Segue Resources Ltd (ASX:SEG) through its joint venture with international base metals company, MMG Limited (HKEx:1208, ASX:MMG) has completed a gravity survey at the Plumridge Nickel project in the Fraser Range of Western Australia.
Segue is one of the largest ASX-listed tenement holders in the Fraser Range.
MMG completed the detailed survey and now have signalled to Segue that they will follow up multiple targets with electromagnetic exploration commencing in June.
Steven Michael, managing director for Segue, commented: "MMG has completed one of the largest and most detailed gravity surveys in the Fraser Range, and has identified numerous target areas for an immediate ground EM survey.
"The quality and speed of MMG's exploration activities highlights the benefit to Segue and its shareholders of entering into the Plumridge Nickel JV."
Plumridge Nickel JV
Segue entered into the Plumridge Nickel joint venture with MMG in 2015.
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.
Segue enters lithium
Segue entered the lithium sector recently by acquiring the Gascoyne Lithium exploration tenements and entering the Mortimer Hills Lithium joint venture with Zeus Resources Ltd (ASX:ZEU).
This gives Segue an interest in over 400 square kilometres of exploration licenses in the Gascoyne region making it the largest explorer in the area.
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).
Field work and surface sampling has started in an attempt to identify pegmatites that host tantalum and lithium.
The joint venture with MMG is leveraging Segue to news flow and exploration success in the Fraser Range through minimum expenditure.
This allows Segue to focus its financial resources on its newly acquired Gascoyne lithium portfolio where initial exploration is underway.
The electromagnetic survey that MMG will be conducting in June over the identified potential nickel-copper targets will be used to plan a potential drill programme.
During April, Segue raised $250,000 through a placement and received a tax rebate of $337,000.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.