McLaren Minerals (ASX:MML) has upgraded the resource estimate for its namesake project in the Eucla Basin of Western Australia, increasing tonnage by 85% and a 90% uplift in contained heavy minerals.
The project now holds a JORC-compliant resource of 529 million tonnes @ 4.5% heavy minerals in the indicated and inferred categories, increasing the indicated resources to 249 million tonnes from 79 million tonnes in the 2022 estimate.
The resource will be included in a Prefeasibility Study, which is due in the coming weeks.
Managing Director Simon Finnis says the upgrade has scaled beyond what McLaren originally anticipated.
“The drilling program was designed to complement the Prefeasibility Study and support the company’s ambition to develop a 10 million tonne per annum mining operation, and it has achieved that comfortably,” Finnis says.
“The recently announced entitlement offer, to raise approximately A$3.6 million, allows the company to fund ongoing study and exploration works at the McLaren Project and progress with the pathway to near-term production from the project.”
The entitlement offer will be open until 3 December, underwritten by Leeuwin Wealth.
As reported by Mining.com.au, McLaren is issuing one share for every one held, issuing up to 198.7 million shares at a price of $0.018.
Located 150km east of Norseman, the McLaren Deposit is a mineral sands deposit with an in-situ ilmenite inventory now totalling around 7 million tonnes.
McLaren Minerals is a mineral explorer focused on developing its namesake titanium project in the Eucla Basin of Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: McLaren Minerals
