McLaren Minerals (ASX:MML) says the latest drilling results will support a resource update and the completion of the Prefeasibility Study for its namesake titanium project.
The junior explorer today (29 August) released high-grade results including 1m @ 24.11% heavy minerals from 13m, 1m @ 14.79% heavy minerals from 12m and 1m @ 7.87% heavy minerals from 12m.
The news sent shares up over 114% to an intra-day high of $0.045.
McLaren says the phase-one assays reinforce the growth potential of its McLaren Titanium Project in Western Australia immediately north of the indicated resource boundary.
The project currently hosts indicated and inferred resources totalling 280 million tonnes @ 4.8% heavy minerals.
Managing Director Simon Finnis says the high-grade results in the recent round of assays provides McLaren with confidence in the strength and potential of the project.
“We continue to see broad, continuous, high-quality intersections of heavy mineral from surface, but these higher-grade areas are icing on the McLaren cake,” he says.
“The majority of these results are outside the existing indicated resource, so the grades and continuity are very encouraging.
“We are confident the data will underpin a robust Resource update and help shape the next phase of development.”
McLaren has so far received around 75% of the assay results from phase-one aircore drilling, which comprised 4,067m across 192 holes.
Meanwhile, metallurgical testwork has confirmed that slimes can be managed effectively using existing industry-standard methods.
The McLaren Project is located about 140km east of Norseman and 40km west of Balladonia in Western Australia in Western Australia.
Write to Angela East at Mining.com.au
Images: McLaren Minerals
