McLaren Drills 12.5% Heavy Minerals Beyond Resource, Raises $1.28M

Strong Drilling Results Expand Resource Potential

McLaren Minerals Limited has delivered encouraging results from its Phase 1 drilling program at the McLaren Titanium Project in Western Australia. The extensive campaign, comprising 192 holes and over 4,000 metres drilled, has revealed high-grade heavy mineralisation extending significantly beyond the previously defined Indicated Resource boundary. Notably, assays up to 12.5% heavy minerals were identified 500 metres north of the known resource, confirming the deposit’s potential for meaningful growth.

Several bonanza-grade intercepts from previously untested zones have further underscored the deposit’s quality, with some intervals exceeding 20% heavy minerals. These results reinforce McLaren’s geological model and suggest continuity of mineralisation to the north and east, setting the stage for an updated Mineral Resource Estimate expected imminently.

Advancing Project Studies and Market Validation

The company is progressing well on its Prefeasibility Study (PFS), with metallurgical, engineering, and marketing components now complete. Metallurgical testing has confirmed the suitability of conventional processing methods, including effective slimes management and stable co-disposal techniques, which reduce technical risk and support a cost-efficient operation.

Complementing these technical advances, a marketing report from industry specialist Specialised Mineral Services has validated the quality of McLaren’s ilmenite concentrate. The report highlights that the product meets stringent criteria for smelter feedstock and is expected to be in strong demand upon production commencement, particularly given the growing global appetite for titanium feedstocks in pigment and industrial applications.

Capital Raising and Strategic Outlook

To fund the ongoing development activities, McLaren successfully completed an oversubscribed capital raising of $1.282 million, including participation from directors and new investors. These funds will support the finalisation of the PFS, resource estimation, engineering, and general working capital needs.

Looking ahead, the company plans to complete the Mineral Resource update and PFS in the coming quarter, initiate Bankable Feasibility Study (BFS) planning, and advance permitting and environmental baseline studies. McLaren is also actively engaging with potential offtake partners and exploring growth opportunities in key markets such as the Middle East and Asia, aiming to capitalise on the robust demand fundamentals for titanium minerals.

Market Context and Industry Dynamics

The mineral sands sector remains strategically important, with Australia a leading global producer. Demand for titanium-bearing minerals, essential for pigments used in paints and industrial products, has generally outpaced supply in recent years, despite some short-term market softness. McLaren’s ilmenite concentrate is well positioned to benefit from a forecasted tightening supply-demand balance and moderate long-term growth driven by urbanisation and industrial expansion, particularly in emerging markets.

With a validated resource base, robust processing flowsheet, and positive market outlook, McLaren Minerals is poised to advance its McLaren Titanium Project toward production, offering investors a compelling story of resource growth and project maturation.