Ionic Rare Earths (ASX:IXR) triples mineral resource estimate at flagship Ugandan project
Source: MEI Blog
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Ionic Rare Earths (IXR) has tripled the mineral resource estimate (MRE) at its flagship Makuutu Rare Earths Project in Uganda
The junior miner revealed in February it had kicked off the process of updating the MRE at Makuutu based on a major drilling program across the project
Today, Ionic upgraded the project s MRE by 210 per cent to 315 million tonnes at 650 parts per million total rare earth oxides
Of this, 66 million tonnes fall under the indicated resource category, while the remaining 248 tonnes fall under inferred resources
Ionic Rare Earths (ASX:IXR) to raise $12M for rare earths project
Source: MEI Blog
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Ionic Rare Earths (IXR) is set to raise $12 million to develop its Makuutu Rare Earths Project in Uganda
All up, 300 million shares will be issued at 4 cents each representing 7 per cent discount to the 10-day volume-weighted average price (VWAP)
The funds will be used to conduct drilling, studies, and an updated mineral resource estimate for the rare earths project
Ionic has a 51 per cent stake in Makuutu but will increase this to 60 per cent once a feasibility study is completed next year