Ionic Rare Earths (ASX:IXR) sees a surge in its shares, climbing as much as 8.7% to A$0.025, poised for the best trading day since September 19, given the gains hold steady.

The mineral exploration company shared positive assay results from its Makuutu heavy rare earths project based in Uganda.

The company announced that it identified rare earth intersections in 26 out of a total 31 drill holes.

The local Ugandan operating subsidiary of the company is overseeing developments at the Makuutu Heavy Rare Earths Project.

The stock experienced its highest level since September 25 and remains down by 30.3% year-to-date, according to last close.

Ionic Rare Earths is a mineral exploration company focused on developing heavy rare earths projects.