McLaren Minerals (ASX:MML) is setting the stage for resource growth with the most recent round of drilling providing a better indication of the scale at its namesake titanium project.
The explorer, which has a market capitalisation of $4.8 million, has completed 4,067m of drilling across 192 holes.
Managing Director Simon Finnis says that while McLaren has not yet received any assays, phase-one drilling not only confirms the integrity of the company’s geological model, but importantly, demonstrates the scale of the opportunity ahead.
“Defining substantial potential for mineralisation outside the current resource boundary positions us well for future resource growth,” Finnis says.
“We’ve also made solid ground operationally — drilling was completed on time, we’ve brought costs down, and we’re seeing strong local support.”
Drilling has defined the presence of prospective sediments beyond the boundaries of the currently known deposit, opening up possible multiple directions for resource extension.
These areas include the North, Central Zone and Southern Zone.
The North extension measures about 2.2km in width and averages 14m in thickness, with a maximum thickness of 23m.
The Central Zone eastern extension, meanwhile, is 800m wide and averages up to 20m thick, while the Southern Zone spans a width of 2.6km and averages 10m thick.
McLaren plans to evaluate the potential impact on the mineral resource estimate as part of the Prefeasibility Study resource update.
The 333km2 McLaren Project currently hosts a combined inferred and indicated resource totalling 280 million tonnes @ 4.8% heavy minerals containing ilmenite and lesser amounts of rutile, leucoxene and zircon.
McLaren’s goal is to boost the higher confidence indicated resource from 79 million tonnes currently to 200 million tonnes.
Metallurgical and geological samples have been submitted to IHC and Diamantina Laboratories.
McLaren says geological work has improved confidence in the deposit morphology and is expected to
reduce future drilling costs.
Write to Angela East at Mining.com.au
Images: McLaren
