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The Board of Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX: IXR) is pleased to announce that on the 28th of December 2023, the Ugandan Directorate of Geological Survey and Mines (DGSM), have provisionally granted the Stage 1 Large scale Mining Licence (LML00334) over Retention Licence (RL) 1693 for the Makuutu Heavy Rare Earths Project.
- Makuutu Central Zone Large Scale Mining Licence (LML) 00334, has been provisionally granted over Retention Licence (RL) 1693, pending receipt of formally signed documents and gazetting in Uganda;
- Mining Licence approval will be the first large scale mining licence awarded in Uganda;
- Grant of the Mining Licence paves way for further supply chain engagement to support sustainable, secure, and traceable magnet and heavy rare earth supply to the new economy;
- Makuutu Demonstration Plant continues to advance, with first Mixed Rare Earth Carbonate (MREC) on track for Q1 2024;
- IonicRE has reached agreement with its partners in Rwenzori Rare Metals Ltd to move up to a 94 percent interest in Makuutu; and
- Makuutu remains the most advanced Ionic adsorption clay project in development today with product not committed to China, and available to supply new supply chains looking to decouple sourcing from existing sources.
This represents the first large scale mining licence to be awarded in Uganda under the Mining Act 2022, which was announced on the Ugandan Mining Cadastre portal (see Figure 1). The Ugandan Minister of Energy and Mineral Development (MEMD), the Honourable Dr Ruth Nankabirwa Ssentamu, is expected to sign the documents this week prior to gazetting.
Ionic Rare Earths Managing Director, Mr Tim Harrison, said the provisional award is part of the official commitment from the Government of the Republic of Uganda and clears the path for the Makuutu Project and the ongoing development of Uganda’s mining industry.
“This is an important step forward for Ionic Rare Earths in mining, refining, and recycling the heavy rare earths critical for the energy transition, advanced manufacturing, and defence,” Harrison said.
“This reinforces the Makuutu Heavy Rare Earth Project as one of the world’s largest and most advanced development-ready heavy rare earth element assets, and we look forward to progressing the next steps and commissioning our Demonstration Plant at Makuutu.”
The Stage 1 Mining Licence LML00334 covers the area set out in IonicRE’s mining licence application TN03834 as shown in Figure 2, which covers approximately 44 square kilometres of the Project’s near 300 square kilometres of tenements at Makuutu. Currently, the Company’s greater Makuutu Mineral Resource Estimate (MRE) (refer to Table 3 and Table 4 and ASX: 3 May 2022) is estimated at 532 million tonnes at 640 ppm Total Rare Earth Oxide (TREO) with a cut-off grade of 200 parts per million (ppm) TREO minus Cerium Oxide (CeO2).
The provisional granting of the mining licence follows the gazetting of updated Mining and Minerals (Licencing) Regulations 2023 to provide a clear framework for mineral development in Uganda, and the submission of documentation which has been reviewed and approved by Ugandan DGSM. As part of the process, the Company secured land access agreements over 95% of the LML00334 area (ASX: 29 November 2023) and completed a verification process on site led by the DGSM with strong support demonstrated from local project stakeholders and landowners.
Figure 1: Screen view from the Ugandan Mining Cadastre portal showing the active Mining Licence provisionally awarded to Rwenzori Rare Metals Limited (see link).
The Company has also applied for the renewal of Exploration Licences 00147 and 00148 and expects this to be completed shortly. EL00147 has a significant Exploration Target (ASX: 01 June 2022), providing further positive reconnaissance drilling results (ASX: 4 September 2023) confirming clay- hosted rare earth element (REE) in 66 of 70 RAB holes drilled across programs in 2021 and 2023, on a broad 500 metre spacing.
The Mineral Resource Estimate and Exploration Targets are expected to be updated in Q1 2024 to incorporate results from the Phase 5 drill program completed in Q4 2023.
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This article includes content from Ionic Rare Earths, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
IXR:AU
CuFe Acquires West Arunta Tenure with Exciting Geophysical Targets
HIGHLIGHTS
- CuFe acquires E80/6052, located 13km north-east of existing tenure expanding its position in the emerging West Arunta Niobium province to over 281 km².
- Geophysical review of 3D inversion modelling magnetic data over new tenure has identified two prospective targets within E80/6052.
- Land Access agreement negotiations ongoing, with the Parna Ngururrpa Traditional Owners Group to facilitate the commencement of on-ground works.
CuFe Executive Director, Mark Hancock, commented“We are pleased to acquire new ground in the exciting West Arunta region. This acquisition gives us an additional target area that shows the right geophysical characteristics to represent carbonatites / intrusive bodies. The tenement has synergies with our existing landholding and there has been very little exploration undertaken in this area historically. We continue to work with Parna Ngururrpa Traditional Owners Group in aim of securing a heritage and land access agreement, which is required to commence on ground works given the tenure is located with an Aboriginal Reserve area.”
