (RRM), has submitted applications for two new Exploration Licences for the Makuutu Rare Earths Project in Ugandan.
The two applications have been strategically targeted to complement and potentially materially expand RRM’s existing land holdings.
A substantial increase in the Makuutu Mineral Resource Estimate (MRE) is expected based upon upon initial resource extension results.
Makuutu already boasts a significant MRE of: 78.6 Million tonnes @ 840 ppm TREO, at a cut-off grade of 300 ppm TREO-Ce2O3
CEO, Tim Harrison, said the new EL tenements may also significantly extend the 26km-long Makuutu mineralisation corridor, to a revised distance of 36km, which may substantially add to the existing Exploration Target of 270 – 530 million tonnes grading 0.04 – 0.1% (400 – 1,000 ppm) TREO.
“The potential for a substantial step change in ionic adsorption clay mineralisation in this new eastern target is incredibly exciting for the Company, : Mr Harrison said.
“As drill assay results are returned from our recent drill program, we continue to see validation of the radiometric anomalies with predicted clay presence following along the trend within the Karoo Basin.
“Logging of the recent drilling on the eastern perimeter of EL 1766 intersected sound clay intervals. Based on these results we have high expectations for the ground in TN03424 and are very excited by the prospect that appears present.
“Our focus remains on defining and progressing towards developing a globally significant long-life alternative supply of heavy and critical rare earths, and this potential additional tenement area could add significant value in achieving this goal.
Application licence TN03424 covers 60.3 sq. km due east and contiguous with existing exploration licence EL1766.
Application licence TN03425 covers 48.15 sq. km in due north and contiguous with existing retention licence RL1693.
