Ionic Rare Earths (ASX:IXR) has kicked off earthworks and construction activities at its Makuutu Heavy Rare Earths Project in Uganda.
At the Makuutu Demonstration plant, the facility shed has been fabricated and delivered to site, and the erection of the technical facility has begun.
The $82.86 million market capitalisation company says the foundation formwork has been set out, with concrete footings beginning over this weekend and superstructure erection starting in the next 4 weeks.
Commenting on the progress of the project, Ionic Rare Earths Managing Director Tim Harrison says: “The commercialisation of our recycling technology at our Belfast Facility and our focus on the delivery of the Makuutu Heavy Rare Earths Project in Uganda positions us to provide a secure, sustainable, and traceable supply of magnet rare earth oxides.”
Ionic Rare Earths adds that the demonstration plant technical facility will confirm metallurgical testwork, provide further technical validation basis for grade control, mine design, material handling, metallurgical reconciliation, and construction activity, and supporting the project’s financing and strategic partnering activity.
“This progress allows IonicRE and RRM to harness our processing innovations to accelerate and validate mine development with a clear process plan to production and profitability”
Harrison says: “This progress allows IonicRE and RRM to harness our processing innovations to accelerate and validate mine development with a clear process plan to production and profitability.”
In addition, the company reports its phase five drilling program is advancing with all 76 rotary air blast (RAB) holes completed across EL00147, EL00247, and RL00007. Further, core drilling is progressing, with 29 holes drilled for 558m completed so far as part of a 4,380m program.
The core drilling is aimed to support an upgrade in the Mineral Resource Estimate (MRE) classification from inferred to indicated over RL00007.
Ionic Rare Earths is an ASX-listed company currently focusing on becoming a miner, refiner, and recycler of sustainable and traceable magnet and heavy rare earths, which are needed to develop net-zero carbon technologies.
As of 31 March 2023, the company had $14.546 million cash and cash equivalents at hand, according to its latest quarterly report published on 26 April 2023.
Images: Ionic Rare Earths
