Ionic Rare Earths Limited (IonicRE), an Australia-based global mineral exploration company, is making significant progress in its Makuutu Rare Earths Project in Uganda.
The company has completed drilling 45 holes under the ELOO147 license, and the mineral samples extracted will be sent for testing in Perth.
Additionally, IonicRE has begun drilling 51 out of the planned 76 holes under the ELOOO257 permit, utilizing the RAB drilling rig. The company plans to start infill drilling under the RL00007 permit by the end of June.
The purpose of the drilling campaign is to identify areas for further growth in the Makuutu project, which is recognized as the world’s largest and most advanced ionic adsorption clay rare earth element deposit. The planned drilling at RL00007 aims to identify existing and new resources to support IonicRE’s renewal of the Mining License before the end of November 2024.
IonicRE estimates that its operational corridor spanning 37km at Makuutu contains 532 million tons of rare earth oxide reserves.
The initial lifespan of the mine is projected to be 35 years. The company expresses confidence that Uganda’s new mining policies, expected to be enacted in June, will expedite and streamline the approval process for its growth plans at Makuutu.
According to Mr. Tim Harrison, Managing Director of Ionic Rare Earths, the company is actively engaged in discussions with several potential strategic partners.
These partners are interested in securing the potential product from Makuutu to meet their heavy rare earth demands in the near term, supporting the growing sectors of electrification, advanced manufacturing, and defense.
IonicRE believes that the increasing demand for magnets and rare earth minerals makes the Makuutu project crucial for ensuring a sustainable supply of critical minerals to support global energy transitions and industrial developments.
The company views Makuutu as a low capital development opportunity that can contribute to meeting these demands effectively.
