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What Are the Key Findings from the Phase 5 Drilling at Makuutu Rare Earths Project? Ionic Rare Earths Limited

What Are the Key Findings from the Phase 5 Drilling at Makuutu Rare Earths Project?

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Makuutu Project Advances: Significant Rare Earth Discoveries in Phase 5 Drilling

Ionic Rare Earths Limited (IonicRE) has announced compelling results from its Phase 5 infill drilling program at the Makuutu Rare Earths Project in Uganda. With rare earth intersections in all 52 infill core drill holes within the Retention Licence (RL) 00007, the data highlights the project's substantial potential.

Notably, the drilling results include significant intersections of Total Rare Earth Oxides (TREO) with high concentrations of magnet and heavy rare earths, crucial for emerging supply chains in Europe, the US, and Asia. This development marks Makuutu as one of the most advanced heavy rare earth projects globally.

Drilling Highlights and Impacts

Impressive Drill Intersections: The drilling uncovered notable TREO concentrations across various drill holes, with results such as 4. 4 metres at 1,412 ppm TREO and 14. 6 metres at 812 ppm TREO, demonstrating the high-grade potential of the deposit.

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Resource Estimate Update: These results are set to refine the Makuutu Mineral Resource Estimate (MRE), enhancing the project's inferred and indicated resources. An updated MRE is expected by the end of Q1 2024, further solidifying Makuutu's asset value.

Ownership and Expansion: IonicRE, progressing towards a 94% ownership in the operating entity Rwenzori Rare Metals Limited, highlights the strategic importance of Makuutu in its portfolio. The drilling program aims to expand the mineral resource area and increase estimation confidence, promising for the project's future development.

Strategic Significance

Makuutu's high magnet and heavy rare earth content is crucial for various high-tech and green technologies, including electric vehicles and wind turbines. The project's advancement into one of the leading heavy rare earth supply sources addresses critical raw material demands amidst growing geopolitical tensions and supply chain diversification efforts.

Forward-Looking Statements

With the Phase 5 drilling program's success, IonicRE is on a fast track to significantly enhance the Makuutu project's value. The commitment to expanding the resource and moving towards full ownership underscores the strategic intent to capitalize on the burgeoning demand for rare earths. The forthcoming MRE update will be a critical milestone, potentially redefining Makuutu's role in the global rare earth market.

About Ionic Rare Earths Limited

IonicRE is a Melbourne-based company focused on developing the Makuutu Rare Earths Project in Uganda. With a vision to become a significant player in the rare earth sector, IonicRE is committed to responsible and sustainable mining practices, aiming to contribute positively to global supply chains while ensuring environmental and social governance standards.

The Phase 5 infill drilling results from the Makuutu project represent a significant step forward in the exploration and development of one of the world's most promising heavy rare earth deposits. As IonicRE prepares for the updated MRE, the industry and stakeholders eagerly anticipate the potential impact on global rare earth supply dynamics, marking a pivotal moment for the company and the rare earth sector at large.

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