** 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;))
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