Tranche 5 Infill Drill Results Deliver 100% Success Rate

Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX: IXR) is pleased to announce the results of assays for Tranche Five (5) of the 8,220 metre Phase 4 drill program completed in October 2021 at the Makuutu Rare Earths Project (“Makuutu” or “the Project”) in Uganda.

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Highlights

• Fifth Tranche of Phase 4 drilling results received with all 110 holes intersecting rare earth element (REE) mineralised clay above the Mineral Resource Estimate (MRE) cut-off grade, including the following outstanding near surface, thick high-grade intervals:
  • RRMDD567 7.4 metres at 1,829 ppm TREO from 3.2 metres
  • RRMDD585 11.4 metres at 1,567 ppm TREO from 3.3 metres
  • RRMDD549 10.7 metres at 1,489 ppm TREO from 3.0 metres
  • RRMDD573 12.0 metres at 1,449 ppm TREO from 3.0 metres
  • RRMDD510 13.1 metres at 1,374 ppm TREO from 4.7 metres
  • RRMDD560 12.6 metres at 1,189 ppm TREO from 3.1 metres
  • RRMDD562 11.0 metres at 1,070 ppm TREO from 4.1 metres
  • RRMDD550 11.1 metres at 1,067 ppm TREO from 3.7 metres
• Remaining Phase 4 samples from 66 holes at the assay laboratory and expected to be reported over the next month
• Planning commenced for the MRE update expected in Q2

Drilling results to date continue to confirm that Makuutu is a large scale, ionic adsorption clay (IAC) hosted rare earth element (REE) project, with extension potential identified east and to the northwest. The Project is well supported by existing infrastructure and is one of a few confirmed IAC deposits identified globally, outside of China.

Drill assay results have been received for a further 110 drill holes making up the Tranche 5 submission. The results are for holes drilled within the existing inferred and indicated Mineral Resource Estimate (MRE) at the Makuutu Central Zone, resource area I, and to evaluate Exploration Target C and E, that were excluded from the 2021 MRE due to limited drill hole density.

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