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.