The ASX listed heavy rare earth element explorer, Ionic Rare Earths Limited (ASX:IXR) announced the tranche 4 drilling assay results from the Phase 2 drill program at its 51% owned Makuutu Rare Earth Project. The assay results from the reported drill holes have given mineralisation intersections above the cut-off grade.
The Company has reported that the drill core samples on visual analysis have shown more kaolin clay development and it is further validated by geochemical analysis. The potential of kaolin as a dominant clay type indicates REE extraction.
IXR will update its mineral reserve estimation (MRE) in the first quarter of 2021 once it completes assays from all drill holes. The current MRE, as per the ASX update, is 78.6 Mt @840 ppm total rare earth oxides (TREO) at a cut-off grade of 300 ppm C2O3.
The stocks of the Company were trading at A$0.014 at 1:00 PM AEDT with a market cap of A$38.52 million as on 23 November 2020.