Ionic Rare Earths Limited (IXRRF) Makuutu Phase 5 Infill Tranche 2 Drill Results

Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is pleased to advise Tranche 2 drill results from the Phase 5 resource infill and extension drilling at its 60 per cent owned Makuutu Heavy Rare Earths Project ("Makuutu" or "the Project") in Uganda. The results reported are for 20 core drillholes drilled as infill and extension holes to Area A of the current Makuutu 2022 Mineral Resource Estimate (MRE) (ASX 3 May 2022, see Table 4*).

The Company is progressing the development at the Makuutu Heavy Rare Earths Project through local Ugandan operating entity Rwenzori Rare Metals Limited ("RRM"). IonicRE has agreed terms with partners in RRM on moving to 94% ownership which is expected to occur in H1 2024.

Assay results for 76 holes of the 128-hole Phase 5 resource infill and extension drilling program completed on Retention Licence (RL) 00007 have now been received. The program is intended to increase resource estimation confidence from inferred to indicated status on resource Areas A and B, and to test extensions of those areas to expand the mineral resource area. Figure 1 is a plan of the Makuutu MRE and exploration target areas with MRE Areas A and B located on the western end of the deposit located within RL00007.

Intersections compiled above the MRE lower cut-off of 200ppm Total Rare Earth Oxide less Cerium Oxide (TREO-CeO2) are listed in Table 1* and shown diagrammatically in plan view in Figure 2*.

Drilling was on a 200-metre spaced pattern with eleven (11) of the drill holes being extensions to the MRE and nine (9) are MRE Area A infill holes. Figure 2* shows the core hole locations (diamond shape) with intersection thickness (point size) and TREO grade (point colour) with the reported 200 metre spaced holes with bold hole numbers and the previously reported drill holes in italic hole numbers. Previously reported regional exploration RAB drill holes are also shown (round points).

The 11 extension holes were drilled up to 500 metres south and southwest the boundary of MRE Area A, mostly within the Makuutu mineralised trend. This extension drilling shows mineralisation continues beyond the MRE.

The infill holes to date continued zones of thicker and often higher-grade intervals than the original 400 metre spaced drill holes used to estimate the inferred resource. Best intersections include;

- RRMDD778, with 17.1 metres at 1,003ppm TREO from 4.8 metres depth; and
- RRMDD771, with 16.2 metres at 713ppm TREO from 4.0 metres depth.

The remaining 52 drill holes are currently at the laboratory in Perth being analysed. Following the receipt of results, an updated resource estimation will be completed.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/07121L3M

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