IONIC RARE EARTHS (IXL) MOVES TO 51% OWNERSHIP OF MAKUUTU RARE EARTHS PROJECT

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Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX: IXR) is pleased to advise it has moved to 51% ownership and control of the Makuutu Rare Earths Project. The Company continues its progress to the agreed minimum potential ownership level of 60%.

The project & executive teams continue to deliver above expectations, inclusive of the following:

  • Upgrading the Inferred and Indicated Mineral Resource to 78.6 Mt @ 840 ppm TREO, at a cut-off grade of 300 ppm TREO-Ce2O3 (ASX:23 June 2020); while maintaining its Exploration Target (ASX: 4 September 2019) at:270 – 530 million tonnes grading 0.04 – 0.1% (400 – 1,000 ppm) TREO*

    *This Exploration Target is conceptual in nature but is based on reasonable grounds and assumptions. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource; and

  • Completion of the 3,700 metre drill program since the resumption of field activities (ASX: 11 June 2020) testing the 26-kilometre long mineralisation corridor on an area more than three (3) times larger than the existing Mineral Resource area (ASX: 15 July 2020). Assays from the tranche three (3) samples – 45 Resource expansion holes – are due imminently.

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