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Ionic Rare Earths Ltd.

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Summary

Project:

Makuutu

Deposit:Makuutu
Location:Uganda
Commodities:REE
Date:5/28/2020
Report Code:JORC
Report Type:Exploration/Drilling Update
Project Stage:Pursuing Resource Increase/Upgrade
Report details:28-5-2020: Ionic Rare Earths Ltd. announces an Exploration/Drilling Update report for its Makuutu deposit at the Makuutu project. Drilling results incl. 10.8m @ 1,533ppm TREO from 3.6m. Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX: IXR) is
Resources:(not mentioned in this report)
CP/QP:[Overall Report]: Geoff Chapman (GJ Exploration Pty Ltd.)
ABSTRACT:Ionic Rare Earths Limited (“IonicRE” or “the Company”) (ASX: IXR) is pleased to provide results from 11 core (diamond) drill holes (RRMDD047 to RRMDD057) completed at the Makuutu Rare Earths Project during March 2020, prior to suspending the program as a result of theCovid-19 pandemic. Of the 11 core holes drilled, eight (8) were infill holes drilled to increase the confidence and classification of the mineral resource and to provide additional metallurgical testwork samples. Three (3) holes were drilled as exploration step outs to validate for extensions to the existing mineral resource area. Ionic Rare Earths Limited (ASX: IXR) is developing the Makuutu Rare Earths Project, located 120 kilometres east of Kampala, Uganda, to be a globally significant producer of both Heavy Rare Earths Oxides (HREO) and Critical Rare Earth Oxides (CREO), providing a viable large scale, low cost alternative Rare Earth Oxide (REO) supply chain outside of China. Since acquiring an interest in the project in July 2019, IonicRE has advanced the project with a number of key highlights to date, including announcing a Maiden Inferred Mineral Resource of 47.3 Mt @ 910 ppm Total Rare Earths Oxide (TREO), at a cut-off grade of 500 ppm TREO-Ce2O3 1 ; while maintaining its Exploration Target at 270 – 530 million tonnes grading 0.04 – 0.1% (400 – 1,000 ppm) TREO2 .

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