** Shares of Allup Silica rise as much as 10.8% to A$0.041, set to gain most since May 7 - if current gains hold

** The silica exploration co acquires McLaren heavy mineral sands project near Eucla, Western Australia

** Adds, McLaren is an advanced-stage exploration project

** Stock hits its highest level since July 24

** Stock is down 27.5% this year, as of last close

(Reporting by Rajasik Mukherjee in Bengaluru)

((Rajasik.Mukherjee@thomsonreuters.com;))