Segue Resources Ltd (ASX:SEG) has completed their 57 hole, 3,147 metre aircore drill program at the Plumridge Gold Project located in the Fraser Range province of Western Australia.
Drilling focused on the Harris Lake Shear Zone (HLSZ), where historical exploration yielded 4 metres at 32 g/t gold, 13 metres at 6.7 g/t gold and 4.5 metres at 10.2 g/t gold.
Segue has been able to reprocess historical magnetic data and cross reference it with recently acquired gravity survey data to develop an exploration strategy different to that used by previous explorers.
An initial geological review of drill chips confirms the drilling intersected similar stratigraphy and alteration observed at the nearby Corvette gold prospect.
Assay results are expected to be received by the end of August and will add to Segue’s current commodity exposure of lithium and nickel-copper.
Plumridge Gold Project
Segue acquired the Plumridge Gold Project in late 2013 as part of the its broader Fraser Range tenement package acquisition.
Historical exploration was predominantly focused on a 12 kilometre semi-continuous zone of gold endowment at the northern end of the HLSZ, which contains the Corvette, Stingray, Mustang and Camaro gold prospects.
Of the 165,000 metres of historical drilling (19,200 holes) at the Plumridge Gold Project, less than 5% has been conducted on the southern extent of the HLSZ.
Segue has reprocessed historic magnetic data and incorporated it with recently acquired gravity survey data to gain a better understanding of the southern extent of the HLSZ.
Gascoyne Lithium Project
Segue entered the lithium sector by acquiring the Gascoyne Lithium exploration tenements and entering the Mortimer Hills Lithium joint venture with Zeus Resources Ltd (ASX:ZEU).
Segue most recently applied for an additional 707 square kilometres of ground taking the total holding to over 1,100 square kilometres across six tenements.
This makes Segue the largest explorer in the Gascoyne region of Western Australia.
Rock chip sampling shows that source rocks within the Gascoyne project compare to world class North Pilbara lithium deposits such as Wodinga.
The tenements are highly prospective for tantalum‐lithium minerals and are adjacent to exploration licence applications held by Lithium Australia NL (ASX:LIT) and Venus Metals Corporation Ltd (ASX:VMC).
Segue intends to continue fieldwork in order to locate pegmatites for drill testing in early Q3 2016.
Plumridge Nickel JV
Segue entered into the Plumridge Nickel joint venture with MMG in 2015.
The Stage 2 in-fill gravity survey was recently completed with a ground electromagnetic survey underway to test at least 10 targets.
MMG is earning an initial stage one 51% interest in eight exploration licences at Plumridge by investing $6.5 million in exploration activity by December 2019.
MMG can increase its interest to 70% by investing an additional $7.5 million within two years of completing stage one.
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