Ionic Rare Earths Limited (IXRRF) Makuutu Phase 5 Infill Tranche 3 Drill Results

Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is pleased to advise the receipt of the Tranche 3 drill results from the Phase 5 resource infill and extension drilling at its Makuutu Heavy Rare Earths Project ("Makuutu" or "the Project") in Uganda. The results reported are for 52 core drillholes drilled as infill and extension holes to Area A, located within Retention Licence (RL) 00007, 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 currently owns 60% and has agreed terms with partners in RRM on moving to 94% ownership which is expected to occur in H1 2024.

Assay results for all 128-holes of the Phase 5 resource infill and extension drilling program completed on RL00007 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 six (6) of the drill holes being extensions to MRE Area A, five (5) are MRE Area A infill holes, eight (8) are MRE Area B extension holes and the remaining thirty-three (33) holes are MRE Area B 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 drilling data will now be applied to an update of the MRE which is anticipated to be completed by the end of Q1 CY2024.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/N9ETFMHK

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