Acquisition Details
CuFe has entered a binding agreement to acquire exploration application E80/6052 from an unrelated entity, Territory Prospecting Pty Ltd. The terms of purchase comprise an upfront payment of $10,000 cash and $25,000 in CuFe shares at an issue price of 1.6c per share (1,562,500 shares). Upon the later of the grant of the tenure or the execution of heritage agreement a further payment is due of $50,000, to be made in cash.
Tenure Update
The new tenement is located 13km North-East of CuFe’s West Arunta Project and 18km North-East of Lycaon Resources Stansmore Nb-REE Project (Figure 1). The tenure is on land of the Parna Ngururrpa Traditional Owners Group and exploration requires the consent of the Minister of Aboriginal Affairs. The tenement covers an area of 64km², this has increased CuFe’s tenement holding from 217km² to 281km² (See Figure 1).
The tenement was previously held by CRA Ltd in the early nineties who were pursuing the geophysical target as a potential kimberlite pipe however no exploration on ground was undertaken.
Figure 1 – New Tenement acquisition E80/6052.
The Company further advises that wo of its three previous tenement applications E80/5925 and E80/5950 have been granted by the Department of Energy, Mines, Industry Regulation, and Safety (DEMIRS) on 30 May 2024 and 4 June 2024 respectively, with the third expected to proceed to grant within the next month. The granted tenure covers an area of 58 km² and forms part of the Company’s 100% owned West Arunta Project in the highly prospective West Arunta region (Figure 1).
On ground exploration activities are restricted until a signed agreement is in place with the Parna Ngurrurrpa Traditional Owners Group and approval is given by the Minster of Aboriginal Affairs. CuFe continues to work with the group on achieving this.
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This article includes content from CUFE LTD, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
High Grade Iron Rock Chip Results at Robinson Range – Bryah Basin
HIGHLIGHTS
- High grade iron enrichment identified on CuFe Bryah Basin Tenement E52/1613.
- Early-stage reconnaissance field work yields rock chip assays up to 60.63% Fe with low impurities.
- Corridor of surface supergene enrichment of Banded Iron Formation identified that has the potential to extend for 1.2km strike length.
- Full field mapping and rock chip program planned later this quarter.
CuFe Executive Director, Mark Hancock, commented“Following a review of our Bryah Basin package we have identified prospectivity for Iron Ore within E52/1613 located along the Robinson Range. Our first partial reconnaissance of the tenement has identified a pod of enrichment that is supported by high grade Fe rock chips and further illustrates the breadth of opportunity our exploration portfolio that CuFe shareholders have exposure to.
Although this is not the highest priority within our portfolio (where the focus is on exploration targets for future facing minerals including copper at Tennant Creek, lithium at North Dam and niobium in the West Arunta), we will follow up with more mapping and sampling along strike to further test the potential and to identify drill targets. The project logistics are favourable and offer potential for the style of low Capex DSO project we have experience in developing and executing.”
Tenement Overview
The CuFe Bryah Basin Project includes a package of tenements under various joint ventures and farm-ins, with a primary focus on the potential for gold and copper mineralisation. During a strategic review of the tenure CuFe identified that tenement E52/1613 has the potential for iron ore hosted within the Banded Iron Formation of the Robinson Range. E52/1613 is 100% owned by CuFe’s subsidiary Jackson Minerals following the withdrawal of the tenement from the Auris Minerals Ltd JV in the March 24 quarter.
The tenement covers an area of 34km² and is located approximately 95km north of the township of Meekatharra and 630km east of the Port of Geraldton, in the Midwest / Murchison Region of Western Australia (Figure 1). The Great Northern Highway passes 10km to the south, and the Ashburton Downs- Meekatharra Road passes 15km to the west of the tenement. Several roads and pastoral station tracks extend from these major transport routes and provide excellent access to the project area.
Figure 1: E52/1613 Location – Bryah Basin.
Local Geology and Iron Mineralisation
The project area and more extensively the Robinson Range Formation lies within Bryah-Padbury Basin which is part of the Proterozoic Capricorn Orogenic Belt lying between the Pilbara and Yilgarn Archaean Cratons. The Robinson Range Formation occurs toward the upper part of the Palaeoproterozoic Padbury Group. It contains Banded Iron Formations (BIF) and hematitic shales outcropping within the Robinson Range syncline with its axis trending east-west over an approximate strike length of 30km. The BIF thicknesses are variable along strike and range from less than 50m and up to 400-500m as reported1. The BIF’s are well represented by regional and local scale airborne magnetic images. Supergene enrichment along the BIF outcrop, producing hematite and goethite, ranges in Fe content from as low as 50% to 65% Fe (See Figure 2).
Sinosteel Midwest Group have reported three resources Raven, Raven North and Sparrow with a combined total of 9.3Mt at 56% Fe and 0.07% P. Within this the Raven North deposit is reported at 3.6Mt @ 59.03% Fe and 0.09% P. Recent success by Alchemy Resources (ASX:ALY) on 31st May 2024 reported high grade Fe rock chips from the Valley Bore prospect located 21km to the east along the range from E52/1613.
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This article includes content from CUFE LTD, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
