McLaren Minerals (ASX:MML) has acquired the Eucla Basin Barossa Project from Iluka Resources (ASX:ILU), marking a significant expansion of its mineral sands portfolio.
The acquisition, executed through a tenement sales agreement covering EL6462 and part of EL6461, encompasses three highly prospective prospects—Kalahari, Mojave, and Gobi—collectively hosting an average heavy mineral grade of 4.6%.
The mineral assemblage is dominated by ilmenite (60%), with substantial zircon (16%) and rutile (2%), offering exposure to a proven Zircon-rich system.
Located 90km southeast of Iluka’s tier-one Jacinth-Ambrosia mine, the project sits within the fertile Ooldea and Barton paleo shoreline corridors, known for hosting world-class deposits.
The acquisition involves a modest initial cash outlay, with deferred payments triggered by defined development milestones, including resource delineation and prefeasibility studies.
McLaren Managing Director Simon Finnis emphasised that the Barossa Project complements the company's existing McLaren Titanium Project, providing a pathway to production and broadening its product offering within a premier Australian mineral sands province.
At the time of reporting, McLaren Minerals' share price was $0.029.